Chevron Leads Latest Fundraising for Svante to Advance Carbon … – Natural Gas Intelligence
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Svante, considered a leader in developing carbon capture technologies, said a division of Chevron U.S.A. Inc. was lead investor in a $318 million fundraising round, which is to be used to accelerate the business.
Chevron New Energies (CNE) provided most of the financing. CNE was formed in 2021 to accelerate opportunities in carbon capture utilization and sequestration (CCUS), renewable fuels and products, offsets and emerging technologies. Chevron Technology Ventures made an initial investment in Svante in 2014.
Chevron in 2020 launched a project to pilot Svante technology to capture carbon dioxide (CO2) from natural gas, post combustion. The project, which received funding from the U.S. Department of Energy, is collaborating with Svante and the National Energy Technology Laboratory to test the technology at Chevron’s Kern River facility in California’s San Joaquin Valley.
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“We are advancing a full value chain CCUS business and believe Svante is poised to be a leader in enabling carbon capture solutions,” said CNE’s Chris Powers, vice president of CCUS. “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, British Columbia-based Svante has developed carbon capture and removal technology using structured adsorbent beds, known as filters. The latest funding round would support the commercial-scale filter manufacturing facility at the Vancouver headquarters.
Svante CEO Claude Letourneau said he appreciated the confidence of Chevron and the “existing and new” investors “to be a key player in building a commercially viable carbon management industry.
“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 been a barrier to industry adoption, according to Svante, which was named after Svante Arrhenius, one of the first scientists to identify the correlation between increased CO2 in the atmosphere and climate change.
Svante’s modular solid sorbent technology is designed to capture CO2 from industrial flue gas. It then concentrates the emissions into a 95% pipeline-grade CO2 to prepare it for storage or further industrial use.
The approach, according to Svante, “is tailored specifically to the challenges of separating CO2 from nitrogen in diluted flue gas, which is typically emitted at low pressures, and in dilute concentrations.” Other fundraising round participants include existing shareholders Temasek, OGCI Climate Investments, Delek US and Hesta AG. New investors are 3M Ventures, Full Circle Capital, GE Vernova, Japan Energy Fund, Liberty Media, M&G Catalyst, Samsung Engineering, TechEnergy Ventures and United Airlines Ventures.
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Related topics: carbon capture chevron Doe Energy transition Ogci Svante
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