MIT spin-off Mantel, a developer of a novel carbon capture solution, has secured an investment of $2 million (£1.69m) under its seed round.
The Engine, another venture firm spun out of MIT that invests in early-stage Tough Tech companies, led the investment, which also saw participation from New Climate Ventures.
Mantel’s solutions is believed to be the “first high-temperature, liquid-phase” carbon capture system designed to operate at high temperatures found inside boilers, kilns and furnaces, with its approach “inherently efficient and therefore lower cost”.
The funding will help accelerate Mantel’s technology development, prototype testing and initial deployment.
Mantel’s molten salts selectively absorb carbon dioxide and regenerate a pure stream of CO2 that can be either stored or utilised.
By uniquely combining liquid phase materials with high operating temperatures, this approach is believed to reduce energy losses by more than 60%, and cut costs in half.
According to the International Energy Agency (IEA), more than 10 billion tonnes of carbon dioxide will need to be captured per year by 2070 to reach net zero emissions.
Michael Kearney, Partner at The Engine and newly-appointed board member of Mantel said: “Carbon capture is required to meet the world’s climate goals and lower cost solutions are absolutely essential for countries and companies to meet net zero emissions targets.
“In order to drive decarbonisation across strategic energy-intensive industries, low cost carbon capture is a critical need, and Mantel’s system has the potential to significantly decrease the cost of carbon capture. Net zero emissions can be a cost-efficient, achievable reality.”