Vancouver-based carbon capture and removal company Svante announced that it has secured funding from InBC Investment Corp.
Founded by the Province of British Columbia, the InBC is a strategic investment fund that serves to support growing companies and venture funds to benefit this Canadian province.
The InBC will provide an undisclosed amount of funding for Svante from the $500 million fund it operates with.
Svante is making dual strides in the fight against climate change by removing CO2 emissions both from industrial sources and from the pollution-dense atmosphere.
The company produces nanoengineered filters and modular rotary contactor machines that successfully capture and remove carbon dioxide from the air and from the operations of businesses in affordable-to-abate sectors.
With a fleet of more than 300 highly skilled experts and technicians, the company has positioned itself as a world-leading decarbonization solutions provider.
As part of its growth journey, Svante is currently developing a 141,000-square-foot facility in Burnaby, BC, Canada. Once operational, this plant is expected to be able to produce nanoengineered filters that will have a capture capacity of 10 million tonnes of carbon dioxide per year.
Serving as the company’s global headquarters, the new facility will also provide a research and development space for Svante’s operations.
Relevant: Canada Growth Fund Invests $100 Million In Svante
Svante’s President and CEO Claude Letourneau shared the company’s excitement about the new investment, noting that it adds to the total of $569 million (CDN$800 million) gathered in investments by global corporate venture and private equity investors over the last decade.
On behalf of InBC, Chief Investment Officer Leah Nguyen commented, “InBC’s investment in Svante is supporting a leading BC-based cleantech company in a strategic growth sector, driving innovation, creating jobs, increasing research and development, and retaining intellectual property in the province.”
She added that Svante has a tremendous market opportunity, both globally and domestically, and the strategic investment fund is looking forward to supporting the company in its growth as it generates measurable climate action across industries.
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