Suncor Energy announced this Friday it has invested, through an equity financing agreement, in the carbon capture technology of Svante Inc., a Canadian-based leader in carbon capture solutions.
Firstly, Suncor Energy invested, along with a number of family office investors, a total of USD$25 million, which brings a total investment for Svante of USD$100 million.
Secondly, in early February, Svante had an investment of USD$75 million; Suncor helped to increase that number to the hundred, completing the largest single private investment into point source carbon capture technology globally to date.
Thirdly, all of the investment ran through the Svante’s Series D financing program. Which had investors such as Temasek, Chart Industries, Carbon Direct; also, OGCI Climate Investments, BDC Cleantech Practice; as well as Chevron Technology Ventures, The Roda Group, Chrysalix Venture Capital and Export Development Canada, among others.
In addition, since its foundation, Svante has attracted more than USD$175 million in investments; thanks to its ground-breaking solid sorbent technology, which currently commercialized at half the capital cost of traditional engineered solutions.
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Svante, a strategic partner for Suncor Energy and carbon capture technology
In fact, Svante has already completed a pipeline of potential projects, that altogether will capture over 40 million tons of carbon dioxide each year, before 2030; all, from natural gas industrial boilers, cement and lime; and also, blue hydrogen industrial facilities, mainly in North America and all across US and Canada.
Moreover, Claude Letourneau, President & CEO of Svante Inc, said. “We strive to create world-changing solutions that address climate change; also, to accelerate the global transition to carbon neutrality, reversing human impact on the climate; building a commercially viable CO2 marketplace.”
He also added: “The net-zero pledges of major countries and large corporations is also a key driver for the interest and rapid growth of the carbon capture and storage new industry.”
Finally, Mark Little, President & CEO of Suncor Energy, remarked. “Carbon Capture is also a strategic technology area for Suncor to reduce GHG emissions; and produce blue hydrogen as an energy product. An investment in Svante will support the acceleration of commercial scale deployment of a technology that has the potential to dramatically reduce the cost associated with carbon capture.”