Mitico Raises $4.3 Million to Commercialize Industrial Carbon Capture Solution

Mitico announced that it has raised $4.3 million in seed funding, with proceeds to be used to pilot and scale its technology, which can capture CO2 from a wide range of industrial sources.

Established in 2022, California-based Mitico provides carbon capture, utilization, and storage services to industrial point source customers. The company has implemented a system originally developed at the California Institute of Technology, utilizing granulated metal carbonate sorption technology to capture CO2 directly from gasses emitted by power plants, boilers, waste-to-energy, and biomass-to-energy facilities. According to Mitico, this system captures 95% of CO2, using less energy and at a lower cost than other methods.

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Mitico said that it has secured two paid pilot testing projects scheduled for 2025 deployment, with the new capital to be used to accelerate piloting of the technology and commercial scaling.

Clément Cid, CEO of Mitico, said:

“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 decarbonization fund managed by Audacia, with participation by other financial and industrial investors, including Gore Ventures (W. L. Gore & Associates), AP Ventures, Halliburton Labs, SOSV, Freeflow Ventures, SoCal Alliance for Innovation, and Deepbright Ventures (Hello Tomorrow). Mitico said that the funding round was significantly oversubscribed.

Vincent Brillault, Managing Partner at Exergon, said:

“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.”