Bulletin: Svante raises USD $75M for carbon capture technology
The financing was led by Temasek and includes strategic investors Chart Industries, Carbon Direct and Export Development Canada (EDC).
Vancouver’s Svante Inc. closed USD $75 million of Series D equity financing, the largest private investment into point source carbon capture globally to date. The financing was led by Temasek and includes strategic investors Chart Industries, Carbon Direct and Export Development Canada (EDC).
Existing investors OGCI Climate Investments, BDC Cleantech Practice, Chevron Technology Ventures, The Roda Group and Chrysalix Venture Capital also participated in the round.
Svante offers companies in emissions-intensive industries a commercially viable way to capture large-scale CO2 emissions from existing infrastructure, either for safe storage or to be used for further industrial use in a closed loop.
Deep pockets: Svante has now attracted more than USD$150 million in funding since it was founded in 2007 to develop and commercialize its breakthrough solid sorbent technology.
What CEO Claude Letourneau has to say: “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.”