With support from major energy industry players, Mantel Capture, Inc. (Mantel) is scaling its innovative molten borate carbon capture technology, which has the potential to cut costs by over 50%. The company announced it has raised $30 million in Series A funding, co-led by Shell Ventures and Eni Next, with additional backing from Engine Ventures, New Climate Ventures, Hartree, bp Ventures, Arosa Ventures, Vale Ventures, Newlab, MCJ Collective, and others. The funding will be used to launch a demonstration project at an industrial site, marking a significant step toward full-scale commercial deployment of Mantel’s high-temperature carbon capture systems.
Mantel’s technology has already captured half a tonne of CO2 per day in lab-scale testing, and the upcoming demonstration project will capture 1,800 tonnes of CO2 annually at an industrial site—approximately 10 times the previous scale.
“With this new capital and growing commercial opportunities globally, Mantel is positioned to rapidly scale its low-cost carbon capture technology,” said Cameron Halliday, co-founder and CEO of Mantel.
Carbon capture involves capturing CO2 emissions from large sources like power plants and industrial facilities. The CO2 is then compressed, transported, and either used or stored underground to prevent its release into the atmosphere. Despite growing momentum, the International Energy Agency (IEA) predicts that current carbon capture initiatives will only meet 40% of the 2030 target to capture 1 Gt of CO2 annually by 2050. More projects are essential to bridge this gap.
Halliday emphasized the importance of Mantel’s technology: “This investment allows us to move from lab-pilot success to designing and deploying full-scale commercial projects for our industrial customers, offering them a low-cost pathway to net-zero emissions.”
Hector MacQuarrie, Principal at Shell Ventures, also voiced support: “Carbon capture is crucial for reducing emissions, particularly in hard-to-abate sectors. Mantel’s technology has the potential to significantly lower costs and can be applied to diverse sectors like natural gas, cement, steel, and chemicals.”
Clara Andreoletti, CEO of Eni Next, added, “Mantel’s innovation could make carbon capture affordable, a key factor for widespread adoption across heavy industry.”
Mantel’s technology uses molten borates—the only high-temperature liquid-phase carbon capture material—to capture CO2 at the source. The system operates at high temperatures, allowing it to recover high-grade heat during the absorption process, which offsets the energy required to regenerate the borate material. This drastically reduces the cost of capture compared to conventional amine-based systems, making it financially viable for heavy industry sites.
Michael Kearney, Mantel Board Member and General Partner at Engine Ventures, highlighted the company’s growth potential: “With new capital and commercial opportunities emerging, Mantel is poised to scale its cost-effective carbon capture technology globally.”
Founded in 2022 by Cameron Halliday, Danielle Rapson, and Sean Robertson as a spin-out from MIT’s Department of Chemical Engineering, Mantel raised $2 million in seed funding in its founding year and joined the Breakthrough Energy Fellows program.
