Svante Inc secures US$75m funding for carbon capture projects

Svante Inc secures US$75m funding for carbon capture projects
03 February 2021

Svante Inc has announced that it has successfully closed US$75m of Series D equity financing, the largest private investment into point source carbon capture globally to date. 

The financing was led by Temasek and includes strategic investors Chart Industries, Carbon Direct and Export Development Canada (EDC). Existing investors OGCI Climate Investments, BDC Cleantech Practice, Chevron Technology Ventures, The Roda Group and Chrysalix Venture Capital also participated in the round, reflecting strong on-going support for the company, including its market strategy and recent progress.

This US$75m of new financing provides the Svante with growth capital to advance a number of initiatives over the next three years, including work to support several commercial scale carbon capture facilities to address hard-to-abate emissions from industrial operations such as cement manufacturing. 

"Lowering the capital cost of the capture of the CO2 emitted in industrial production is critical to the world’s net-zero carbon goals required to stabilise the climate,” said Claude Letourneau, president and CEO of Svante Inc. “The success of our financing is further evidence that Svante’s innovative solution is well positioned to address these challenges in the near term. We are proud that Temasek and a group of new strategic investors have demonstrated their confidence in Svante to play a key role in building a commercially viable CO2 marketplace."

Published under Cement News