Fundraising Fox

Mantel

8 known investors

Mantel is an online retailer of cycling products including bikes, helmets, wheels, and related gear and accessories.

Also known as Mantel Capture

Investors · 8

Also in the syndicate · 5

Constellation Technology VenturesleadEngine VenturesHartreeMCJ CollectiveShell

Funding

SEC filings, press & company announcements

$30M disclosed across 1 of 3 rounds · 2024–2026

Source: company announcements and press reports — follow each round's link for the claim.

Company profile

researched Aug 2026

Mantel is a carbon capture technology developer based in Cambridge, Massachusetts, spun out of MIT's Department of Chemical Engineering. The company builds point-source CO2 capture systems based on molten borate salts that operate at the high temperatures found inside boilers, kilns and furnaces. Because the absorption of CO2 by the molten material releases high-grade heat that can be recovered to raise steam or be recycled into industrial processes, the system is designed to reduce the parasitic energy load that burdens conventional amine-based capture. The materials are liquid rather than solid, which the company says avoids the rapid degradation historically associated with high-temperature separation media.

The company targets high-emitting sectors including power generation, oil and gas, pulp and paper, cement, steel and chemicals, and is technology-agnostic with respect to downstream CO2 sequestration or use. Its stated performance goals include reducing energy losses by up to 97%, producing CO2 streams of greater than 99.9% purity, and reaching capture costs below $50 per metric ton at scale; these are company-reported figures that have not yet been validated through sustained commercial operation. Mantel uses a modular, systems-engineering design intended to lower capital intensity and allow installation into existing plants without disrupting operations.

Mantel has progressed from lab-scale demonstration of roughly half a tonne of CO2 captured per day toward larger prototypes and first industrial installations, and has assembled a project pipeline in the United States and Canada.

Founding story

The underlying material science emerged from the Hatton Research Group at MIT, where Professors T. Alan Hatton and Takuya Harada worked with Cameron Halliday. Beginning in 2018 the team screened high-temperature solids for carbon capture, seeking materials that degraded less over repeated absorption cycles. A sodium borate sample showed unexpected reaction kinetics, which the researchers eventually attributed to the material being molten, giving it properties distinct from the solids typically used and unusual stability at high temperature. Mantel was founded in 2022 by Cameron Halliday, Danielle Rapson (also referred to as Danielle Colson, COO) and Sean Robertson (CTO) as a spin-out from MIT's Department of Chemical Engineering.

Business model

Mantel supplies its carbon capture technology to industrial and power-sector operators, integrating its molten-borate systems into customers' existing plants through engineering studies, demonstration installations and commercial-scale projects.

Traction

Mantel demonstrated carbon capture at lab scale of half a tonne per day and planned a demonstration project approximately ten times larger, rated at 1,800 tonnes of CO2 per year. It has been selected as the carbon capture technology partner for the 1.6-gigawatt TerraSpark Energy Campus in West Virginia, a U.S. Department of Energy-supported project integrating capture into a large coal-fired power plant. In Canada, it is developing a front-end engineering and design study for a steam-assisted oil-recovery operation at a major oil and gas producer expected to capture 60,000 tonnes of CO2 annually, and plans an installation at Kruger's Wayagamack mill in Quebec expected to capture approximately 2,000 tonnes annually, which would be its first operation inside a commercial industrial facility.

Latest developments

In August 2026 Mantel announced an $18 million strategic investment led by Constellation Technology Ventures and Azimut Investments alongside existing investors, taking total funding to $50 million and funding commercial deployment across power generation, oil and gas, and pulp and paper. Related developments include a partnership with Aalborg CSP to modularize molten salt carbon capture, and CEO Cameron Halliday's participation in Eni Next Day 2026 in Italy.

▸Full profile — market position, technology, go-to-market, geography, history, risks & controversies

Market position

Mantel positions itself against conventional amine-based point-source capture on the basis of energy efficiency and cost, arguing that the historical barrier to carbon capture deployment has been expense rather than technical feasibility. It has attracted strategic investment from the venture arms of Shell, Eni, bp, Vale and Constellation, and has been selected as carbon capture technology partner for a large U.S. power-sector project.

Use of molten borate salts operating at high temperature, which recovers high-grade heat during CO2 absorption instead of imposing a large parasitic energy load, combined with a modular systems-engineering design intended to lower capital intensity and simplify retrofit into existing industrial plants.

