Clean-energy startup Molten Industries closed a $25 million dollar Series A financing round, the company said June 20.
Molten will use this funding to build its first modular commercial reactor in Oakland, California. The company is planning to produce 5,000 metric tons of hydrogen and 15,000 metric tons of graphite per year, which will consist of roughly 20 modular commercial reactors, at a chemical or steel plant.
Molten produces lithium-ion battery grade graphite from natural gas and renewable electricity. The company is aiming to develop a reliable supply of domestic graphite and clean hydrogen for U.S. customers, the company said.
“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.”
Breakthrough Energy Ventures led the financing round along with several other investors.Molten cracks methane at high temperatures and converts it into hydrogen and graphite using renewable electricity. The company purchases methane from certified low-emissions sources and waste streams, such as dairy farms, waste-water treatment plants and landfills.
The company says its process can help decarbonize energy-intensive industries, such as the chemical and steel sectors.
"Clean liquid fuels, ammonia for fertilizers, plastics and green steel all require a hydrogen feedstock that can compete on cost with petroleum-based products,” says Molten Industries CTO Caleb Boyd. “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.”
