A high-profile clean-energy startup is running short on cash and may fail to obtain a $1 billion government loan promised by the Biden-Harris administration.
Monolith, a company that makes a tire-strengthening material called carbon black and ammonia for fertilizer using a low-emissions process, is running out of the money it needs to expand its facilities, The Wall Street Journal reported. Part of the problem is the rising costs for the company’s planned expansion, which is a key part of the company’s future.
The company is now in danger of running out of cash by the end of the year, according to company documents reviewed by WSJ.
Some existing investors are expected to give Monolith more than $100 million to keep it going, but it needs several hundred million to get the company a $1 billion loan from the Biden-Harris administration.
Of course, the government could still fund the…
