Molten borate system cuts costs over 50%, backed by Shell Ventures, Eni Next, others
BOSTON, September 6, 2024 – Mantel Capture, Inc. (Mantel) announced today it has raised $30 million in Series A funding. The provider of molten borate carbon capture systems received backing from Shell Ventures and Eni Next, who co-led the round. Engine Ventures, New Climate Ventures, Hartree, bp Ventures, Arosa Ventures, Vale Ventures, Newlab, MCJ Collective, and others also participated.
The funding enables a demonstration project capturing 1,800 tonnes of CO2 per year at an industrial site. This advances Mantel’s high-temperature carbon capture systems towards full-scale commercial deployment, building on lab-scale success capturing half a tonne daily.
Cost-effective carbon capture needed to meet climate goals
Carbon capture, which collects CO2 from power plants and industrial facilities, is gaining momentum as decarbonization initiatives mature. However, the IEA estimates 2030 carbon capture capacities will miss the 2050 Net Zero target of storing 1 Gt CO2 annually. Deploying more cost-effective carbon capture solutions is crucial to close this gap.
“With investor and industry support, we’re eager to showcase Mantel’s technology effectiveness across industrial applications,” said Cameron Halliday, Mantel CEO and co-founder. “This funding transitions us from lab-pilot success to designing full-scale commercial projects with customers.”
Key advantages of Mantel’s technology
- Uses molten borates, the only high-temperature liquid-phase carbon capture material
- High-temperature operation recovers heat when capturing CO2, offsetting regeneration energy
- Cuts CO2 capture costs over 50% vs. conventional amine-based technologies
- Makes carbon capture economically feasible for heavy industry sites
Molten borate system slashes capture costs
Mantel’s carbon capture leverages molten borates to recover high-grade heat when capturing CO2 at high temperatures. This offsets the energy needed to regenerate the molten borate, reducing capture costs over 50% compared to amine-based technologies.
“Shell Ventures is pleased to support Mantel’s innovative carbon capture technology development,” said Hector MacQuarrie, Shell Ventures Principal. “Making carbon capture cost-effective is key for widespread adoption feasibility across diverse sectors.”
Enabling heavy industry decarbonization
Mantel’s low-cost technology makes carbon capture economically viable for heavy industry like cement, steel, and chemical plants. As more capture equipment is installed, further investment in CO2 transport and storage infrastructure is expected, reducing costs further.
“Point source carbon capture is critical to cost-effectively decarbonize heavy industry,” said Michael Kearney, Mantel Board Member and Engine Ventures General Partner. “With new capital and global commercial opportunities, Mantel is positioned to rapidly scale its low-cost technology.”
Founded in 2022, Mantel spun out of MIT, raising a $2M seed round and joining Breakthrough Energy Fellows. Learn more at mantelcapture.com.
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