Inventys’s technology offers significant cost and energy reduction in the midst of growing market demand for CO2 capture and use for Enhanced Oil Recovery (EOR)
VANCOUVER, BC – Today, Chrysalix, one of the longest-standing and most active clean energy venture capital firms, announced its investment in Vancouver-based Inventys Thermal Technologies, providers of a breakthrough process for capturing CO2 . Inventys is currently in the first stages of piloting its’ patented VeloxoTherm™ gas separation process whereby CO2 is removed from industrial flue gas streams and subsequently applied to EOR using significantly less energy and requiring lower capital costs than competing systems.
“The capital efficiency offered through Inventys will make EOR and carbon sequestration economically viable while helping oil production and refining, gas processing, and chemical companies reduce their environmental impact,” explains Jean-Michel Gires, Venture Partner at Chrysalix and newly appointed member of the Board of Directors at Inventys. “The appetite for low cost CO2 capture is rising as large oil and gas corporations prioritize it as a strategic focus. This technology could enable the production of billions of barrels of stranded oil reserves within North America alone.”
“Investment from Chrysalix represents a significant milestone for us as we begin moving towards commercialization,” states André Boulet, CEO of Inventys. “Their experience in growth and market entry, technical knowledge, and industry connections in oil and gas will provide much needed support as we begin to field opportunity and interest in our solution. We are very pleased to have their support.”
The Inventys system uses significantly less energy than competing systems, and this combined with low capital costs, results in a capture cost of about $15 per ton of CO2, less than one fifth the cost of incumbent processes. The system is less that one tenth the size of competing systems and is small enough to retrofit to existing power plants by connecting directly to the flue stack.
The Inventys founding management and advisory team are recognized world leaders in the use of structured adsorbents for gas separation. They are responsible for more than 300 technical papers and an extensive list of patents in the field of adsorption and adsorption processes. In December 2013, Nobel laureate and former US Secretary of Energy, Dr. Steven Chu joined the company’s Board of Directors.
“Inventys is a world-class innovation company and welcome addition to our portfolio at Chrysalix. Their proximity as a BC-based company provides a strong opportunity to further solidify a sustainable innovation gateway between BC and Alberta, which could transform Western Canadian oil and gas into one of the cleanest and most economically viable sources in the western world,” states Wal van Lierop, Chrysalix President and CEO. “We look forward to supporting Inventys as they forge partnerships with major oil and gas companies, and increase their role in Western Canada’s quickly growing reputation as a hub for sustainable innovation.”
Inventys has ambitious plans to commence commercial activities that require integration with emitters, CO2 EOR operators, and heavy oil producers. The company currently has several planned pilots with major oil and gas producers that offer a clear path to commercially demonstrating cost claims within a three to four year time horizon.
Chrysalix is one of the longest serving cleantech venture capital firms investing in breakthrough sustainable innovations for energy intensive industries. The firm provides early-stage financing, hands-on assistance, and strategic connections to innovation companies confronting the world’s most important energy and environmental issues. Chrysalix is consistently ranked among the most active cleantech venture capital firms and is a member of the Chrysalix Global Network (CGN), a premier alliance of independent clean energy VC firms with offices in North America (Chrysalix), Europe (Chrysalix SET), and Asia (GRC Chrysalix). Founded in Vancouver, Canada in 2001, Chrysalix has one of the strongest investment teams in cleantech, and is backed by more than 20 international blue chip industrial and financial investors.
For more information, please visit chrysalixevc.com.