Shell PLC and ENI S.p.A. have joined forces to invest in Mantel Capture, a Boston-based climate technology startup. Mantel Capture has developed a groundbreaking method for capturing carbon dioxide emissions using molten salts. Their technology aims to extract 95% of carbon from smokestack emissions from various industrial sources like refineries and factories.
The company’s molten salt method leverages the high temperatures found within industrial furnaces and boilers, thereby minimizing the additional energy required for carbon capture compared to other technologies. This cost-effectiveness is a key advantage, making it a more attractive option for industries seeking to reduce their environmental footprint.
This recent investment, a $30 million Series A round, will allow Mantel Capture to construct a demonstration project at a paper mill. This project has the capacity to capture 1,800 metric tons of emissions annually – ten times the amount captured during their laboratory tests. This signifies a significant step towards scaling the technology and showcasing its potential on a larger scale.
Cameron Halliday, CEO of Mantel Capture, expressed confidence in the technology’s transformative potential for the energy industry. He highlighted its cost-effectiveness, with the potential to capture carbon at $30 to $50 per ton. This makes it economically viable for various countries that offer incentives or impose taxes on carbon emissions.
Shell Ventures, a division of Shell, is closely monitoring the pilot projects before making a full commitment to the technology. However, Hector MacQuarrie, a principal at Shell Ventures, recognizes the technology’s potential to significantly advance carbon capture for industries that are difficult to decarbonize. This signifies a shared belief in the technology’s potential to contribute to a cleaner energy future.
Investors interested in gaining exposure to Shell can consider the Macquarie ETF Trust Macquarie Energy Transition ETF (PWER) and VanEck Natural Resources ETF (HAP).
