Mantel has raised $18 million in strategic funding from Constellation Technology Ventures, Azimut Investments and existing investors, bringing total funding for the carbon capture company to $50 million.
The financing will support Mantel’s transition into commercial deployment and expansion of its project pipeline across heavy industry in North America, Europe and other markets.
Cambridge, Massachusetts-based Mantel has developed a molten-borate carbon capture system designed to integrate directly into existing industrial infrastructure.
The company is taking a modular, systems-engineering-focused approach intended to reduce capital intensity and simplify deployment compared with earlier generations of carbon capture technology.
Mantel said its system reduces energy losses by 97% and operates at less than half the industry-average cost per tonne of captured carbon.
The funding will support commercial deployments across power generation, oil and gas, pulp and paper and other heavy industries.
Projects include work with one of Canada’s largest oil and gas producers, Mantel’s selection as the carbon capture technology provider for the 1.6-gigawatt TerraSpark Energy Campus in West Virginia, and a deployment at Kruger’s Wayagamack Mill in Québec.
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
“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.”
Kate Norman, Senior Vice President, Commercialization and Market Development at Constellation
