California-based Mitico has completed a $4.3 million seed funding round to scale its innovative CO2 capture technology, aimed at reducing emissions from industrial sources.
The California-based carbon capture technology company Mitico has recently announced the successful completion of a $4.3 million seed funding round aimed at piloting and scaling its innovative CO2 capture technology. Founded in 2022, Mitico focuses on providing carbon capture, utilisation, and storage services specifically tailored for industrial point source clients.
Mitico employs a system initially developed at the California Institute of Technology that utilises granulated metal carbonate sorption technology. This method allows the company to capture carbon dioxide emissions directly from a variety of industrial sources, including power plants, boilers, and both waste-to-energy and biomass-to-energy facilities. The company claims that its technology can effectively capture up to 95% of CO2 emissions while consuming less energy and offering a lower cost solution compared to existing methods in the market.
The funding will primarily be channelled towards two pilot projects slated for deployment in 2025. These projects aim to accelerate the testing and commercial scalability of the technology, enabling Mitico to demonstrate its viability across diverse industrial applications.
Clément Cid, CEO of Mitico, highlighted the significance of this funding in achieving the company’s objectives. Speaking to ESG Today, Cid remarked, “This funding marks a critical milestone in our mission to make industrial carbon capture not just possible, but economically viable at commercial scale. 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.”
The funding round was led by Exergon, an energy decarbonisation fund managed by Audacia, and received backing from a spectrum of financial and industrial investors, including Gore Ventures (W. L. Gore & Associates), AP Ventures, Halliburton Labs, SOSV, Freeflow Ventures, the SoCal Alliance for Innovation, and Deepbright Ventures (Hello Tomorrow). Notably, the funding round was significantly oversubscribed, indicating robust investor confidence in Mitico’s technology and its potential market impact.
Vincent Brillault, Managing Partner at Exergon, noted the increasing demand for scalable solutions in carbon capture technology, positioning Mitico at the forefront of this evolution. The infusion of capital is expected to bolster Mitico’s research and development initiatives, enabling the further refinement of its technology in the quest to address industrial carbon emissions effectively.
