• Mantel secured $18 million from Constellation Technology Ventures, Azimut Investments and existing investors, bringing total funding to $50 million.
• Capital will support commercial carbon capture projects across power generation, oil and gas, pulp and paper, and other heavy industries.
• The company is advancing deployments in Canada and West Virginia as it targets expansion across North America, Europe and other markets.

Carbon capture technology developer Mantel has raised $18 million to accelerate commercial deployment of its technology across power and heavy industry.

The strategic investment came from Constellation Technology Ventures and Azimut Investments, alongside existing investors. It brings Mantel’s total capital raised to $50 million.

The company is moving from technology development toward large-scale deployment. Its current pipeline includes projects in power generation, oil and gas, pulp and paper, and other industrial sectors.

“This moment is about execution and how fast we can build,” said Cameron Halliday, CEO of Mantel. “This round brings in partners who understand large-scale energy infrastructure as we move at the speed this transition demands.”

Moving carbon capture toward commercial scale

Mantel has developed a molten-borate carbon capture system designed to reduce the cost and complexity associated with conventional capture technologies.

Carbon capture projects have historically faced obstacles including high capital requirements, significant energy use and difficult integration with existing industrial facilities. Those challenges have limited deployment despite growing policy and corporate interest.

Mantel is pursuing a modular approach intended to simplify installation and reduce capital intensity. The technology is designed to integrate with existing industrial infrastructure while maintaining operational reliability.

That approach could become increasingly important as companies in hard-to-abate sectors face pressure to reduce emissions without replacing productive assets prematurely.

The latest funding will support projects already moving through Mantel’s commercial pipeline.

Among them is a project 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.

Another deployment is underway at Kruger’s Wayagamack Mill in Québec.

Constellation backs industrial decarbonization

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, Constellation. “Our investment in Mantel’s technology exemplifies our interest in practical, clean-energy solutions, while balancing sustainability and reliability.”

That balance has become a central issue for policymakers and utilities. Electricity demand is rising in several markets, while governments and companies are also pursuing tighter emissions targets.

Carbon capture could provide another decarbonization option for facilities where electrification or immediate fuel substitution remains technically or economically difficult.

Global capital supports expansion plans

Azimut Investments brings access to international capital markets and project finance expertise as Mantel looks beyond North America.

Commercial-scale carbon capture requires more than technology financing. Developers must also secure infrastructure investment, permitting, long-term commercial agreements and supportive policy frameworks.

Those requirements make access to project finance increasingly important as carbon capture companies move beyond pilot projects.

For investors, the next phase will test whether newer capture technologies can achieve competitive economics at industrial scale. Performance, integration costs and project execution will determine whether deployments can expand beyond individual demonstration sites.

Mantel’s $50 million funding base gives it additional capital to advance that transition.

The broader opportunity is tied to the decarbonization challenge facing heavy industry worldwide. Steel, cement, energy, chemicals and other emissions-intensive sectors are under increasing pressure to cut operational emissions while maintaining production.

If emerging capture systems can reduce costs and simplify integration, they could widen the pool of industrial facilities able to adopt the technology. Mantel’s growing project pipeline will now provide an early commercial test of whether that model can translate across industries and geographies.