Mantel, a Boston-based company specializing in carbon capture technology, raised $30 million in Series A funding.
The funding round was led by Shell Ventures and Eni Next, with additional participation from investors, including Engine Ventures, New Climate Ventures, Hartree, bp Ventures, Arosa Ventures, Vale Ventures, Newlab, MCJ Collective, and others.
With fresh funds, Mantel intends to further scale its molten-salt-based carbon capture system, which is designed to work efficiently at the high temperatures found in industrial settings like boilers, kilns, and furnaces, helping industries reduce carbon emissions.
The company also plans to use the portion of funds to implement its demonstration project at an industrial site, which will capture around 1,800 tonnes of CO2 emissions annually—10 times the capacity of its current lab-scale system.
Mantel, led by Cameron Halliday, Danielle Rapson, and Sean Robertson, has already shown its potential with a lab-scale system capable of capturing half a tonne of CO2 per day. The new demonstration project is a critical step toward full-scale commercial deployment of its carbon capture technology.
In 2022, Mantel raised $2 million in seed funding. With this Series A funding, the company is now well poised to make a substantial impact on industrial carbon emissions.