Suncor Energy has announced an equity financing agreement with Vancouver-based Svante, a Canadian clean-tech startup with a bold approach for eliminating industrial greenhouse gas (GHG) emissions. Suncor and a number of other investors have invested US$25 million, bringing Svante’s total project financing to US$100 million – the largest private investment in point-source carbon capture technology globally to date.
The funding provides Svante with growth capital to accelerate the commercialization of Svante’s novel second generation CO2 capture technology for the decarbonization of industrial emissions and hydrogen production.
Svante has now attracted more than US$175 million since it was founded in 2007 to develop and commercialize its breakthrough solid sorbent technology.
Mark Little, Suncor president and CEO, says, “Carbon capture is a strategic technology area for Suncor to reduce GHG emissions in our base business and produce blue hydrogen as an energy product. An investment in Svante is expected to support the acceleration of commercial-scale deployment of a technology that has the potential to dramatically reduce the cost associated with carbon capture. We are excited to become both an investor in and a collaborative partner with the company.”
Carbon capture, utilization and storage (CCUS) includes several advanced technologies that capture GHG emissions from large industrial facilities before they reach the atmosphere. With CCUS, captured emissions can be permanently stored underground in stable geological formations or used to create value-added products.