Mitico Secures $4.3 Million in Seed Funding to Advance Carbon Capture Technology

Mitico, a pioneer carbon capture technology firm, has announced raising $4.3 million in seed capital to scale its revolutionary granulated metal carbonate sorption technology. The cutting-edge solution seeks to capture industrial sources of carbon dioxide (CO2) emissions.

The investment round was initiated by Exergon, an energy decarbonization fund overseen by Audacia, and witnessed strong oversubscription. The funding also includes participation from a range of prominent investors, including Gore Ventures (W. L. Gore & Associates), AP Ventures, Halliburton Labs, SOSV, Freeflow Ventures, the SoCal Alliance for Innovation, and Deepbright Ventures (Hello Tomorrow).

Funding to Accelerate Technology Deployment

The capital raised will primarily be used to scale up Mitico’s technology, further accelerating its commercial deployment. Mitico has already secured two paid pilot projects, scheduled for deployment in 2025, signaling early market validation and showing the potential of its technology to have a substantial impact. The funding will help advance the pilot tests and expand the technology's commercial rollout.

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A Breakthrough in Carbon Capture Technology

Mitico came up with and tested its technology at the California Institute of Technology, providing a novel, low-energy, and inexpensive method of capturing carbon emissions. It traps more than 95% of CO2 emissions from gas power plants, boilers, and waste-to-energy plants. Mitico's technology helps industries in curbing CO2 emissions by accelerating the world towards decarbonization and lowering their carbon footprint.

Clément Cid, CEO of Mitico, said, "This funding marks a critical milestone in our mission to make industrial carbon capture not just possible, but economically viable at commercial scale."

He added, "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."

Backed by its investors, Mitico will play an important role in decarbonizing hard-to-abate sectors. The firm will scale up its technology, helping different industries decrease CO2 emissions and contribute to global decarbonization.