Turquoise Hydrogen Leader Awarded $1bn US Government Loan to Expand Commercial Facilities Tenfold
- Jan 6, 2022 4:10 pm GMT
US turquoise hydrogen producer Monolith has received conditional approval for a
Monolith uses renewable electricity to superheat natural gas inside a pyrolysis oven in a combustion-free and CO2-free process that produces hydrogen and carbon black, a powder-like form of pure carbon used in the production of tyres, plastics and inks.
The income from selling the carbon black effectively offsets the cost of producing the hydrogen, enabling it to be sold at an affordable price.
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, explained US Energy Secretary
Neither Monolith nor the
While this conditional commitment demonstrates DOEs intent to finance the project, several steps remain, and certain conditions must be satisfied before a final loan guarantee is issued, Monolith stated.
We are honored to have reached this significant milestone on our path toward helping the world to decarbonize, and we are appreciative of the confidence shown by the
The Monolith loan would be the first provided by the DOEs Loan Programs Office (LPO) now run by solar pioneer
Title XVII of the 2005 Energy Policy Acts allows the
Monoliths existing investors include one of the worlds largest renewables developers,
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