Companies plan to pursue environmentally responsible carbon black for applications such as tires and EV batteries
Marks another step in SK Inc.’s transition to sustainable energy and products as part of ESG strategy
SEOUL, South Korea, and LINCOLN, Neb., October 13, 2021 – SK Inc., the strategic investment arm for South Korea’s third-largest conglomerate, and Monolith, a U.S.-based leader in clean hydrogen production, announced today that they have signed a memorandum of understanding (MOU) to pursue a joint venture for producing green hydrogen and eco-friendly carbon black products in South Korea.
Under the MOU signed between SK Inc. CEO Donghyun Jang and Monolith CEO Rob Hanson, the two companies intend to create a joint venture where Monolith will provide the technology and training to produce hydrogen and carbon black products in South Korea. SK Inc. will oversee the production, sales and distribution of these products in that market.
In June, SK Inc. led a consortium of investors in Monolith to support expansion of Monolith’s clean hydrogen and solid carbon production facility in Nebraska. Monolith is the first U.S. manufacturer to produce clean hydrogen on a commercial scale using a proprietary methane pyrolysis process that splits natural gas into hydrogen and solid carbon. The solid carbon can be processed into carbon black – the main component of tires and mechanical rubber goods.
In parallel with pursuing the joint venture, SK Inc. is having discussions with a research institute for an R&D project to commercialize Monolith’s solid carbon for the purpose of electric vehicle anode grade artificial graphite. High market growth is expected as the demand for environmentally friendly carbon black is rapidly increasing, especially in the global tire and steel industry, as well as the electric vehicle industry, which are actively promoting products that reduce or eliminate carbon emissions.
SK Inc. is investing in sustainable energy solutions, such as hydrogen, as part of its overall commitment to Environmental, Sustainability and Corporate Governance (ESG) principles. Also, the company is watching for opportunities to enter into zero-emission carbon product businesses that help reduce global greenhouse gas emissions.
“Climate change is requiring markets around the world to dramatically transform their energy systems and, in a broader sense, their value chain as a whole to reduce adverse impact on the environment,” said Moohwan Kim, executive vice president of SK Inc. “SK Inc. plans to collaborate with Monolith to expand its technologies globally and support our goal of creating new models for clean energy.”
“Achieving a decarbonized planet will require global collaboration and multiple solutions,” said Rob Hanson, CEO, Monolith. “We’re eager to continue our collaboration with SK Inc. in advancing clean, global-scale hydrogen production to achieve a green world.”
Based in Seoul, South Korea, SK Group is a collection of diverse multi-national manufacturing and service companies united under a holding company structure that share a common SK Brand and Corporate Culture. SK Group companies are global leaders in semiconductors, telecommunications, energy and life sciences. Across its companies, SK is committed to building environmentally sustainable businesses that help reduce global greenhouse gas emissions and increase the use of renewable energy. SK Group is a founding member of the Value Balancing Alliance, and SK Group companies were the first Korean businesses to join the Climate Group’s RE100, a group of global companies committed to moving toward 100 percent renewable energy. SK companies combined have $106 billion in annual global revenue and more than 100,000 employees worldwide. For more information on SK, visit http://www.sk.com/.
Monolith is a next-generation green hydrogen and clean materials company that uses 100% renewable electricity as part of a proprietary process to convert conventional and renewable natural gas to green hydrogen and carbon black in an environmentally advantaged manner. Monolith is backed by Azimuth Capital Management, Cornell Capital LLC, Imperative Ventures, Warburg Pincus, Mitsubishi Heavy Industries America, SK Inc., NextEra Energy Resources, LLC. and Perry Creek Capital. For more information on Monolith visit www.monolith-corp.com