Svante Inc., formerly known as Inventys Inc., and Climeworks AG have agreed to collaborate on the development of carbon capture technology solutions to help customers transition to a net-zero emissions future.
The carbon capture technology companies hope to scale up their solutions faster under the Joint Development Agreement (JDA).
The combination of Switzerland-based Climeworks’ revolutionary DAC solutions with Canada-based Svante’s source capture technology will support further development of climate-positive carbon solutions for both carbon removal and industries with unavoidable emissions.
Both companies aim to prevent climate-relevant amounts of carbon dioxide (CO2) from going into our atmosphere or removing them from air.
“We strive to deliver the world’s most robust and scalable Direct Air Capture (DAC) solutions,’’ said Christoph Gebald, the Climeworks co-founder.
“By combining our cutting-edge DAC solution with Svante’s filter technology, we create a potentially game changing DAC solution.”
Under the JDA, both Climeworks and Svante will remain financially independent. Climeworks will not invest in Svante, or vice versa.
“Climeworks’ and Svante’s cost advantage, combined with progressive policies like the United States’ 45Q tax credit and the Low Carbon Fuel Standard (LCSF) credits, can make carbon capture and removal profitable across a range of large-scale industrial applications,” said Claude Letourneau, Svante President and CEO.
“As we aim to capture about 90% of CO2 from atmosphere-bound carbon and deliver pipeline-ready CO2 for storage at a gigatonne scale, Climeworks is able to turn our waste heat and their air captured CO2 into high value-added CO2 products,” Letourneau added.
Svante offers companies in industries such as concrete and steelmaking a commercially viable way to capture large-scale CO2 emissions from existing infrastructure, while Climeworks provides commercial DAC solutions to remove CO2 from the atmosphere.