One startup is revolutionizing the asphalt industry by reducing carbon emissions through the use of natural gas.

• New technologies are being employed by Monolith and Modern Hydrogen to produce cleaner hydrogen, which also results in a byproduct that can be utilized to create cleaner asphalt.
• Using carbon instead of petroleum makes asphalt stronger, cheaper, and greener.
• Tony Pan, CEO of Modern Hydrogen, stated that there is a $100 billion per year market for dissolved carbon that can be put into asphalt, which aids in the economics of decarbonization.

New technologies are being used by companies such as Monolith and Modern Hydrogen to produce cleaner hydrogen, which also results in a valuable byproduct - solid carbon that can be utilized to create asphalt materials free of petroleum.

"Modern Hydrogen produces clean hydrogen without renewable power by splitting apart natural gas into clean hydrogen and solid carbon," stated Tony Pan, CEO of Modern Hydrogen.

Burning natural gas releases carbon dioxide, although it is a cleaner fuel than oil.

The Modern Hydrogen system, resembling a large box, is used by clients in place of natural gas. The system separates the gas into solid carbon and clean hydrogen, which the client uses as an emission-free fuel. Additionally, a portion of the hydrogen is used to power the system.

Modern Hydrogen also has a business selling the remaining carbon to asphalt manufacturers. By utilizing carbon instead of the typical petroleum, the asphalt becomes stronger, more affordable, and environmentally friendly. Traditionally, asphalt consists of gravel and petroleum.

Pan stated that there is a $100 billion per year market for dissolved carbon in asphalt, which supports the economics of decarbonization.

One of the more affordable methods for Modern Hydrogen's industrial clients to reduce their carbon footprint, under pressure from investors and regulators, is through decarbonization.

Chris Kroeker, business development segment manager at Northwest Natural Gas, stated that decarbonization is not without cost, so they are always seeking the most cost-effective and low-risk methods. This technology falls within the medium to low expense range, and they are currently trying to determine its specific cost with the technology.

Modern Hydrogen has received $100 million in funding from Gates Frontier, At One Ventures, National Grid Partners, NextEra Energy, Miura Group, and Irongrey.

Modern Hydrogen is currently operating in the U.S. and Canada, with its asphalt being used to fill potholes in six states and Canada. The company's CEO, Pan, aims to expand into Japan next and eventually become a global player in the industry.

Modern Hydrogen is currently conducting its first trial in a colder climate at a gas facility on Long Island, New York, with National Grid. This trial marks a significant step for the company, as it expands its client base beyond milder climates. New York produces almost 19 million tons of asphalt annually.

CNBC producer Lisa Rizzolo contributed to this piece.