Mantel Capture has raised $30m in Series A funding co-led by Shell Ventures and Eni Next.
Additional participating investors include Engine Ventures, New Climate Ventures, Hartree, bp Ventures, Arosa Ventures, Vale Ventures, Newlab, MCJ Collective, among others.
The funding will be used to implement a demonstration project at an industrial site and help pave the way for full-scale commercial deployment of Mantel’s high-temperature carbon capture systems.
The company’s technology has already demonstrated carbon capture at lab scale of half a tonne per day, and the upcoming project will be around 10 times larger, rated to capture 1,800 tonnes of CO2 emissions per year at an industrial site.
Cameron Halliday, Co-Founder and CEO of Mantel, 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.”
Hector MacQuarrie, Principal at Shell Ventures, said 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,” he said.
“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.”
Mantel leverages molten borates, the only high-temperature liquid-phase carbon capture material, to capture CO2 at the source of emission.
By operating at high temperatures Mantel’s systems recover high-grade heat when capturing CO2 (absorption), offsetting the energy necessary to regenerate the molten borate material (desorption) and enabling it to capture CO2 from industrial emissions efficiently.
Clara Andreoletti, CEO of Eni Next, said Mantel’s technology offers the potential to decrease the cost of capture significantly thanks to its innovative solvent.
“Making carbon capture affordable is key to its deployment across hard-to-abate industries,” she said.
Michael Kearney, Mantel Board Member and General Partner at Engine Ventures, said point source carbon capture is a critical piece to cost-effectively decarbonise heavy industry.
“With new capital and commercial opportunities emerging across the world, Mantel is positioned to rapidly scale its low-cost carbon capture technology,” he said.
