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Shell PLC (NYSE:SHEL), along with ENI S.p.A. (NYSE:E), reportedly have spearheaded an initial funding round for Boston-based climate technology start-up Mantel Capture.
Mantel Capture is developing a method to use molten salts to capture carbon dioxide emissions from refineries, factories, and other industrial sites, reported Reuters.
Mantel aims to extract 95% of carbon from smokestack emissions using molten salts.
The company claims this method is particularly cost-effective, leveraging the high temperatures within industrial furnaces and boilers to minimize the additional energy needed compared to other capture technologies.
As per the report, the $30 million secured in the Series A round will enable Mantel to construct a demonstration project at a paper mill capable of capturing 1,800 metric tons of emissions annually—about ten times the half ton per day achieved in their laboratory tests.
The report quoted Mantel CEO Cameron Halliday saying in an interview, “This is a technology that could radically change the energy industry, but there is still risk to what we’re doing.”
Halliday added, “At a scale of hundreds of thousands to millions of tons, Mantel could theoretically capture carbon at about $30 to $50 a ton, making it economically viable in many countries offering either incentives for carbon capture or taxing emissions, and far below competing systems.”
As per the report, Hector MacQuarrie, a principal at Shell Ventures, noted that Shell will monitor pilot projects before fully committing to the technology.
However, he also mentioned that this technology could significantly advance carbon capture for industries that are difficult to decarbonize.
Investors can gain exposure to Shell via Macquarie ETF Trust Macquarie Energy Transition ETF (NYSE:PWER) and VanEck Natural Resources ETF (NYSE:HAP).
Price Action: SHEL shares are down 0.28% at $68.32 at the last check Thursday.
Photo courtesy: Shutterstock
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
