Monolith may get $1.04 billion loan under D.O.E.’s Title XVII program

By Devika Patel

Knoxville, Tenn., Dec. 23 – Monolith has received conditional approval for a $1.04 billion loan from the U.S. Department of Energy under the Title XVII Innovative Energy Loan Guarantee Program, according to a press release.

Upon issuance, the Department of Energy would provide a 20-year loan which Monolith is expected to repay with interest at a rate reflective of the current market.

Title XVII of the Energy Policy Act of 2005 (42 U.S.C. Sec. 16511, et. seq.) provides authority for the Department of Energy to guarantee loans for projects that “avoid, reduce or sequester air pollutants or anthropogenic emissions of greenhouse gases; and employ new or significantly improved technologies as compared to commercial technologies in service in the United States at the time the guarantee is issued,” the release stated.

“The Title XVII Innovative Energy Loan Guarantee Program's purpose is to recognize and support technology that reduces emissions and supports a clean energy future,” Department of Energy secretary Jennifer Granholm stated in the release.

“Advanced, clean production technology like Monolith’s are the types of impactful projects that support not just sustainability, but economic growth and clean energy jobs for the American people,” Granholm stated.

Monolith cleanly produces essential materials used by a variety of industries including hydrogen, ammonia and carbon black, the release stated.

Carbon black is a material found in many everyday products but is perhaps most commonly known for its use in tires.

In addition to carbon black, Monolith's methane pyrolysis process creates cost-effective clean hydrogen, the release noted.

The loan will allow Monolith to expand its clean hydrogen and carbon black production facilities in Hallam, Neb. Once completed, Monolith’s expanded Olive Creek plant is expected to be the largest carbon black production facility in the United States, producing an estimated 194,000 metric tons per year, the company stated in the release.

Based in Lincoln, Neb., Monolith has developed a process technology that uses 100% renewable energy to convert natural gas into clean hydrogen and carbon black. The company is currently operating its first commercial-scale production facility in Hallam, Neb.

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