Svante raises $75M to decarbonise cement and hydrogen production
Svante Inc., a Canadian carbon capture technology company, has concluded US$ 75 million of Series D equity financing, claimed to be the largest private investment up to date for carbon capture globally. Chart’s investment in Svante was around $15 million representing under 10% of its capital stock on a fully diluted basis.
The funding will support the company growth and help finance its various projects over the next three years. The funding will notably support hard to decarbonise commercial-scale carbon capture facilities in industries such as cement manufacturing, blue hydrogen production and natural gas boilers.
Since its creation, Svante has now raised over US$ 150 million in funding to develop and commercialise its solid sorbent technology at half the capital cost of traditional engineered solutions.
The financing round was led by Temasek and participated by strategic investors Chart Industries, Carbon Direct and Export Development Canada (EDC). The existing investors OGCI Climate Investments, BDC Cleantech Practice, Chevron Technology Ventures, The Roda Group and Chrysalix Venture Capital also participated in the round.
Claude Letourneau, President & CEO, said “Lowering the capital cost of the capture of the CO2 emitted in industrial production is critical to the world’s net-zero carbon goals required to stabilise the climate. The carbon pulled from earth as fossil fuel needs to go back into the earth in safe CO2 storage.”
“This collaboration with Svante builds on Chart’s cryogenic technologies and equipment offering for CO2. We believe the combination of Chart, SES and Svante will further advance lower global emissions within the current economics of carbon markets, as well as driving further advancements in the market.” according to Jill Evanko, President and CEO of Chart.
Svante and Chart Industries also signed an MoU to explore commercial opportunities using Svante’s rapid adsorption technology and Chart’s cryogenic carbon capture technology to make high-purity CO2 products from industrial flue gas streams.
Svante technology takes one minute to capture CO2 from flue gas then concentrating it and eventually releasing it for safe storage or industrial use.
Its solution is customised specially for separating CO₂ from the nitrogen contained in diluted flue gas which is produced by heavy industrial plants such as cement, steel and hydrogen, typically emitted in large volumes, at low pressures, and dilute concentrations.
The company technology uses special nano-materials (solid adsorbents) with very high storage capacity for carbon dioxide, which catches and releases CO₂ in less than one minute, where other technologies take hours.