Carbon capture technology specialist Mitico has raised $4.3m to accelerate two pilot projects for its granulated metal carbonate sorption carbon capture technology.
The California-based company has said the projects are scheduled for 2025 deployment and will demonstrate early market validation and the potential impact of its technology.
Originally developed at the California Institute of Technology, Mitico’s technology can capture over 95% of carbon dioxide (CO2) emissions from post-combustion point sources.
Sites that could benefit from the technology include gas-fired power plants, boilers, waste-to-energy, and biomass-to-energy facilities.
Clément Cid, CEO of Mitico, described the funding as a critical milestone in the company’s mission to make industrial carbon capture economically viable at scale.
“Our integrated sorbent technology represents a significant leap forward in reducing carbon emissions. It provides carbon capture with a technology that removes risks and lowers costs for industrial customers.”
The funding round was led by Exergon, an energy decarbonisation fund managed by Audacia, and was significantly oversubscribed.
Gore Ventures (W. L. Gore & Associates), AP Ventures, Halliburton Labs, SOSV, Freeflow Ventures, the SoCal Alliance for Innovation, and Deepbright Ventures (Hello Tomorrow) were also part of the funding round.
Vincent Brillault, Managing Partner at Exergon, said that capturing CO2 at the source of emission is essential for short-term decarbonisation in hard-to-abate industries.
“[Mitico’s] solution caught our eyes for its scalability, its relative simplicity, as well as the dynamism and entrepreneurial spirit of its team. We’re excited to support its work and contribute to the decarbonisation of industrial emitters globally.”
