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.
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