Carbon capture startup Mantel said it had raised $30 million in a Series A funding round. This money will help the company scale up its technologies and reduce pollution in hard-to-regulate businesses.
Cameron Halliday, Danielle Rapson, and Sean Robertson started Mantel in 2022 as a spin-off from MIT’s Department of Chemical Engineering. The company is based in Cambridge, Massachusetts, and is working on making molten salt-based carbon capture materials that will help industrial companies reach their net-zero goals and be more affordable. Mantel states that the company’s molten borate materials are designed to perform at high temperatures typical of boilers, kilns, and furnaces. These materials capture CO2 at the point of release and recover high-grade heat during absorption, effectively balancing the energy required for regenerating the molten borate material, or desorption. This cuts the cost of capture by more than half compared to other technologies.
The business said that its technology had successfully captured half a tonne of carbon dioxide per day in the lab. With the new money, it will be able to do a demonstration project at an industrial site, which will help it get closer to deploying its high-temperature carbon capture systems on a large scale for commercial use. The new showcase project will likely be 10 times bigger than the lab-scale project and will be able to take in 1,800 tonnes of CO2 every year.
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Mantel co-founder and CEO, Cameron Halliday, said:
“With support from both investors and industry leaders, we are eager to showcase the effectiveness of Mantel’s technology across industrial applications and demonstrate its potential to be the lowest cost pathway to net zero emissions for our industrial customers. This investment enables us to transition from lab-pilot success to working with customers to design and prepare for the deployment of full-scale commercial projects.”
Energy Giants and Venture Capital Firms Back Innovative Energy Startup
Participants in the funding round included, among others, Engine Ventures, New Climate Ventures, Hartree, bp Ventures, Arosa Ventures, Vale Ventures, Newlab, MCJ Collective, and Shell Ventures and Eni Next, the venture capital divisions of energy majors Shell and Eni, respectively.
Hector MacQuarrie, Principal at Shell Ventures, said:
“We believe carbon capture and storage offers a way to reduce emissions, especially for hard-to-abate sectors. However, for widespread adoption of carbon capture to be feasible, it must be cost effective. Mantel’s innovative solution has the potential to significantly lower carbon capture costs and can be applied across diverse sectors, including natural gas power plants and hard-to-abate industries like cement, steel and chemicals.”
Clara Andreoletti, CEO of Eni Next, added:
“For Eni Next, carbon capture and storage is a key lever for the energy transition. Mantel’s technology offers the potential to significantly decrease the cost of capture thanks to its innovative solvent. Making carbon capture affordable is key to its deployment across hard-to-abate industries.”
