It has been revealed that Mitico’s newly developed technology, provides a scalable, low-energy and lower-cost approach to carbon capture. This technology was developed and validated at the California Institute of Technology.

It has been proven that the company’s solution has the ability to capture more than 95% of CO2 emissions from post-combustion point sources. These sources include places such as gas-fired power plants, boilers, waste-to-energy and finally, biomass-to-energy facilities. Providing this kind of service, would make it possible for a multitude of low to mid-CO2 emitters to effectively capture their emissions.

So far, Mitico has had success in securing two paid pilot testing projects, which are currently scheduled for 2025 deployment. Accomplishing this has effectively demonstrated early market validation, along with the potential impact of its technology. The new funding which was recently supplied, will be applied to accelerating the piloting of the technology, as well as commercial scaling.

On top of this, the seed funding which has been provided, will be dedicated to scaling the project’s innovative granulated metal carbonate sorption technology. This specific kind of technology operates to effectively capture CO2 which has been emitted by industries.

CEO of Mitico, Clément Cid, commented, "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."

Managing Partner at Exergon, Vincent Brillault, added, "Capturing CO2 at the source of emission is essential for short-term decarbonisation in hard-to-abate industries, such as gas-based power generation. We surveyed many breakthrough decarbonisation 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."