- Investment to accelerate commercialisation of Svante’s novel carbon capture technology
- Potential projects to capture CO2 will be supported by tax credits and carbon pricing in Canada and the U.S
- This is the single largest investment into point source carbon capture tech to date
Suncor Energy has announced that together with a number of family office investors, they have invested $25 million USD of equity financing in carbon capture company Svante.
This brings the total proceeds raised under Svante’s Series D financing to $100 million USD, up from $75 million as announced on February 2nd, 2021.
Svante has now attracted more than $175 million USD in total funding since it was founded in 2007 to develop and commercialize its breakthrough solid sorbent technology at half the capital cost of traditional engineered solutions.
“Svante has generated a pipeline of potential new project opportunities capturing over 40 million tonnes of CO2 per year before 2030 from natural gas industrial boilers, cement and lime, and blue hydrogen industrial facilities, mainly in North America and spurred by both US and Canada federal CO2 tax credits and prices on CO2 emissions. The net-zero pledges of major countries and large corporations is also a key driver for the interest and rapid growth of the new carbon capture and storage industry,” said Claude Letourneau, President & CEO of Svante Inc.
A Strategic Investment for Suncor
According to Mark Little, President & CEO of Suncor, “Carbon Capture is a strategic technology area for Suncor to reduce GHG emissions in our base business and produce blue hydrogen as an energy product. An investment in Svante is expected to support the acceleration of commercial scale deployment of a technology that has the potential to dramatically reduce the cost associated with carbon capture. We are excited to become both an investor in and a collaborative partner with the company.”
“We are pleased to partner with a leading Canadian player in the energy industry, alongside existing investor Cenovus, and to benefit not only from their financial support but also their commitment to deliver low-carbon fuels and blue hydrogen to transform the energy system,” said Claude Letourneau.