The Government of Canada has invested $25m in Carbon Engineering Ltd. a clean energy company that specialises in technologies that capture and reuse carbon dioxide.
The investment highlights Canada’s support for cleantech innovations and the government’s commitment to deploy technologies supporting a low carbon economy.
The funding from the Canadian Government will help Carbon Engineering commercialise its clean energy technologies that have been developed and demonstrated at its headquarters in British Columbia.
The funding will also see Carbon Engineering design, construct and operate the Newport Innovation Centre in Squamish, British Columbia, which will include an Advanced Development Facility and a fully integrated DAC and AIR TO FUELS™ plant.
The plant will be capable of capturing 4.5 tonnes of CO2 from the atmosphere and capable of producing at least 320 litres of ultra-low carbon fuel each day.
“Our government’s investment in Carbon Engineering is a commitment to an innovative economy and to a sector that offers tremendous promise,” said Navdeep Bains, Minister of Innovation, Science and Economic Development.
“Canadian ingenuity is at work to find solutions to one of the world’s most pressing challenges, climate change. We are creating good middle-class jobs and positioning Canada at the forefront of the growing field of clean technologies.”
“I am proud that our government supports a Canadian company working to develop technologies to address climate change,” said Jonathon Wilkinson, Minister of Fisheries, Oceans, and the Canadian Coast Guard.
“With an increasing focus worldwide on the need to transition to a low carbon economy, companies that provide cost-effective and scalable solutions for lowering carbon levels will be leaders in an emerging global economy,” said Steve Oldham, CEO of Carbon Engineering.
“Carbon Engineering’s air treatment technologies have the potential to realise significant greenhouse gas reductions, create jobs and investment in Canadian projects, and deliver clean fuels to customers.”
“We are grateful for this support as we work to commercialise our technology and cement our position as a world leader in this field.”
The announcement was made by Jonathon Wilkinson, Minister of Fisheries, Oceans, and the Canadian Coast Guard, and follows the Carbon Engineering’s recently completed private investment of approximately $91m.
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