Carbon capture developer Mantel has raised $18 million from Constellation Technology Ventures and Azimut Investments, taking total funding to $50 million as it moves molten borate capture into power, pulp and oil and gas projects.
Mantel has raised $18 million from Constellation Technology Ventures, Azimut Investments and existing investors to accelerate commercial deployment of its carbon capture technology. The round takes the company’s total capital raised to $50 million.
The money supports projects already moving through Mantel’s commercial pipeline, spanning power generation, oil and gas, pulp and paper and other industrial sectors. The company is advancing deployments in Canada and West Virginia and is targeting North America, Europe and other markets.
What the technology does
Mantel has developed a molten borate carbon capture system designed to cut the cost and complexity of conventional capture. It is pursuing a modular approach intended to simplify installation and reduce capital intensity, and says the technology integrates with existing industrial infrastructure while holding operational reliability.
That last point carries the commercial argument. Carbon capture projects have run into high capital requirements, significant energy use and difficult integration with existing facilities, which has held back deployment despite policy support and corporate interest. Operators in hard-to-abate sectors face pressure to cut emissions without retiring productive assets early, so a retrofit that leaves the process alone has value beyond its capture rate.
Where the projects are
One project is with one of Canada’s largest oil and gas producers. Mantel has also been selected as the carbon capture technology partner for the planned 1.6-gigawatt TerraSpark Energy Campus in West Virginia. A third deployment is under way at Kruger’s Wayagamack Mill in Québec.
The Québec site is a pulp and paper mill. Mills of that kind burn large volumes of biomass residues, so much of the carbon dioxide in their flue gas is biogenic, and capturing it produces removals rather than avoided emissions. That gives capture developers a second revenue argument in the sector.
Who is backing it
Constellation Technology Ventures is the venture investment arm of Constellation, one of the largest producers of low-carbon electricity in the United States. Its participation gives Mantel an investor with direct exposure to large-scale energy infrastructure and electricity markets.
“Constellation remains committed to supporting new technologies that will help drive the U.S. transition to a clean energy future,” said Kate Norman, senior vice president, commercialization and market development at Constellation. “Our investment in Mantel’s technology exemplifies our interest in practical, clean-energy solutions, while balancing sustainability and reliability.”
Azimut Investments brings access to international capital markets and project finance expertise as Mantel looks beyond North America. Commercial-scale capture needs infrastructure investment, permitting, long-term commercial agreements and supportive policy alongside technology funding, and access to project finance grows in importance once a developer moves past pilots.
“This moment is about execution and how fast we can build,” said Cameron Halliday, chief executive of Mantel. “This round brings in partners who understand large-scale energy infrastructure as we move at the speed this transition demands.”
A $50 million funding base is modest against the capital a first commercial capture plant absorbs, so the round reads as a bridge to project finance rather than a build fund. The pipeline will test whether a newer capture chemistry keeps its cost advantage once it is integrated into a working mill or power campus. Performance, integration cost and execution decide that, and the first data points come from Québec and West Virginia.
