Cross Carbon Ventures is a new independent carbon capture development partnership; it will explore commercial opportunities in North America to develop, build; also, own and operate carbon capture projects for carbon intensive industries; seeking to decarbonize their operations.
Firstly, Cross Carbon Ventures as said above is the product of a commercial memorandum of understanding with Svante Inc., Enbridge; Also, Cross River Infrastructure and OTS. Companies announced via a joint statement the formation of the platform.
Secondly, under the partnership, companies involved will provide their expertise and critical assets to develop the Cross Carbon Ventures portfolio. As said above, the new venture will target the decarbonization of emissions by heavy industries.
Thirdly, such projects will include industries like cement, steelmaking; also, petroleum refining, and large-scale hydrogen production; all, through the development of point-source CO2 capture projects.
Moreover, about the ambitions of CVV, its president, Aaron Ratner, said. “Providing large-scale industrial emitters; with a Carbon Capture-as-a-Service offering will be integral to scaling up the CO2 capture industry; along with CO2 hubs to achieve global decarbonization targets.”
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Cross Carbon to leverage from partners’ experience
In addition, Cross Carbon will leverage from Svante’s innovative technology to capture CO2 directly from industrial post-combustion flue gases; to produce pipeline-grade CO2 for safe transportation and storage.
On the other hand, and as Enbridge being one of the top North America’s infrastructure companies, CVV will leverage from its unique asset footprint; and also, capabilities spanning the transportation and storage of conventional and low CO2 energy sources; that will be essential to meeting global emissions reduction goals.
Furthermore, CCV will also benefit from OTS’s experience in operational readiness, commissioning; also, operation and maintenance of complex first-of-a-kind sustainable infrastructure projects.
Finally, about the importance of the partnership, Claude Letourneau, Svante’s President and CEO, said. “CV is an ideal partnership to commercialize our technology; and also, to provide a net-zero CO2 emission solution. CCV’s offering, along with progressive carbon abatement policies, can also make a Carbon Capture-as-a-Service business model; one that’s profitable across a range of large-scale industrial applications.”
