Suncor Energy has confirmed its investment in carbon capture technology company Svante.
Announced yesterday (18th March), the funds will help accelerate the commercialisation of Svante’s novel carbon capture technology for the decarbonisation of industrial emissions and hydrogen production.
With the latest investment, total proceeds raised under Svante’s Series D financing equate to $100m.The effort marks the largest single private investment into point source carbon capture technology globally to date.
“Svante has generated a pipeline of potential new project opportunities capturing over 40 million tonnes of CO2 per year before 2030 from natural gas industrial boilers, cement and lime, and blue hydrogen industrial facilities, mainly in North America and spurred by both US and Canada federal CO2 tax credits and prices on CO2 emissions,” said Claude Letourneau, President & CEO of Svante.
“The net-zero pledges of major countries and large corporations is also a key driver for the interest and rapid growth of the carbon capture and storage new industry.”
‘’We strive to create world-changing solutions that address climate change and accelerate the global transition to carbon neutrality, reversing human impact on the climate and building a commercially viable CO2 marketplace.’’
Mark Little, President & CEO of Suncor, added, “Carbon capture is a strategic technology area for Suncor to reduce GHG emissions in our base business and produce blue hydrogen as an energy product.”
“An investment in Svante is expected to support the acceleration of commercial scale deployment of a technology that has the potential to dramatically reduce the cost associated with carbon capture. We are excited to become both an investor in and a collaborative partner with the company.”
‘’We are pleased to partner with a leading Canadian player in the energy industry, along-side existing investor Cenovus, and to benefit not only from their financial support but also their commitment to deliver low-carbon fuels and blue hydrogen to transform the energy system.’’