MA-based Mantel Capture, the technology provider of a carbon capture system using molten borates, has raised $30 million in Series A funding round co-led by Shell Ventures and Eni Next.
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Additional participating investors include Engine Ventures, New Climate Ventures, Hartree, bp Ventures, Arosa Ventures, Vale Ventures, Newlab, MCJ Collective, and others.
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The money will be used to carry out a pilot project at a manufacturing facility and clear the path for Mantel’s high-temperature carbon capture devices to be widely deployed in the commercial sector. Carbon capture at half a ton per day has previously been achieved using the company’s technology in a lab setting. The next project will be around ten times larger and rated to absorb 1,800 tons of CO2 emissions annually at an industrial location.
“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,” said Cameron Halliday, co-founder and CEO of Mantel. “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.”
“Shell Ventures is pleased to support Mantel and the development of its innovative carbon capture technology,” said Hector MacQuarrie, Principal at Shell Ventures. “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.”
“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,” said Clara Andreoletti, CEO of Eni Next. “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 amine-based carbon capture technologies, which helps render installing Mantel’s carbon capture technology at heavy industry sites economically feasible. As more carbon capture equipment is installed, it is expected this will prompt more investment in infrastructure, further driving down costs of carbon capture, transport and storage.
“Point source carbon capture is a critical piece to cost-effectively decarbonize heavy industry,” said Michael Kearney, Mantel Board Member and General Partner at Engine Ventures. “With new capital and commercial opportunities emerging across the world, Mantel is positioned to rapidly scale its low-cost carbon capture technology.”
About Mantel
Mantel was founded in 2022 by Halliday, Danielle Rapson and Sean Robertson, Mantel is developing the first molten-salt based carbon capture technology. Our molten borates are designed to operate at the high temperatures found inside boilers, kilns, and furnaces – enabling highly efficient carbon capture that has not been possible until now. Carbon capture can be applied across industry to reduce emissions – and even achieve net-negative emissions. By solving for efficiency Mantel can reduce energy losses by more than 60% and cut costs in half, unlocking carbon capture’s role in reaching global net zero.
