Chevron New Energies (CNE), a division of Chevron, said it is the lead investor in Svante’s Series E fundraising round, which raised USD318M that will be used to accelerate the manufacturing of Svante’s carbon capture technology, said Reuters.
“We are advancing a full value chain carbon capture, utilisation, and storage (CCUS) business and believe Svante is poised to be a leader in enabling carbon capture solutions,” said Chris Powers, vice president of CCUS with CNE. “Innovation is key to enabling these types of breakthrough technologies and lower carbon solutions, and we look forward to applying our experience and expertise to help drive this effort forward."
Since its founding in 2007, Svante has developed carbon capture and removal technology using structured adsorbent beds, known as filters.
This funding will support Svante’s commercial-scale filter manufacturing facility in Vancouver, British Columbia, which is anticipated to produce enough filter modules to capture millions of tonnes/year of carbon dioxide (CO2) across hundreds of large-scale carbon capture and storage facilities.
“We are proud that Chevron and a group of existing and new strategic and financial investors have demonstrated their confidence in Svante to be a key player in building a commercially viable carbon management industry,” said Claude Letourneau, president and CEO of Svante. “We are working to remove the biggest barriers to rapid deployment of industrial carbon capture by building this manufacturing facility, which we expect will enable us to rapidly expand our order book."
The size and cost of installing carbon capture technology has previously been a barrier to industry adoption.
We remind, KazMunayGas (KMG) and Chevron Philips Chemical representatives signed a license and engineering agreement for the second phase of the construction of an integrated gas and chemical complex in the Atyrau region. A meeting between Magzum Myrzagaliyev, Board Chair of KMG, and Venki Chandrashekar, Vice President for Research and Technology of Chevron Phillips Chemical, was held on December 11.
mrchub.com