Svante – a carbon capture technology company founded in 2007, made an announcement that the Canadian government committed $20 million US dollars (or $25 million Canadian dollars), for the company to support its innovation. The money will go for the commercial manufacturing of its novel low-cost carbon capture technology.
The government grant comes from the federal Net Zero Accelerator program intended to help Canada achieve its net zero goal. Svante plans to build a manufacturing facility in Burnaby, investing nearly $100 million in the project. It also intends to target the North American market with its groundbreaking technology.
Svante’s carbon capture technology involves the use of nano-material filters and a process that captures CO2 molecules coming from industrial processes, like steam methane reforming and cement production. It captures CO2, concentrates it, and releases it.
Breakthroughs
The most innovative breakthrough of the technology is its speed. The filters can capture and release CO2 within 60 seconds. Another innovation is the capacity of the filters to absorb the gas. They will be able to remove 3 million tons of carbon dioxide per year – that is around three times the capacity of a renowned carbon capture plant with the usual absorption of 1 million tons of CO2 annually.
The technology will also be able to do that at half the capital cost of traditional engineered solutions. Currently, the company is involved in several feasibility studies for commercial-scale plants ranging from about 500 to 4,500 tons per day capacity, primarily in North America and also in Europe.
“Now we are looking to build a manufacturing facility that will be able to make these filters with that unique technology…With this $25 million investment, we are setting up a new center of excellence for carbon capture use and storage in Vancouver,” said Svante CEO Claude Letourneau.
The new carbon capture investment into the company is expected to create 53 new jobs and provide co-op work placements for 124 students. According to Svante, such investment not only fosters 21st-century sustainable innovation but also prepares the next generation of workers in one of the key sectors of the economy right now.
Investments Into The Carbon Capture Technology
The investment of $20 million is one of several rounds that the company has been able to close so far. It has received a total of $195 million in funding since it was founded in 2007 to develop its solid sorbent technology. It was also given a $100 million Series D raise to reach the manufacturing stage.
Svante’s process is currently being deployed in the field at a pilot plant-scale by industry leaders in the energy and cement manufacturing sectors across Canada and the US. New projects are also underway in Europe and North America. According to the CEO of the company, the two main industries – cement and blue hydrogen production are expected to provide the biggest demand for carbon capture and storage.
Carbon capture and storage is a key tool in decarbonizing heavy industries and preventing additional CO2 emissions to be released in the atmosphere. Investing in carbon capture technology at government and private levels is critical for it to reach economies of scale and help the world meet its ambitious net zero target by 2050.
