PASADENA, Calif.–(BUSINESS WIRE)–Mitico, a pioneering carbon capture technology company, today announced it raised $4.3 million in seed funding to scale its innovative granulated metal carbonate sorption technology capturing carbon dioxide (CO2) emitted from industries. The round led by Exergon, an energy decarbonization fund managed by Audacia, was significantly oversubscribed. Joining Exergon, a consortium of forward-thinking financial and industrial investors such as Gore Ventures (W. L. Gore & Associates), AP Ventures, Halliburton Labs, SOSV, Freeflow Ventures, the SoCal Alliance for Innovation, and Deepbright Ventures (Hello Tomorrow).
Mitico has already secured two paid pilot testing projects scheduled for 2025 deployment, demonstrating early market validation and the potential impact of its technology. The new funding will be used to accelerate piloting of the technology and commercial scaling.
Mitico’s breakthrough technology, originally developed and validated at the California Institute of Technology, offers a scalable, low-energy, and lower-cost approach to carbon capture. The company’s solution can capture over 95% of carbon dioxide emissions from post-combustion point sources, including gas-fired power plants, boilers, waste-to-energy, and biomass-to-energy facilities. Mitico would enable many low to mid-CO2 emitters to capture their emissions and dramatically accelerate the path towards decarbonization globally.
“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.”
Key investors see immense potential in Mitico’s technology. Vincent Brillault, Managing Partner at Exergon noted, “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.”
About Mitico
Mitico, Inc. is a carbon capture technology company developing advanced solutions to reduce industrial carbon dioxide emissions. Leveraging a breakthrough granulated metal carbonate sorption technology developed at Caltech, the company provides cutting-edge carbon capture, utilization, and storage services to industrial point source customers. Learn more at https://www.mitico.tech/.
About Exergon
Launched by Audacia, an innovative player in private equity founded by serial entrepreneur Charles Beigbeder, the Exergon project aims at supporting and promoting the development of highly innovative industrial decarbonization technologies in the energy sector. The management team combines technical and financial expertise with a resolutely entrepreneurial spirit, a hallmark of the Audacia brand. https://www.audacia.fr/en/venture-deeptech/
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