The round was co-led by Shell Ventures and Eni Next. Additional participating investors include Engine Ventures, New Climate Ventures, Hartree, bp Ventures, Arosa Ventures, Vale Ventures, Newlab, MCJ Collective, and others. The funding will be used to implement a demonstration project at an industrial site and help pave the way for full-scale commercial deployment of Mantel's high-temperature carbon capture systems. The company's technology has already demonstrated carbon capture at lab scale of half a tonne per day, and the upcoming project will be around 10 times larger, rated to capture 1,800 tonnes of CO2 emissions per year at an industrial site.

Mantel is developing the first molten-salt-based carbon capture technology which is designed to operate at the high temperatures found inside boilers, kilns, and furnaces - enabling highly efficient carbon capture that has not been possible until now. Carbon capture can be applied across industries to reduce emissions and achieve net-negative emissions. By solving for efficiency Mantel can cut costs substantially, unlocking carbon capture's role in reaching net zero emissions by 2050.