Svante, Enbridge, Cross River Infrastructure Partners and OTS have joined forces to explore commercial opportunities in North America to develop, build, own and operate carbon capture projects for carbon intensive industries.
The consortium on Friday (July 30) said they have inked a Memorandum of Understanding that establishes Cross Carbon Ventures (CCV), a new independent carbon capture development partnership.
Under the CCV name, the group want to help decarbonise heavy industries such a cement making, steelmaking, petroleum refining, and large-scale hydrogen production through the development of point-source carbon capture projects.
Svante’s technology will be utilised to capture carbon under the new partnership. The technology captures carbon directly from industrial post-combustion flue gases to produce pipeline-grade CO2 for safe transportation and storage.
On the formation, Claude Letourneau, Svante’s President and CEO, said, “CCV is an ideal partnership to commercialise our technology and to provide a net-zero CO2 emission solution.”
CCV’s offering, along with progressive carbon abatement policies can make a Carbon Capture-as-a-Service business model profitable across a range of large-scale industrial applications.”
Aaron Ratner, President of CCV, added, “Providing large-scale industrial emitters with a Carbon Capture-as-a-Service offering will be integral to scaling up the carbon capture industry along with CO2 hubs to achieve global decarbonisation targets.”