Carbon capture startup Mantel announced that it has raised $18 million, including strategic investments from Constellation Technology Ventures (CTV) and Azimut Investments, with proceeds aimed at supporting the commercial deployment of its solution to help decarbonize heavy industry.
Founded in 2022 by Cameron Halliday, Danielle Rapson and Sean Robertson as a spin out from MIT’s Department of Chemical Engineering, Cambridge, Massachusetts-based Mantel is developing a high-temperature, liquid-phase carbon capture system designed to significantly reduce the cost and energy loss of carbon capture for heavy industrial applications. The company’s system uses a proprietary molten-borate salt loop designed to integrate directly into industrial operations, capturing CO2 at the high temperatures found in industrial facilities while recovering and reusing thermal energy as high-pressure steam.
According to Mantel, the system reduces energy losses by 97% compared to conventional carbon capture technologies and operates at less than half the industry-average cost per ton.
Mantel said that prior generations of carbon capture projects have faced challenges with cost, scale, and complex on-site integration. The company said that it is taking a more modular and systems-engineering-led approach to reduce capital intensity, simplify deployment, and integrate directly into existing industrial infrastructure.
According to Mantel, the new capital will be used to support its portfolio of commercial deployments across power generation, oil and gas, pulp and paper, including a project with one of Canada’s largest oil and gas producers, its selection as the carbon capture technology partner for the 1.6-gigawatt TerraSpark Energy Campus in West Virginia, and its deployment at Kruger’s Wayagamack Mill in Québec.
The new investment brings Mantel’s total capital raised to $50 million.
Cameron Halliday, CEO of Mantel said:
“This moment is about execution and how fast we can build. This round brings in partners who understand large-scale energy infrastructure as we move at the speed this transition demands.”
Kate Norman, Senior Vice President, Commercialization and Market Development at Constellation, added:
“Constellation remains committed to supporting new technologies that will help drive the U.S. transition to a clean energy future. Our investment in Mantel’s technology exemplifies our interest in practical, clean-energy solutions, while balancing sustainability and reliability.”
