Suncor, Svante Accelerating CO2 Capture Efforts in North America
VANCOUVER, B.C. – Suncor and Svante signed an equity financing agreement, providing the latter with the additional growth capital to accelerate its second-generation CO2 capture technology in North America.
Combined, Suncor and a number of family office investors have invested $25 million of equity financing, bringing the total proceeds raised under Svante’s Series D financing to $100 million, completing the largest single private investment into point source carbon capture technology globally to date.
Svante has now attracted more than $175 million 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 tons 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 companies said in a join announcement.
“We strive to create world-changing solutions that address climate change and accelerate the global transition to carbon neutrality, reversing human impact on the climate and building a commercially viable CO2 marketplace,” said Claude Letourneau, president and CEO of Svante.
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