Inventys, the Canada-based developer of the VeloxoThermTM system, a carbon dioxide (CO2) capture process, has announced that it has closed an equity financing with Husky Energy as a lead investor, raising a total of CAD$10m ($8m).
Proceeds from the transaction will fund a 30-tonne per day (tpd) CO2-capture pilot plant aimed at producing a low-cost CO2-supply solution for Husky’s heavy oil enhanced oil recovery (EOR) programme near Lloydminster, Saskatchewan.
Investys’ President and CEO Claude Letourneau, commented, “We’re very pleased to work with Husky and welcome its investment and industry knowledge.” He continued, “This is the world’s first pilot-scale plant using structured adsorbents to capture CO2 from a once-through steam generator (OTSG) for use in heavy oil recovery.
Letourneau added, “Canada offers the perfect setting to prove our second-generation carbon capture technology, reduce carbon emissions, uphold Canada’s climate goals, create jobs, and support industrial growth.”
The VeloxoTherm system is a next generation CO2-capture technology that has the potential to deliver breakthrough capture costs. By combining a uniquely patented solid adsorbent structure with a rapid cycling temperature swing adsorption process, Inventys has successfully demonstrated economical CO2 capture capabilities with its compact adsorption machine.
Through Inventys’ technology, Husky is looking to capture the CO2 generated from its thermal operations and use it to increase oil recovery from adjacent assets.
This technology supports an aggressive time-to-market strategy needed to keep global warming under 2°C. The pilot plant is planned to be commissioned in the Autumn of 2018.