Skip to content

Industrial Decarbonization Startup Molten Industries Raises $25 Million - ESG Today

Industrial Decarbonization Startup Molten Industries Raises $25 Million - ESG Today
Cleantech startup Molten Industries announced that it has raised $25 million at the close of a Series A financing round, with proceeds aimed at scaling capacity as a producer of graphite for lithium-ion batteries and clean hydrogen to decarbonize the chemical and steel industries. Founded in 2021 by Dr. Caleb Boyd and Dr. Kevin Bush, […]

Table of Contents

Industrial Decarbonization Startup Molten Industries Raises $25 Million

Molten Industries, a cleantech startup based in California, has successfully raised $25 million in a Series A financing round. The company, founded in 2021 by Dr. Caleb Boyd and Dr. Kevin Bush, is focused on decarbonizing heavy industries by producing graphite for lithium-ion batteries and clean hydrogen.

The company's methane pyrolysis technology converts natural gas into clean hydrogen gas and graphite using renewable energy. This process is aimed at addressing the environmental impact of graphite production, which is typically energy-intensive.

Molten Industries plans to use the new capital to build its first modular commercial reactor in Oakland, California, with the goal of producing 5,000 tonnes of hydrogen and 15,000 tonnes of graphite per year. The financing round was led by Breakthrough Energy Ventures (BEV) and included participation from other investors.

According to Breakthrough Energy Ventures’ Carmichael Roberts, Molten's process not only enables domestic production of graphite at a lower cost but also creates a valuable hydrogen co-product. This development is seen as essential in supporting the transition to electric vehicles at scale.

Source

Latest