July 16 (Renewables Now) - Canadian carbon capture company Inventys Thermal Technologies Inc said today it has secured USD 11 million (EUR 9.4m) as part of the initial tranche of a Series C equity financing led by OGCI Climate Investments LLP.
OGCI Climate Investments is investing alongside existing backers The Roda Group and Chevron Technology Ventures, as part of a planned USD-21-million Series C financing round.
The Vancouver-based carbontech company combines advanced solid adsorbent nanomaterials with a modular compact contactor to capture carbon dioxide (CO2) from very dilute post-combustion flue gases. It plans to use the proceeds from the USD-11-million first tranche to fund a 30-tonne per day CO2 capture pilot plant demonstration programme with Husky Energy that is expected to become operational in the first quarter of next year. The fresh capital will also support Inventys’ aggressive time-to-market strategy for 2020, it said.
Having receiving expressions of interest from several strategic investors, Inventys expects to raise up to an additional USD 10 million from the Series C offering within a limited time window following this initial close, it added.
(USD 1.0 = EUR 0.854)