Inventys, a Canadian carbon capture technology company, has completed its $26m Series C financing through a final subscription of $10m.
The company formally closed on the $10m investment from OGCI Climate Investments and BDC Cleantech Practice as well as an additional follow-on investment from existing shareholders Husky Energy, The Roda Group and Chevron Technology Ventures, bringing the total received under the Series C Financing to $26m.
The funds will be used to complete the company’s 30-tonne-per-day CO2 capture plant demonstration project with Husky Energy in Saskatchewan, Canada, currently in the commissioning stage and due to begin operations in Q3 (2019).
The funds will also allow the company to focus on scale-up activities for the manufacturing of its filter beds and proprietary rotating adsorption machine at a larger commercial scale.
“Inventys’ breakthrough low-cost carbon capture technology using solid sorbent structured laminates will enable the market for certified zero-carbon hydrogen, steam and power from natural gas,” said Claude Letourneau, President and CEO of Inventys.
“We can produce low-cost pipeline-ready CO2 for storage/enhanced oil recovery (EOR) from atmosphere-bound CO2 from industrial and power plant sources, thus limiting the climate impact of the use of fossil fuels.”
“We see this as part of the least-cost global energy transition – decarbonising industrial processes and power plants to provide dispatchable backup to renewables and energy security.”
“Despite the fantastic build out of renewables, about 80% of global energy is still supplied by fossil fuels, about the same as half a century ago. Removing the CO2 emissions from this energy source is critical.”
“Carbon Capture and Storage (CCS) will play an essential role in meeting the goals of the Paris Agreement. OGCI CI is proud to support Inventys to bring to market a key building block for unlocking the growth and scaling of CO2capture,” said Pratima Rangarajan, CEO of OGCI Climate Investments.
The follow-on investment of BDC in this financing round is part of BDC’s $700m, five-year commitment announced in 2018 to help high potential Canadian cleantech firms with market-ready technology or products meet the capital-intensive needs of scaling and achieving timely growth.
“Inventys is a shining example of the business we want to support within the clean technology ecosystem. By backing the best in Canadian clean technology, we are helping our most promising companies overcome financing obstacles and scale into global cleantech champions,” said Susan Rohac, Vice-President, Cleantech Practice at BDC.
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