Mitico, a firm specializing in cutting-edge carbon capture, has successfully secured $4.3 million in initial investment to advance its unique granulated metal carbonate sorption system.
This technology is designed to capture CO2 directly from industrial emissions.
The funding round, spearheaded by Exergon, an investment group focused on energy decarbonization managed by Audacia, exceeded its original target.
A diverse group of progressive 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), also contributed to the funding.
The company has already established agreements for two paid testing projects, slated for implementation in 2025, signaling strong early market interest and confirming the technology’s potential for widespread application.
These new funds will be used to expedite further testing and prepare for large-scale commercial deployment. Originating from research and validation at the California Institute of Technology, Mitico‘s innovative system presents a cost-effective, energy-efficient, and easily scalable method for capturing carbon.
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Their solution is capable of removing more than 95% of carbon dioxide emissions from sources such as natural gas power plants, industrial boilers, waste-to-energy facilities, and biomass-to-energy operations.
Mitico’s technology aims to provide a viable solution for a wide range of industries with moderate to low CO2 emissions, thereby significantly accelerating the global transition to a carbon-neutral economy.
“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.”
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