Mantle Energy, a geothermal spinout of Dallas-based Hunt Innovative Technologies, has successfully closed a $5 million seed round led by Dallas’ 17Shoals Inc.

Mantle uses groundbreaking techniques to create heat in oil and gas formations to extract more oil from reservoirs than traditional methods—along with geothermal energy, which offers a lower carbon baseload power. With this disruptive approach, Mantle said it aims to unlock sizable energy potential left behind underground which could be as much as 90% of the reservoir potential. 

“It’s wonderful to see another one of our incubated disruptive technologies leave the nest with this outside investment to become a standalone startup,” Todd Benson, Hunt Energy’s chief innovation officer, said in a statement. “It’s 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.”

‘A new type of energy company’

With extensive experience in upstream oil and gas, energy markets, and scalable product innovation, James Franks, former director of innovation and entrepreneur-in-residence at Hunt Innovative Technologies, will serve as Mantle’s CEO.

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, the company said.

“There are plenty of oil and gas resources available, but often they are not economically feasible to extract under current methods,” Franks said. “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.”

Franks added that 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.”

Reshaping oil and energy production

The seed round funding marks a major milestone as Mantle spins out from Hunt Energy’s incubator, Hunt Innovative Technologies, positioning itself as a novel and unique energy company.

“Mantle is truly a transitional energy company leveraging oil and gas resources differently,” Hunt Energy CEO Hunter Hunt said in a statement. “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.”

Tracey Maynor of 17ShoalsInvestors also praised the groundbreaking innovation behind Mantle that 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,” Maynor said. “I’m looking forward to introducing Mantle’s capabilities and watching our company grow.”

With this funding, Mantle said it will focus on scaling pilot deployments, landing key partnerships, and laying the foundation for future expansion as it prepares for a Series A raise. 

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