Mantel Raises $30M in Series A Funding

Mantel, a Boston, MA-based technology provider of a carbon capture system using molten borates, raised $30M in Series A funding.

The round was led by Shell Ventures and Eni Next. Additional participating investors included Engine Ventures, New Climate Ventures, Hartree, bp Ventures, Arosa Ventures, Vale Ventures, Newlab, MCJ Collective, and others.

The company intends to use the funds to implement a demonstration project at an industrial site to enable full-scale commercial deployment of its high-temperature carbon capture systems.

Led by Cameron Halliday, Danielle Rapson and Sean Robertson, Mantel is developing molten-salt-based carbon capture technology which is designed to operate at the high temperatures found inside boilers, kilns, and furnaces – enabling highly efficient carbon capture. Carbon capture can be applied across industries to reduce emissions and achieve net-negative emissions.

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

In 2022, Mantel raised a $2M seed round and joined the Breakthrough Energy Fellows program.

FinSMEs

05/09/2024