Suncor has backed the decarbonisation and hydrogen production ambitions of carbon capture technology company Svante, joining a number of firms in its latest equity raising.
Svante is looking to accelerate the commercialisation of its novel second generation CO2 capture technology, aiming to decarbonise industrial emissions and hydrogen production in North America. Its technology, Svante claims, captures carbon dioxide from flue gas, concentrates it, then releases it for safe storage or industrial use.
Combined, Suncor and a number of family office investors have invested $25 million of equity financing, bringing the total proceeds raised under Svante’s Series D financing to $100 million, completing what Suncor says is the largest single private investment into point source carbon capture technology globally to date.
Svante has now attracted more than $175 million in total funding since it was founded in 2007 to develop and commercialise its breakthrough solid sorbent technology at half the capital cost of traditional engineered solutions.
Claude Letourneau, President & CEO of Svante Inc, said: “Svante has generated a pipeline of potential new project opportunities capturing over 40 Mt of CO2/y 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.”
According to Mark Little, President & CEO of Suncor, “carbon capture is a strategic technology area for Suncor to reduce greenhouse gas emissions in our base business and produce blue hydrogen as an energy product. An investment in Svante is expected to support the acceleration of commercial-scale deployment of a technology that has the potential to dramatically reduce the cost associated with carbon capture. We are excited to become both an investor in and a collaborative partner with the company.”
Letourneau added on Suncor’s investment: “We are pleased to partner with a leading Canadian player in the energy industry, alongside existing investor Cenovus, and to benefit not only from their financial support but also their commitment to deliver low-carbon fuels and blue hydrogen to transform the energy system.”
Svante says its approach is tailored specifically to the challenges of separating CO₂ from nitrogen contained in diluted flue gas generated by industrial plants such as cement, steel, aluminium, fertiliser and hydrogen, which is typically emitted in large volumes, at low pressures, and dilute concentrations.
It uses tailor-made nano-materials (solid adsorbents) with very high storage capacity for carbon dioxide. It has engineered these adsorbents to catch and release CO₂ in less than 60 seconds, compared with hours for other technologies.
The company’s carbon capture technology consists of a patented architecture of structured adsorbent laminate (spaced sheets), proprietary process cycle design, and a rotary mechanical contactor to capture, release and regenerate the adsorbent in a single unit.
In January, Lafarge Canada, Svante and Total announced they had reached a major milestone at its Project CO2MENT, a first-of-its kind partnership to capture industrial levels of CO2 emissions from a cement plant. The multi-phase project celebrated the completion of Phase II construction to have the technology to capture and filter the CO2 from the flue gas. This was a crucial component to achieving the next stage of capturing CO2 flow at the Lafarge Richmond cement facility in British Columbia, Canada.