GRENOBLE — French natural hydrogen startup Mantle8 secured €31 million in Series A financing, elevating the total capital raised by the enterprise to €37 million, according to the company. The investment round was spearheaded by Sandwater, drawing participation from Breakthrough Energy Ventures, Bpifrance, IP Group, Wind Capital, and Calderion. The fresh funds will directly support an extensive exploration and drilling program across Europe, targeting high-purity natural hydrogen reservoirs hidden deep underground.
Founded in 2019 in Grenoble by geoscientist Emmanuel Masini, Mantle8 specializes in subsurface modeling technologies designed to identify natural hydrogen reserves. The enterprise built a patented technology stack centered on its flagship platform, known as HOREX, which provides 4D imaging of active underground hydrogen systems. Emmanuel Masini said in a statement that natural hydrogen exists, but the primary challenge remains finding commercially viable high-purity reserves using advanced technical methods.
The newly acquired capital will fully finance a two-year exploration campaign focused on locating these high-purity natural hydrogen reservoirs. Mantle8 stated that its proprietary technology possesses the potential to significantly reduce production costs, estimating a figure around €0.80 per kilogram. The campaign will rigorously assess hydrogen volume, purity, and reservoir quality as the enterprise advances step-by-step toward full commercialization in the clean energy sector.
The company has positioned itself alongside a select group of 3 prominent international players in the natural hydrogen sector, specifically Koloma, Gold Hydrogen, and HyTerra. Mantle8 separates itself from competitors through its advanced 4D imaging technology and a geology-driven exploration framework intended to minimize drilling risks and enhance reservoir accuracy. Alexandre Wagner, investment director at Bpifrance Green Venture, highlighted the strategic opportunity that natural hydrogen presents for both France and the broader European region.
Tom Even Mortensen, founder and managing partner of Sandwater, commented on the financing by stating that his firm backs founders solving critical challenges with strong technical expertise. Natural hydrogen could become an important clean energy source as Europe pushes for greater energy sovereignty, Tom Even Mortensen added in his statement. Mantle8 will spend the next 24 months deploying its capital to evaluate underground resources and establish a concrete market foothold.