Technology

The core technology is a high-temperature liquid absorbent based on molten borate salts. CO2 is absorbed from flue gas at temperatures typical of boilers, kilns and furnaces; the heat released during absorption is recovered as high-quality thermal energy that can be used to generate steam or be returned to the host process, offsetting the energy required for desorption and regeneration of the sorbent. Because the sorbent is molten rather than solid, it avoids the rapid degradation that has limited earlier high-temperature materials. The chemistry uses common elements rather than rare earth metals and the material performance is patent-protected. Company-stated outputs include CO2 purity above 99.9%, energy-loss reduction of up to 97%, and capture costs of under $50 per tonne at scale; earlier material also cites energy-loss reductions of more than 60% and roughly halved capture costs versus conventional technologies. The system is packaged in a modular design intended to simplify on-site installation.

Go-to-market

Operators of carbon-intensive facilities: power generation (including coal- and gas-fired plants), oil and gas (including steam-assisted oil recovery), pulp and paper, cement, steel, chemicals and bioenergy facilities.

Geography

Headquartered in Cambridge, Massachusetts, with project activity in West Virginia and Quebec and Alberta, Canada, and stated expansion plans across North America, Europe and other markets.

History

Following material research at MIT starting in 2018, the company was founded in 2022. In September 2024 Mantel announced a $30 million Series A co-led by Shell Ventures and Eni Next, with proceeds directed at a demonstration project at an industrial site roughly ten times larger than its lab-scale system. In late 2025 the company reported acceleration toward a commercial-scale project with a strategic industrial partner and drew coverage from MIT News and CBC regarding potential deployment in Alberta. In August 2026 it announced an $18 million strategic investment from Constellation Technology Ventures and Azimut Investments, bringing total funding to $50 million.

Risks & controversies

Performance claims on energy-loss reduction, CO2 purity and cost per tonne are company-reported and, as noted in coverage, still require validation through sustained commercial operation. The technology remains at the transition from prototypes and demonstration units to first commercial installations.

Compiled by commissioned research from 8 cited public sources — announcements, filings, and press listed under research sources below.

Key figures

latest reported
Lab-scale carbon capture rate demonstratedSep 20240.5 tonnes CO2 per day
Planned annual capture, Canadian steam-assisted oil-recovery FEED studyAug 202660,000 tonnes CO2 per year
Planned annual capture, Kruger Wayagamack millAug 20262,000 tonnes CO2 per year
Planned demonstration project capture capacitySep 20241,800 tonnes CO2 per year
Stated capture cost at scaleAug 2026below $50 per metric ton
Stated CO2 purity of output streamAug 2026more than 99.9%
Stated reduction in energy lossesAug 2026up to 97%
Total funding raised to dateAug 2026$50M

Company-reported or press-reported figures, each dated to when it was claimed — not independently audited.

Competitors · 3

by search overlap

Companies competing with Mantel for the same Google search keywords, organic and paid, via search-intersection analysis.

Timeline · 6

launches, deals, and filings
Aug 2026
Mantel raises $18 million strategic investment from Constellation Technology Ventures and Azimut

Strategic round led by Constellation Technology Ventures and Azimut Investments with existing investors, bringing total funding to $50 million to scale commercial deployment of molten-borate carbon capture in North America and Europe.

$18M source ↗

Jan 2026
Deployment planned at Kruger's Wayagamack mill in Quebec

Installation planned at Kruger's Wayagamack pulp and paper mill in Quebec, expected to capture approximately 2,000 tonnes of CO2 annually and be Mantel's first operation inside a commercial industrial facility.

source ↗

Jan 2026
Mantel selected as carbon capture technology partner for TerraSpark Energy Campus

Mantel's system is to be integrated into the 1.6-gigawatt TerraSpark Energy Campus in West Virginia, a U.S. Department of Energy-supported project at a large-scale coal-fired power plant.

source ↗

Jan 2026
Partnership with Aalborg CSP to modularize molten salt carbon capture

source ↗

Dec 2025
Mantel Capture accelerates toward commercial-scale project with strategic industrial partner

source ↗

Sep 2024
Mantel raises $30 million Series A co-led by Shell Ventures and Eni Next

Series A funding to move from lab-pilot success to an industrial demonstration project and full-scale commercial deployment of its high-temperature carbon capture systems.

$30M source ↗

Dated company events from announcements, filings, and press; legal rows summarize public dockets and regulator releases.

In the news

▸Research sources · 8

primary sources listed

8 public sources were cited for this profile; the first-party ones are listed here.

Frequently asked questions

What does Mantel do?
Mantel develops molten-borate, high-temperature point-source carbon capture systems for heavy industry and power generation.
Who are Mantel's investors?
Mantel's investors include Courtside Ventures, Eni Next, Shell Ventures.
How much funding has Mantel raised?
Mantel has disclosed $30M raised across 1 of its 3 known rounds.