Carbon capture technology company Mitico announced it raised $4.3 million in seed funding to scale its innovative granulated metal carbonate sorption technology capturing carbon dioxide (CO2) emitted from industries. This funding round was led by Exergon (an energy decarbonization fund managed by Audacia) and it was significantly oversubscribed. Joining Exergon, a consortium of financial and industrial investors such as Gore Ventures (W. L. Gore & Associates), AP Ventures, Halliburton Labs, SOSV, Freeflow Ventures, the SoCal Alliance for Innovation, and Deepbright Ventures.
Mitico already secured two paid pilot testing projects scheduled for 2025 deployment, demonstrating early market validation and the potential impact of its technology. The new funding will be used to accelerate piloting of the technology and commercial scaling.
Mitico’s technology, originally developed and validated at the California Institute of Technology, provides a scalable, low-energy, and lower-cost approach to carbon capture. The company’s solution can capture over 95% of carbon dioxide emissions from post-combustion point sources, including gas-fired power plants, boilers, waste-to-energy, and biomass-to-energy facilities. Mitico would enable many low to mid-CO2 emitters to capture their emissions and dramatically accelerate the path towards decarbonization globally.
KEY QUOTES:
“This funding marks a critical milestone in our mission to make industrial carbon capture not just possible, but economically viable at commercial scale. Our integrated sorbent technology represents a significant leap forward in reducing carbon emissions. It provides carbon capture with a technology that removes risks and lowers costs for industrial customers.”
– Clément Cid, CEO of Mitico
“Capturing CO2 at the source of emission is essential for short-term decarbonization in hard-to-abate industries, such as gas-based power generation. We surveyed many breakthrough decarbonization technologies before selecting Mitico. Their solution caught our eyes for its scalability, its relative simplicity, as well as the dynamism and entrepreneurial spirit of its team. We’re excited to support their groundbreaking work and contribute to the decarbonization of industrial emitters globally.”
– Vincent Brillault, Managing Partner at Exergon
