Suncor invests in Svante to help commercialise carbon capture

Source: Svante Inc

March 19 (Renewables Now) - Canadian oil sands developer Suncor Energy Inc (TSE:SU) and several family office investors have poured USD 25 million (EUR 21m) into carbon capture company Svante Inc.

The latest equity financing deal brings Svante’s total proceeds raised under its Series D funding round to USD 100 million. It is the largest single private investment into point source carbon capture technology around the world to date, according to the announcement.

Svante now counts as investors the likes of Temasek, Chevron Technology Ventures and Export Development Canada (EDC), among others. Overall, the firm has attracted more than USD 175 million in total funding since its inception in 2007.

The company has developed a second-generation technology that enables the capture of large-scale carbon dioxide (CO2) emissions from existing infrastructure in emissions-intensive industries, either for safe storage or further industrial use in a closed loop.

“Svante has generated a pipeline of potential new project opportunities capturing over 40 million tonnes 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,” said Claude Letourneau, president and CEO of Svante.

Suncor’s president and CEO Mark Little stated that the company wants to reduce the greenhouse gas emissions in its base business and produce blue hydrogen as an energy product through the use of the carbon capture technology.

(USD 1.0 = EUR 0.840)

Join Renewables Now's free daily newsletter now!

More stories to explore
Share this story
Tags
 
About the author
Browse all articles from Ivan Shumkov

Ivan is the mergers and acquisitions expert in Renewables Now with a passion for big deals and ambitious capacity plans.

More articles by the author
5 / 5 free articles left this month
Get 5 more for free Sign up for Basic subscription
Get full access Sign up for Premium subscription
\