SK Corp to invest tens of billions of shares in US hydrogen firm Monolith
SK Corp., the holding company of SK Group, has decided to invest
tens of billions of won worth of shares in Monolith, an American hydrogen
company, and plans to sign a contract within this month.
SK is expanding its steps in the field of hydrogen energy, which
is attracting attention as a key area for investment in the
environment, society and governance (ESG) field.
According to related industries on Tuesday, SK Co., Ltd. is planning
to participate as a major strategic investor (SI) in the Monolith funding
program being developed by the US local energy company NeXtra. It is known that
the specific share ratio and investment amount are
being adjusted.
Established in 2012, Monolith is a company with its own technology
to extract hydrogen through carbon processing with carbon dioxide generated in
this process processed into solid carbon black, which is a material for rubber
or ink. It is a technology classified as "green hydrogen", made
through 100 per cent water decomposition, and carbon processing that reduces
greenhouse gas emissions with "hydrogen cyanide" as an intermediate
step of the "blue hydrogen".
Monolith is known as a highly profitable company, not only
producing carbon black by applying cyanohydrogen technology, but also producing
agricultural fertilizers by mixing nitrogen gas with extracted hydrogen.
Currently, it is constructing a pilot plant in Hallum, Nebraska, with a cost of
about 100 billion won, and has recently announced an investment plan for
the second plant worth an additional one trillion won. SK is expected to
continue technical alliances and production investments with Monolith by
participating in this funding as an SI.
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