A rapidly expanding American startup specializing in the conversion of natural gas into clean graphite and hydrogen has successfully concluded a $25 million Series A financing round. Breakthrough Energy Ventures (BEV) led the funding round, joined by new investors Sozo Ventures, Mark Heising, and Steelhead Capital. Existing investors, including Union Square Ventures, 50 Years, J4 Ventures, Moai Capital, UVC Partners, Jane Woodward, and Peter Attia, also participated.
The capital will enable Molten to construct its inaugural modular commercial reactor in Oakland, aiming to become a premier producer of graphite for lithium-ion batteries and clean hydrogen to facilitate the decarbonization of chemical and steel industries. Founded in 2021 by Dr. Caleb Boyd and Dr. Kevin Bush, members of the Breakthrough Energy Fellows program, Molten aims to revolutionize battery production by deriving lithium-ion battery-grade graphite from natural gas and renewable electricity. This innovation promises to reshape the cost dynamics and geographical constraints of the global graphite supply chain. Additionally, Molten’s process generates clean hydrogen as a valuable byproduct, crucial for decarbonizing industries such as steel and chemicals.
As battery manufacturing and electric vehicle adoption escalate globally, the demand for secure supplies of critical materials like graphite intensifies. Molten’s technology offers a solution for countries like the U.S. to produce these materials domestically, reducing costs and ensuring supply chain diversification.
Dr. Caleb Boyd, CTO of Molten Industries, emphasized the significance of Molten’s hydrogen co-product, noting, “Clean liquid fuels, ammonia for fertilizers, plastics, and green steel all require a hydrogen feedstock that can compete economically with petroleum-based alternatives. Molten’s methane pyrolysis technology addresses this need.” Currently, Molten is identifying a site for its first commercial plant capable of producing 5,000 tonnes of hydrogen and 15,000 tonnes of graphite annually, utilizing approximately 20 modular commercial reactors, ideally situated at a chemical or steel plant.
“Cementing reliable sources of critical materials like graphite is crucial to scaling EV adoption,” remarked Carmichael Roberts of Breakthrough Energy Ventures. “Molten has developed a process that not only enables domestic graphite production at lower costs but also yields a highly valuable hydrogen co-product.”
For further details on Molten’s technology or career opportunities, visit their website.
