Svante Closes Largest Private Investment Into Point Source Carbon Capture Globally To Date
Feb 4, 2021
Chrysalix Venture Capital, a global technology venture capital firm that specializes in transformational industrial innovation and cleantech, announces that its portfolio company Svante, a global carbon capture technology leader, has closed a USD $75 million Series D equity financing, the largest private investment into point source carbon capture globally to date. The financing was led by Temasek, with participation from new investors Carbon Direct, Chart Industries and Export Development Canada, as well as existing investors including Chrysalix. This new financing provides Svante with growth capital to advance a number of its initiatives, including addressing emissions from industrial processes such as cement, blue hydrogen and natural gas boilers.
“Chrysalix recognized early on the opportunity for Svante’s technology to help decarbonize traditional industries now facing the energy transition, when we invested in the company in 2014,” said Wal van Lierop, Founder & Executive Chairman at Chrysalix Venture Capital. “Svante is renowned for its CO2 adsorbing approach, which at scale, could reduce point source carbon capture costs below $50 per ton, while its filters applied to direct air capture systems may help bring the cost of that approach towards targets of $150 per ton or less. Svante’s low cost of carbon capture is leading the way to the commercial CO2 marketplace the world needs to successfully combat climate change.”
Svante offers in particular companies in industries such as cement, chemicals, and oil & gas, an economically viable way to capture large-scale CO2 emissions from existing infrastructure at half the capital cost of traditional engineered solutions by using proprietary solid structured adsorbent nano-filters to prevent climate-relevant amounts of CO2 from going into the atmosphere or removing them from the air. Svante is also well positioned to play a significant role in the decarbonization of ‘’blue’’ hydrogen production.
Svante’s technology is currently being deployed in the field at pilot plant-scale by industry leaders in the energy and cement manufacturing sectors. The CO2MENT Pilot Plant Project – a partnership between LafargeHolcim and TOTAL S.A. – is operating a 1 tonne per day plant in Richmond, British Columbia, Canada that will re-inject captured CO2 into concrete, while the construction and commissioning of a 30 tonne per day demonstration plant was completed in 2019 at an industrial facility in Lloydminster, Saskatchewan, Canada. A 25 tonne per day demonstration plant is currently under design and construction at Chevron U.S.A. located near Bakersfield, California. A direct air capture (DAC) demonstration plant in Palm Spring, CA, using Climeworks DAC solution together with Svante’s structured adsorbent bed technology to lower the cost of DAC is currently under construction.
Svante offers companies in emissions-intensive industries a commercially viable way to capture large-scale CO2 emissions from existing infrastructure, either for safe storage or to be recycled for further industrial use in a closed loop. With the ability to capture CO2 directly from industrial sources at less than half the capital cost of existing solutions, Svante makes industrial-scale carbon capture a reality. Svante’s Board of Directors includes Nobel Laureate and former Secretary of Energy, Steven Chu and CEO of OGCI Climate Investments Pratima Rangarajan. To learn more about Svante’s technology, click here or visit Svante’s website. You can also connect with us on LinkedIn or Twitter @svantesolutions.