Mantel has raised $18 million in strategic financing from Constellation Technology Ventures and Azimut Investments, along with existing investors, bringing total funding for the carbon capture company to $50 million.
The capital will support Mantel’s transition into commercial-scale deployments across power generation and heavy industry.
Mantel has developed a proprietary molten-borate carbon capture process designed to integrate directly into industrial operations.
The company says the technology reduces energy losses by 97% and operates at less than half the industry-average cost per tonne of captured carbon.
Its approach emphasizes modular deployments intended to reduce capital intensity and simplify integration compared with earlier generations of carbon capture systems.
The financing will support projects across power generation, oil and gas, pulp and paper and other industrial markets.
Current projects include work with a major Canadian oil and gas producer, a deployment at Kruger’s Wayagamack Mill in Québec and selection as the carbon capture technology provider for the planned 1.6 GW TerraSpark Energy Campus in West Virginia.
Azimut is expected to provide access to global capital markets and project-finance expertise as Mantel expands geographically.
Constellation’s investment provides another strategic relationship within the power sector.
KEY QUOTES:
“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.”
Cameron Halliday, CEO Of Mantel
“Our investment in Mantel’s technology exemplifies our interest in practical, clean-energy solutions, while balancing sustainability and reliability.”
Kate Norman, Senior Vice President Of Commercialization And Market Development At Constellation
