mitico Raises $4.3M Seed Round for CO2 Capture Technology

The Challenge of Rising Atmospheric CO₂ Levels

The planet faces a significant challenge as human activities continue to release excessive amounts of carbon dioxide (CO₂) into the atmosphere, increasing the potential for severe global warming.

Simultaneously, carbon capture – widely considered the most environmentally sound method for continuing the use of fossil fuels – is experiencing obstacles. According to the International Energy Administration, only approximately 40 facilities globally are actively capturing carbon dioxide generated from their operations.

A Novel Approach to Carbon Capture

High construction and operational costs have limited the effectiveness of these installations, resulting in a reduction of only 0.01% in global carbon emissions annually.

However, a new company believes it has discovered a method to substantially reduce the expenses associated with carbon capture, utilizing a modified, readily available salt for industrial applications.

Mitico’s Innovative Chemistry

“The chemical processes we employ – the carbonation and decarbonation reaction – represent fundamental chemistry. It existed prior to humanity and will persist beyond us,” explained Clément Cid, co-founder and CEO of Mitico, in an interview with TechCrunch.

While others have explored the use of potassium carbonate, its practical application has been hindered by two primary issues. Firstly, solid potassium carbonate tends to degrade after a single use.

“It loses its structural integrity and becomes unusable if the goal is repeated utilization, like a sponge,” Cid stated. Secondly, dissolving the salt in water and bubbling gas through the solution doesn’t offer a cost advantage over existing methods.

Mitico addressed the first challenge by incorporating a binding agent to maintain the integrity of the potassium carbonate pebbles, preventing them from turning into a slurry.

Performance and Cost-Effectiveness

Cid reports that these potassium carbonate pebbles can effectively capture over 95% of the carbon dioxide present in an exhaust stream.

Upon saturation, the material is heated to release the captured CO₂, which can then be either stored securely or repurposed for the production of plastics or synthetic fuels.

Mitico projects that, at a commercial scale, their approach will enable carbon capture at a cost of less than $85 per metric ton.

This cost reduction could allow facilities eligible for federal tax credits to profitably capture carbon from the outset.

Initial Pilots and Target Markets

The startup’s initial pilot project is currently operational at a refinery in Thailand, connected to a boiler system.

Mitico intends to initially focus on attracting customers who rely on large-scale industrial boilers.

“Currently, there is a scarcity of available technology for these customers, and many are subject to Environmental, Social, and Governance (ESG) requirements,” Cid noted. “They lack an economically viable alternative to natural gas.”

Following successful implementation in industrial boilers, Mitico aims to expand its carbon capture equipment to encompass any significant source of carbon dioxide emissions, with a particular focus on natural gas power plants.

Market Potential and Funding

Natural gas power plants currently supply 43% of the electricity in the U.S., according to the U.S. Energy Information Administration.

The technology is gaining increased attention due to the growing demand for power from data center operators driven by the artificial intelligence (AI) boom.

To facilitate the construction of larger pilot plants, Mitico has secured $4.3 million in seed funding, as exclusively revealed to TechCrunch.

Exergon led the funding round, with participation from AP Ventures, Deepbright Ventures, Freeflow Ventures, Halliburton Labs, the Alliance SoCal for Innovation, SOSV, and the ventures team at W. L. Gore & Associates.

A Focus on Emission Reduction

“Ultimately, regardless of whether the CO₂ originates from fossil or non-fossil sources, our primary concern is minimizing emissions,” Cid emphasized.

“Post-combustion carbon capture represents the area where we can achieve the greatest impact.”