- Goodyear Tire & Rubber Co GT has signed a collaboration agreement and letter of intent with Monolith to develop and potentially use carbon black produced from methane and/or biomethane for tires. The financial terms of the arrangement were not disclosed.
- Carbon black is a key ingredient in tires, providing compounds in the tires with strength, improved tear resistance, and increased abrasion resistance. A typical consumer tire is 15-20% carbon black by weight.
- Goodyear noted traditional carbon black comes from the combustion of residual oil or coal tar oil.
- Monolith's plasma-based process takes advantage of renewable electricity to complete methane pyrolysis and results in the output of only carbon and hydrogen.
- Price Action: GT shares are trading higher by 2.02% at $22.7 on the last check Thursday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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