Mantle8, a deep-tech startup based in Grenoble, has announced that it has secured a €2.06 million grant from the European Union. This funding, provided in the form of a grant, represents a non-dilutive resource that will allow the company to industrialize a technology platform composed of four main elements.

Funding Objectives

The main objective of the funding is to accelerate the development of Mantle8's technology platform and bring the company closer to its first commercial drilling campaign. This milestone represents a crucial step for the validation and commercialization of the developed technology.

Previous Investments

This new funding follows a €3.4 million seed round, obtained by Mantle8 fourteen months ago. In that round, the company had received support from major investors such as Breakthrough Energy Ventures, a fund backed by Bill Gates, and Kiko Ventures.

Context

Natural hydrogen, unlike hydrogen produced through industrial processes, is found in underground deposits and can be extracted directly. Its extraction and use could represent a more sustainable solution compared to traditional hydrogen production methods, contributing to the transition to a low-carbon economy.