Funding Boost for Mantle8’s Hydrogen Exploration
French natural hydrogen startup Mantle8 has successfully raised €31 million in Series A funding, elevating its total funding to €37 million. The investment round was spearheaded by Sandwater, with notable participation from Breakthrough Energy Ventures, Bpifrance, IP Group, Wind Capital, and Calderion.
Innovative Technology for a Sustainable Future
Founded in 2019 by geoscientist Emmanuel Masini in Grenoble, Mantle8 specializes in subsurface modeling and exploration technologies aimed at identifying natural hydrogen reserves. Its flagship platform, HOREX, provides 4D imaging of active underground hydrogen systems. Masini states, “Natural hydrogen exists, but the challenge is finding commercially viable high-purity reserves. We’ve built and patented a technology stack to solve that challenge.”
The funding will facilitate an extensive exploration and drilling program aimed at locating these high-purity natural hydrogen reservoirs. Mantle8’s proprietary technology has the potential to significantly reduce hydrogen production costs, estimating a figure around €0.80 per kilogram.
Strategic Contributions to the Hydrogen Sector
The company has positioned itself among a select group of players in the burgeoning natural hydrogen sector, including Koloma, Gold Hydrogen, and HyTerra. Mantle8 differentiates itself through its advanced 4D imaging technology and its geology-driven exploration framework, which minimizes drilling risks and enhances reservoir accuracy.
Tom Even Mortensen, founder and managing partner of Sandwater, commented, “We back founders solving critical challenges with strong technical expertise. Natural hydrogen could become an important clean energy source as Europe pushes for greater energy sovereignty.” Alexandre Wagner, investment director at Bpifrance Green Venture, echoed this sentiment, highlighting the strategic opportunity that natural hydrogen presents for both France and Europe.
Looking Ahead
The newly acquired capital will fund a two-year campaign focused on identifying commercially viable reservoirs of high-purity natural hydrogen. Mantle8 aims to leverage its technology platform to assess hydrogen volume, purity, and reservoir quality while advancing towards commercialization in this pivotal sector.
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