Chevron New Energies, a division of Chevron USA, is the lead investor in Svante’s Series E fundraising round, which raised $318 million to accelerate the manufacturing of the latter’s carbon capture technology.
The recent funding will support Svante’s commercial-scale filter manufacturing facility in Vancouver, which is anticipated to produce enough filter modules to capture millions of tonnes of carbon dioxide per year 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.”
Svante’s modular solid sorbent technology is designed to capture CO2 from industrial flue gas. It then concentrates it into a high-purity, 95% pipeline-grade CO2 to prepare it for storage or further industrial use. Its approach 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.
Svante’s technology is targeted toward industrial decarbonization activities in fields including cement. Its filters are also available for direct air capture and carbon dioxide removal.
