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Suncor Energy invests in Svante for CO2 capture technology

Suncor-Energy-invests-in-Svante-for-CO2-capture-technology

Canada’s leading integrated energy company Suncor and the capture emissions provider for intensive industries, Svante Inc., today announced an equity financing agreement. Accordingly, this deal provides Svante with the additional growth capital to accelerate the commercialization of its novel second-generation COcapture technology in North America. Thus, this will enhance the decarbonization of industrial emissions and hydrogen production in the region.

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Suncor Energy invests in Svante

Today, Suncor and Svante Inc. announced equity financing to provide Svante with additional growth capital. Accordingly, this funding will support Svante’s commercialization plans of its novel second-generation CO2 capture technology in North America.

Hence, this agreement will further advance the Company’s decarbonization of industrial emissions and hydrogen production plans in the region.

In fact, Suncor and several family office investors (including Carbon Direct SPV I LLC. Existing investors Temasek, Chart Industries, Carbon Direct, OGCI Climate Investments, BDC Cleantech Practice, Chevron Technology Ventures) invested $25 million of equity financing. Thus, bringing the total proceeds raised under Svante’s Series D financing to $100 million. Furthermore, it up from $75 million as announced on February 2nd, 2021.

Accordingly, Suncor completed the most significant single private investment into point source carbon capture technology globally to date. As well, the Roda Group, Chrysalix Venture Capital and Export Development Canada (EDC) participated in the Series D round,

Therefore, and according to the parties, this reflected on-going solid support for the Company.

Reception and forecasts

As a result, Svante has more than $175 million in total attracted funding since it was founded in 2007.

“Svante has generated a pipeline of potential new project opportunities capturing over 40 million tonnes of CO2 per year. All of this, in fact, before 2030 from natural gas industrial boilers, cement, and lime. Besides, of blue hydrogen industrial facilities, mainly in North America. Therefore, spurred by both US and Canada federal COtax credits and prices on COemissions,” said Claude Letourneau, President & CEO of Svante Inc.

Thus, “we strive to create world-changing solutions that address climate change and accelerate the global transition to carbon neutrality. Therefore, reversing human impact on the climate and building a commercially viable CO2 marketplace.”

According to Mark Little, President & CEO of Suncor, “Carbon Capture is a strategic technology area for Suncor to reduce GHG emissions. Hence, an investment in Svante could support the acceleration of commercial-scale deployment of technology. In fact, this has the potential to reduce the cost associated with carbon capture dramatically. Finally, 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, along-side existing investor Cenovus. Besides, to benefit not only from their financial support but also their commitment to delivering low-carbon fuels and blue hydrogen to transform the energy system,” said Claude Letourneau.

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