Svante, a carbon capture and removal company based in British Columbia, has received up to $100 million in funding from the Canada Growth Fund to accelerate the deployment of its climate technology. The investment will be issued in two tranches, with $50 million being used immediately for commercial projects and the potential for an additional $50 million for Canada-focused initiatives. Since its launch in 2007, Svante has raised $574 million and has 308 employees. In 2022, the company raised a $318 million Series E round led by Chevron New Energies, a division of Chevron, showcasing the growing interest in carbon capture technologies.
Svante is focused on developing devices that can capture carbon emissions at industrial facilities, as well as technology for direct air capture to remove carbon dioxide from the atmosphere. The captured carbon can then be concentrated for storage or industrial uses. The company is currently constructing a 141,000-square-foot facility in Burnaby, B.C., to manufacture carbon-capturing filters and serve as its global headquarters and R&D center. Svante was also selected by the U.S. Department of Energy for a large-scale carbon capture pilot project at a fossil fuel refinery in Texas, which could potentially unlock up to $95 million in federal funding.
Carbon capture and removal technologies have become increasingly popular, with companies worldwide raising a total of $2.8 billion in investments. One such company is Spokane-based CarbonQuest, which recently received new funding from Riverbend Energy Group to expand the reach of its carbon-capturing devices. This trend highlights the growing interest and investment in technologies that can help combat climate change by reducing carbon emissions.
The funding from the Canada Growth Fund will help Svante further develop its carbon capture technologies and expand its presence in the clean energy sector. The company’s focus on both capturing carbon emissions at industrial facilities and removing carbon dioxide from the atmosphere demonstrates its commitment to addressing climate change. With the support of investors like Chevron and government initiatives like the DOE pilot project, Svante is poised to make a significant impact in the fight against climate change.
Svante’s innovative approach to carbon capture and removal has garnered significant interest from investors, including Chevron, and government agencies like the U.S. Department of Energy. The company’s efforts to deploy its technology at industrial facilities and develop direct air capture solutions demonstrate its dedication to creating a more sustainable future. With the new funding from the Canada Growth Fund, Svante is well-positioned to accelerate the deployment of its climate technology and continue its mission of reducing carbon emissions and combating climate change.
