Mitico Raises $4.3 Million to Scale Industrial Carbon Capture Technology
(P&GJ) — Mitico has raised $4.3 million in seed funding to advance its industrial carbon capture technology. The funding round, led by Exergon, an energy decarbonization fund managed by Audacia, was oversubscribed.
Investors include Gore Ventures (W. L. Gore & Associates), AP Ventures, Halliburton Labs, SOSV, Freeflow Ventures, the SoCal Alliance for Innovation, and Deepbright Ventures (Hello Tomorrow).
The California-based company has secured two pilot projects for 2025 to test its granulated metal carbonate sorption technology, which captures over 95% of carbon dioxide emissions from industrial sources, including gas-fired power plants and waste-to-energy facilities. The new funding will support further piloting and commercialization efforts.
"This funding marks a critical milestone in our mission to make industrial carbon capture not just possible, but economically viable at commercial scale," said Clément Cid, CEO of Mitico. "Our integrated sorbent technology represents a significant leap forward in reducing carbon emissions. It provides carbon capture with a technology that removes risks and lowers costs for industrial customers."
Vincent Brillault, managing partner at Exergon, emphasized the importance of the technology. "Capturing CO2 at the source of emission is essential for short-term decarbonization in hard-to-abate industries, such as gas-based power generation. We surveyed many breakthrough decarbonization technologies before selecting Mitico. Their solution caught our eyes for its scalability, its relative simplicity, as well as the dynamism and entrepreneurial spirit of its team. We're excited to support their groundbreaking work and contribute to the decarbonization of industrial emitters globally."
Mitico’s technology, originally developed at the California Institute of Technology, offers a lower-cost and energy-efficient alternative for carbon capture, aiming to make emissions reduction more accessible for industries worldwide.
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