Carbon capture and storage specialist Svante has received $100m to accelerate the development and construction of its commercial carbon capture and removal projects in Canada and the US.
The funding commitment came from Canada Growth Fund (CGF) which has a mandate to invest in Canadian clean technology businesses that currently have technologies in the commercialisation stage.
Svante offers a solid sorbent carbon capture technology. Solid sorbents, particularly metal-organic frameworks (MOFs), are a step change for the carbon capture industry.
The company’s MOF captures CO2 from diluted flue gas streams with high-capacity and selectivity over water. It is said to capture 95% of the total CO2 emitted from industrial sources, adsorbing CO2 using direct low-pressure steam injection for regeneration.
Claude Letourneau, Svante’s President and CEO, described the funding as “transformational,” noting that it complements the $145m capital investment made in its new carbon capture and removal filter manufacturing facility under construction in Vancouver.
“This will strengthen our integrate project development services offering to help our customers de-risk first-of-a-kind projects by providing both our in-house project development advisory expertise and financing.”
CGF will fund its investment in two tranches. The first will be an initial tranche of $50m to accelerate and de-risk first-of-a-kind commercial projects currently underway.
Secondly, a potential second tranche is expected to be tied to project-specific requirements to match Svante’s capital needs for the development and construction of projects alongside the company’s co-development partners.
Patrick Charbonneau, President and CEO of Canada Growth Fund Investment Management, said, “CGF is working to accelerate the deployment of key Canadian carbon capture technologies and to scale the manufacturing and export of promising solutions to showcase Canadian technologies internationally.”
“Svante has a tremendous market opportunity, globally and here at home, and we look forward to supporting this company in its growth.”
At the start of the year (January 2024), Svante announced a carbo dioxide removal project collaboration with Climeworks, with a focus on direct air capture (DAC) hubs in the US.
Read more: Climeworks partners with Svante Technologies on DAC
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Publish date : 2024-08-15 21:18:00
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