TLDR:
- Molten Industries, a startup focused on industrial decarbonization, raises $25 million in Series A financing round.
- The company aims to scale capacity as a producer of graphite for lithium-ion batteries and clean hydrogen to decarbonize heavy industries like chemical and steel.
Cleantech startup Molten Industries has secured $25 million in funding in a Series A financing round to expand its operations in the industrial decarbonization sector. The company, founded by Dr. Caleb Boyd and Dr. Kevin Bush in 2021, focuses on developing methane pyrolysis technology to convert natural gas into clean hydrogen gas and graphite to support the transition to cleaner energy sources. This innovative solution involves cracking methane at high temperatures into hydrogen and graphite using renewable energy, sourced from certified low-emissions sources like dairy farms and waste-water treatment plants. The company’s process is more energy-efficient than current solutions, such as water electrolysis, and helps reduce the environmental impact of graphite production.
Graphite, a key ingredient in lithium-ion batteries, and green hydrogen, an essential clean energy source for heavy industries, are the primary products that Molten Industries aims to produce. By using methane pyrolysis technology, the company hopes to address the need for a cost-effective and sustainable hydrogen feedstock in industries like chemicals, steel, and transportation. The new capital will be utilized to build a commercial reactor in Oakland, California, to produce 5,000 tonnes of hydrogen and 15,000 tonnes of graphite annually. The funding round was led by Breakthrough Energy Ventures and included participation from several other investors.
Molten’s approach to industrial decarbonization represents a significant step towards achieving a more sustainable future for heavy industries that rely on carbon-intensive processes. By leveraging innovative technology and sustainable practices, the company is well-positioned to make a positive impact in the transition to clean energy sources and reduce greenhouse gas emissions in the industrial sector.
