Molten Industries Raises $25M Series A to Produce Clean Graphite and Hydrogen and Onshore Battery Supply Chains
June 20 2024 - 10:00AM
Business Wire
Molten Industries (“Molten”), a fast-growing American start-up
that converts natural gas into clean graphite and hydrogen, has
announced the successful close of a 25 million dollar Series A
financing round. The raise was led by Breakthrough Energy Ventures
(BEV), with new participation from Sozo Ventures, Mark Heising, and
Steelhead Capital. Existing investors also participated in the
round, including Union Square Ventures, 50 Years, J4 Ventures, Moai
Capital, UVC Partners, Jane Woodward, and Peter Attia. Molten will
use this funding to build its first modular commercial reactor in
Oakland and become a leading producer of graphite for lithium-ion
batteries and clean hydrogen to decarbonize the chemical and steel
industries.
Dr. Caleb Boyd and Dr. Kevin Bush, members of the Breakthrough
Energy Fellows program, founded Molten in 2021 with a mission to
decarbonize the world's heavy industries. Molten is revolutionizing
the battery industry by producing a drop-in, lithium-ion battery
grade graphite from natural gas and renewable electricity. This
will allow Molten to fundamentally change the cost structure and
geographic constraints of the global graphite supply chain.
Additionally, their process can produce clean hydrogen as a
valuable co-product which can be used to decarbonize other
industries, such as steel and chemical production.
Graphite is one of the most important minerals in batteries, and
as manufacturing and EVs scale up around the world, nations are
increasingly focusing on securing reliable supplies of critical
materials like graphite. Diversified supply chains are a critical
part of scaling up battery manufacturing and Molten’s technology
gives countries like the U.S. a way to produce it with domestic
feedstocks and at lower cost.
Molten Industries CTO, Caleb Boyd, expressed excitement for
Molten’s hydrogen co-product, stating, “Clean liquid fuels, ammonia
for fertilizers, plastics, and green steel all require a hydrogen
feedstock that can compete on cost with petroleum-based products.
There is a severe pain point in the chemical, steel, and
transportation industries to find a clean and economical source of
hydrogen as feedstocks for their products. Molten’s methane
pyrolysis technology solves this pain point.” Molten is currently
looking to site its first commercial plant to produce 5,000 tonnes
of hydrogen and 15,000 tonnes of graphite per year, which will
consist of roughly 20 modular commercial reactors, at a chemical or
steel plant.
“Establishing reliable sources of critical materials like
graphite is essential to supporting the transition to EVs at
scale,” said Carmichael Roberts, Breakthrough Energy Ventures.
“Molten has developed a process that not only enables the domestic
production of graphite, but also at a lower cost, and while
creating a highly valuable hydrogen co-product.”
To learn more about Molten’s technology or to join its growing
team, visit its website.
About Molten Industries:
Molten Industries develops methane pyrolysis technology to
decarbonize the world’s heavy industries. Molten’s simple process
cracks methane at blazing hot temperatures into hydrogen and
graphite using renewable electricity. We create no carbon dioxide,
instead producing hydrogen gas and graphite that can be used in
batteries. Our methane is responsibly procured from certified
low-emissions sources and waste streams such as dairy farms,
waste-water treatment plants, and landfills. This leads to hydrogen
and carbon that are carbon-neutral or carbon-negative. Hydrogen’s
versatility and potential to decarbonize heavy industries makes it
essential to reaching net zero. Molten’s technology unlocks this
potential. Learn more at www.moltenindustries.com.
About Breakthrough Energy Ventures:
BEV is a purpose-built investment firm that invests in,
launches, and scales global companies that are building an
emissions-free global economy. BEV seeks true breakthroughs and is
committed to supporting these entrepreneurs and companies by
bringing to bear a unique combination of technical, operational,
market, and policy expertise. Backed by many of the world's top
business leaders, companies, and investors, BEV has raised more
than $2.5 billion in committed capital and invested in more than
100 groundbreaking companies.
https://breakthroughenergy.org/our-work/breakthrough-energy-ventures/
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Molten Industries: Kevin Bush CEO T – (510) 858-3772 E –
info@moltenindustries.com