Mantle8 has raised €3.4m ($3.5m) in seed financing, which it will use to identify optimal natural hydrogen reservoirs that target hydrogen production at $0.80/kg.
Backed by Kiko Ventures and Breakthrough Energy Ventures Europe (BEV-E), with additional participation from “prominent angel investors,” Mantle8 has said the $0.80/kg price can “revolutionise the clean energy market.”
By 2030, the 2024 startup aims to find 10 million tonnes of natural hydrogen to complement EU goals. However, the geology team has yet to disclose specific locations about the exact countries or regions of their operations.
H2 View understands that the firm will actively explore natural hydrogen deposits in regions where iron-rich mantle rocks are present. Mantle8 has said its technology is “scalable for the assessment and exploration of the entire planet.”
The company’s online press statement added, “Its leading levels of accuracy and detail mean that the project development time for natural hydrogen exploration is halved, saving millions in costs.”
Commenting on the technology, Rob Trezona from Kiko Ventures said, “Most existing approaches to natural hydrogen extraction are based on trial and error, but Mantle8’s proprietary technology is based on rigorous science.
“We are big believers in the hydrogen economy and exited our last investment in hydrogen at over a billion; this could be even more valuable.”
Emmanuel Masini, Founder and CEO of Mantle8, said the company’s “science-first approach” will make hydrogen discovery “more scalable, accurate, faster and profitable.”
The CEO continued, “Our technology was founded on broad and intimate collaboration with the scientific community.
“The next step was finding the right partners that would enable us to deliver this technology boldly. With the support of our investors, we now have the fuel to move at the necessary pace.”
Analysis: Is natural hydrogen the next breakthrough or bust?
The next gold rush, a game-changer for decarbonisation and an underestimated resource: all terms used to describe natural hydrogen, which has grabbed an ever increasing number of headlines in recent months.
Formed by natural processes inside the Earth’s crust through processes such as serpentinisation and iron oxidation, natural hydrogen can accumulate in underground reservoirs. It has been coined as the climate solution under our feet and is capturing the minds of investors, entrepreneurs and policymakers alike, often touted as a low-cost, low-impact energy source.
While fossil fuel-based grey hydrogen costs less than $2/kg on average, many anticipate natural hydrogen costs, depending on deposit purity and depth, to be around $1/kg1.
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