Bulletin: Svante receives $25M from the federal government's Strategic Innovation Fund for carbon capture technology
The investment comes from the federal government's Net Zero Accelerator initiative and brings Svante's total funding to more than $240 million since it was founded in 2007.
Svante Inc. announced that the Government of Canada made a $25 million investment to support the industrialization and commercialization of its novel low-cost carbon capture technology within the North American market.
Carbon capture is a technology that can recover up to 95% of the carbon dioxide (CO2) emissions produced from the use of fossil fuels in electricity generation and industrial processes, preventing carbon dioxide from entering the atmosphere.
The investment comes from the Strategic Innovation Fund’s Net Zero Accelerator initiative. The company has attracted more than $240 million in funding since it was founded in 2007.
With this investment, Svante will set-up a new Centre of Excellence for Carbon Capture Use and Storage (CCUS) in Vancouver that will allow the company to scale up its manufacturing operations to produce commercial-scale structured absorbent filters and to test its proprietary rapid adsorption machine (RAM) designs.
“Vancouver is the Silicon-Valley of carbon capture technology development and we are very proud to anchor our World Headquarter, R&D and Engineering test center, and first commercial filter manufacturing plant in Canada,” said Claude Letourneau, president and CEO of Svante Inc.
“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. Leaders from industry, financial sectors and government agree on the enormity of the challenge and the critical need to deploy carbon capture and carbon removal solutions at Gigatons scale. The carbon pulled from the earth as fossil fuel needs to go back into the earth in safe CO2 storage.”