Mantel Raises Strategic Investment From Constellation Technology Ventures and Azimut to Scale Commercial Carbon Capture Deployment

New investments bring total raised to $50M as Mantel advances first commercial projects and expands pipeline across power and heavy industry

CAMBRIDGE, Mass., Aug. 24, 2026 -- Mantel, a leading provider of energy-efficient and cost-effective carbon capture, today announced a new strategic investment from Constellation Technology Ventures (CTV) and Azimut Investments, with participation from existing investors. The $18 million total investment brings the company's total funding raised to $50 million and marks an important step in the company's path to commercial deployment across heavy industry in North America, Europe, and beyond.

Mantel is rapidly moving into commercial deployment, with its first large-scale projects now underway and demand for its molten-borate carbon capture technology growing across industrial customers. Unlike prior generations of carbon capture projects that struggled with cost, scale, and complex on-site integration, Mantel is taking a more modular and systems-engineering-led approach to reduce capital intensity, simplify deployment, and integrate directly into existing industrial infrastructure.

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"This moment is about execution and how fast we can build," said Cameron Halliday, CEO of Mantel. "This round brings in partners who understand large-scale energy infrastructure as we move at the speed this transition demands."

The investment from CTV, the venture investing organization within Constellation, the nation's largest producer of clean and reliable energy, underscores growing demand from companies across the power sector for carbon capture solutions that can integrate into existing operations without compromising reliability or efficiency.

"Constellation remains committed to supporting new technologies that will help drive the U.S. transition to a clean energy future," said Kate Norman, Senior Vice President, Commercialization and Market Development, Constellation. "Our investment in Mantel's technology exemplifies our interest in practical, clean-energy solutions, while balancing sustainability and reliability."

As Mantel looks to deploy its technology beyond North America, Azimut provides access to global capital markets and project finance expertise to strengthen Mantel's ability to scale deployment across new geographies and industrial sectors.

The investment will directly support the growing portfolio of commercial deployments Mantel is advancing across power generation, oil and gas, pulp and paper, and more. This includes the company's project with one of Canada's largest oil and gas producers, Mantel's recent selection as the carbon capture technology partner for the 1.6-gigawatt TerraSpark Energy Campus in West Virginia, and its deployment at Kruger's Wayagamack Mill in Québec. The financing enables continued project development across these sites and others.

With the additional capital, Mantel will also expand its pipeline of future opportunities. The company remains focused on helping operators reduce emissions without compromising reliability, affordability, or competitiveness. To learn more, visit mantelcapture.com or email [email protected].

About Mantel Capture

Mantel is the carbon capture company built for heavy industry. Our high-temperature, liquid-phase carbon capture system uses a proprietary molten-borate that integrates directly into industrial operations. Mantel's system reduces energy losses by 97% and operates at less than half the industry-average cost per tonne. Backed by leading global energy investors, Mantel is deploying across power generation, oil & gas, pulp & paper, chemicals, and other critical sectors. For more information, visit mantelcapture.com.