GE Gas Power, part of GE Vernova (NYSE: GE) and Svante have announced a joint development agreement to develop solid sorbent-based carbon capture technology that can be applied to power generation units that use natural gas.
GE has also made an equity investment in Svante, joining the latter’s $318-million Series E round that took place last December. With this GE joins Chevron, who led the round and sealed the largest carbon capture deal in North America to date.
“We are excited to work with a technology innovator like Svante to drive collective progress on developing carbon capture solutions for the energy industry aiming to deliver more sustainable, affordable, and reliable electricity for more people,” said Scott Strazik, CEO of GE Vernova.
The focal point of Svante’s technology are its carbon capture filters, who are produced by coating solid adsorbents, including metal-organic frameworks, onto thin sheets of laminate. These are then stacked to form nano-engineered filters.
These filters have multipurpose applications for capturing carbon dioxide at hard-to-abate industries like refineries, cement, steel, aluminum, lime, boilers, pulp & paper, and more.
“We are pleased to welcome GE both as a strategic commercial collaborator and an investor in Svante, alongside our other strategic value chain partners and investors,” said Claude Letourneau, Svante’s President and CEO. “GE’s 130+ years of experience in energy applications will be invaluable to us as we rapidly scale our operations and manufacturing capacity to be able to capture millions of tonnes of CO2 from diverse industrial sites around the world.”
This approach to capturing carbon is called point-source post-combustion carbon capture, with filters directly taking the carbon dioxide from industrial flue gas. This prevents it from leaking into the atmosphere.
Letrourneau added that the addressable market for the technology covers 85% of the segment.
GE has previously announced that GE Vernova will spin off from the company in 2024, as a standalone business that is primarily focused on the energy transition.
The announcement marks the second CO2 capture announcement coming from GE in the last few days. Another division within GE – the CAGE (Climate Action@GE) Lab – announced yesterday a different CO2 reducing technology that they are working on. The company demonstrated a direct air capture system that removes CO2 from the atmosphere and hopes it will also have commercial potential.