With this disruptive approach, Mantle intends to unlock a significant portion of the energy potential left behind underground which could be as much as 90% of the reservoir potential. The funding commitment marks a key milestone as Mantle spins out from Hunt Energy's incubator, Hunt Innovative Technologies, positioning itself to create a novel and unique energy company.
James Franks, former Director of Innovation and Entrepreneur-in-Residence at Hunt Innovative Technologies, will serve as Mantle's CEO, bringing deep expertise in upstream oil and gas, energy markets, and scalable product innovation. Hunt Innovative Technologies, a subsidiary of Hunt Energy, has played a pivotal role in incubating Mantle, and its leadership remains a key part of the company's vision.
"It is wonderful to see another one of our incubated disruptive technologies leave the nest with this outside investment to become a standalone startup," said Todd Benson, Chief Innovation Officer for Hunt Energy. "It is particularly exciting with the understanding of how important this technology could be to the energy needs of America while also being a great example of environmentally conscious but also commercially viable innovation."
"Mantle is truly a transitional energy company leveraging oil and gas resources differently," said Hunter Hunt, CEO of Hunt Energy. "By repurposing existing oil and gas resources into a low carbon energy source to generate electricity, Mantle will unlock a new source of reliable and sustainable power to meet the growing demands of our electric grid."
"I am very excited about our new venture, Mantle. This technology leverages oil and gas resources in a new, unique, and greener way. Mantle will reshape oil production and create Geothermal energy in a manner that has never been demonstrated. I am looking forward to introducing Mantle's capabilities and watching our company grow," said Tracey Maynor of 17Shoals.
"There are plenty of oil and gas resources available, but often they are not economically feasible to extract under current methods. Mantle leverages these remaining resources uniquely by converting them to thermal energy to add baseload power to the grid, while keeping most of the carbon in the ground," said James Franks, CEO of Mantle. "The funding provided by 17Shoals will enable us to scale our team and formalize our pilot plan which will position Mantle Energy as a new type of energy company."
