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/

View source version on businesswire.com: https://www.businesswire.com/news/home/20250225640906/en/

info@mitico.tech

Logo

Tags

More Like This

Econic welcomes new investment to accelerate CO₂ polyols and surfactants

Carbyon finds missing piece of the puzzle: ultra-fast carbon capture process proven with an energy demand below 2,500 kWh/ton

Stockholm Exergi takes final Investment decision on world's first large-scale BECCS project, using Capsol's carbon capture technology

Stockholm Exergi to begin building one of the world's largest carbon capture projects using CATACARB® Enhanced HPC

Mitsubishi Electric and VTT of Finland to Develop Technology for Direct Capturing of CO2 from Oceans

Svante Selected for US DOE Funding to Advance Carbon Capture in the Pulp & Paper Industry

Aker Carbon Capture awarded study and test campaign from Wacker

Svante Secures Commercial Supply of MOF Advanced Sorbent Materials with BASF for Carbon Capture Market