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.”
