January 28 (Renewables Now) - Carbon capture experts Svante Inc of Canada and Zurich-based Climeworks AG have entered into a joint development agreement that should facilitate the quicker scale-up of their technologies.
The pair said in a statement that the combination of their offerings will back the further development of climate-positive carbon solutions for both carbon removal and sectors with unavoidable emissions, such as the concrete and steelmaking industries.
British Columbia-headquartered Svante, formerly Inventys Inc, has developed a commercially viable option to capture large-scale carbon dioxide (CO2) emissions from existing infrastructure. On the other hand, Climeworks offers Direct Air Capture (DAC) solutions that help remove CO2 from the atmosphere.
“Climeworks’ and Svante’s cost advantage, combined with progressive policies like the United States’ 45Q tax credit and the Low Carbon Fuel Standard (LCFS) credits, can make carbon capture and removal profitable across a range of large-scale industrial applications,” said Claude Letourneau, Svante’s president and CEO.
“As we aim to capture about 90% of CO2 from atmosphere-bound carbon and deliver pipeline-ready CO2 for storage at a gigatonne scale, Climeworks is able to turn our waste heat and their air-captured CO2 into high value-added CO2 products,” he added.