Mantel Capture raises $30M for industrial carbon capture project

Mantel Capture, a provider of carbon capture technology, has raised $30 million in Series A funding to implement a demonstration project at an industrial site for its high-temperature carbon capture systems.

The company’s technology has already demonstrated carbon capture at lab scale of half a metric ton per day. The upcoming project will be roughly 10 times larger, rated to capture 1,800 metric tons of CO2 emissions per year at an industrial site.

The funding raise was co-led by Shell Ventures and Eni Next, with additional participating investors including Engine Ventures, New Climate Ventures, Hartree, bp Ventures, Arosa Ventures, Vale Ventures, Newlab, MCJ Collective, and others.

The demonstration project that stems from this funding will help pave the way for full-scale commercial deployment of Mantel’s high-temperature carbon capture systems.

“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,” Cameron Halliday, co-founder and CEO of Mantel, said. “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.”

The process of carbon capture involves collecting CO2 from large sources like power plants and other industrial facilities. The captured CO2 is then compressed, transported and used for a variety of applications or stored underground.

“Shell Ventures is pleased to support Mantel and the development of its innovative carbon capture technology,” 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.”

While momentum around carbon capture is growing, more carbon capture deployments are needed to achieve the International Energy Agency’s (IEA) 2020 target amount.

“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,” Clara Andreoletti, CEO of Eni Next, said. “Eni Next is looking forward to teaming up with Mantel to make it a success.”

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). This enables Mantel to capture CO2 from industrial emissions efficiently, reducing capture costs by more than half compared to conventional carbon capture technologies.

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