We’re thrilled to announce that Mitico, a graduate from our HAX hard tech program, has secured a $4.3 million seed round, led by Exergon with participation from AP Ventures, Deepbright Ventures, Freeflow Ventures, Halliburton Labs, the Alliance for SoCal Innovation, SOSV, and W. L. Gore & Associates’ ventures team. This funding will accelerate their innovative approach to carbon capture, utilizing a simple salt that’s been enhanced for industrial applications.
Mitico’s technology stands out by significantly reducing the cost of CO₂ capture. By leveraging a modified salt, they offer an efficient and scalable solution to address global carbon emissions.
“The chemistry that we’re using — the carbonation and decarbonation reaction — that’s what I call prehistorical chemistry. It was there before us, and it will be there after us,” Clément Cid, co-founder and CEO of Mitico, told TechCrunch.
Most have avoided using potassium carbonate for two reasons: first, it turns into mush after one use, making it hard to reuse, and second, dissolving the salt in water and bubbling the gas through it isn’t any cheaper than the alternatives. Mitico went the first route, adding a binder to prevent the pebbles from turning to mush. The pebbles can capture more than 95% of the carbon dioxide in an exhaust stream, Cid said.
SOSV’s General Partner, and HAX Managing Director Duncan Turner added: “Congrats to Mitico founders Clément, Léopold and Alan, on the successful seed round! We need novel point-source carbon capture solutions to match energy supply and demand. The Mitico solution immediately jumped out to us when we first met the team.”
Great write-up as always by Tim De Chant.