Mantel Capture, Inc., a technology provider specializing in carbon capture system, secured $30 million in series A funding.
The funding round was co-led by Shell Ventures and Eni Next, with participation from several investors, including Engine Ventures, New Climate Ventures, Hartree, bp Ventures, Arosa Ventures, Vale Ventures, Newlab, and MCJ Collective.
The funds will support Mantel in launching a large-scale demonstration project at an industrial site, to commercialize its carbon capture technology.
The upcoming demonstration project is expected to be ten times larger than Mantel’s previous lab-scale system and is projected to capture 1,800 tons of CO2 annually.
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The International Energy Agency (IEA) predicts that current efforts will only achieve 40% of the 2050 Net Zero Emissions goal of capturing and storing one gigaton of CO2 annually by 2030.
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.”
He added, “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.”
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Mantel’s molten borate-based system operates at high temperatures, allowing it to capture CO2 efficiently while recovering high-grade heat.
This results in significant energy cost savings compared to more energy-intensive traditional amine-based carbon capture technologies.
As more carbon capture equipment is installed, it is expected to prompt more investment in infrastructure, further lowering costs of carbon capture, transportation and storage.
