Vancouver, B.C.-based Svante has closed a $75 million funding round. The company calls it “the largest private investment into point source carbon capture globally to date.”
Since launching in 2007, the Canadian company has developed a technology for trapping industrial carbon emissions where they’re released — such as facilities responsible for cement manufacturing, blue hydrogen production and natural gas boilers.
“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 stabilize the climate,” said Svante CEO and President Claude Letourneau, in a statement.
Industrial processes, including production of cement, steel and plastic, contribute approximately 20-30% of greenhouse gas emissions worldwide, depending on how it’s calculated. Svante’s technology can be applied to existing infrastructure. The captured carbon can be stored or used for industrial processes in a closed loop.
The new investment will help pay for a variety of initiatives over the next three years, according the company, including efforts to build commercial-scale carbon capture facilities.
Last year, Svante announced a partnership with Switzerland-based direct-air capture company Climeworks, which is one of the companies being supported by Microsoft’s Climate Innovation Fund. Climeworks pulls carbon out of the general atmosphere while Svante targets more concentrated carbon sources.
Svante has raised a total of $150 million in venture capital. The just-closed Series D round was led by Temasek and included Chart Industries, Carbon Direct and Export Development Canada. Also participating in the round were existing investors OGCI Climate Investments, BDC Cleantech Practice, Chevron Technology Ventures, The Roda Group and Chrysalix Venture Capital.
