Svante, a British Columbia-based carbon capture and removal company, is receiving up to $100 million in investments to accelerate the deployment of its climate technology. The funds are coming from the Canada Growth Fund, which aims to support the clean energy sector in the country and attract additional private investments. The investment will be split into two tranches, with $50 million being used immediately for ongoing commercial projects and the potential for an additional $50 million for initiatives focused on Canada. Since its founding in 2007, Svante has raised a total of $574 million and currently employs 308 people. In 2022, the company raised a $318 million Series E round led by Chevron New Energies.
Svante’s technology involves developing devices that are installed at industrial facilities to capture carbon emissions and remove carbon dioxide from the atmosphere through direct air capture. The captured carbon can then be stored or used for industrial purposes. The company is in the process of constructing a 141,000 square-foot facility in Burnaby, B.C., which will serve as its global headquarters and research and development center. In February, Svante was selected by the U.S. Department of Energy for a large-scale carbon capture pilot project at a fossil fuel refinery in Texas. This DOE initiative could potentially unlock up to $95 million in federal funding for the Delek’s Big Spring project.
According to PitchBook, companies working on carbon capture and removal technologies have raised a total of $2.8 billion globally. This demonstrates the growing interest and investment in technologies aimed at combating climate change and reducing carbon emissions. One example of this trend is CarbonQuest, a startup based in Spokane, Wash., that recently secured new capital to expand the reach of its carbon capturing devices for smaller industrial emissions. The investment came from Riverbend Energy Group in Houston, although the exact amount of funding was not disclosed.
The investment in Svante and other carbon capture companies highlights the increasing focus on developing technologies to address the challenges of climate change. With governments, private investors, and companies all recognizing the need to reduce carbon emissions and decarbonize industries, carbon capture and removal technologies are gaining traction as viable solutions. Svante’s innovative approach to capturing carbon emissions and its ongoing projects demonstrate the potential impact of these technologies in driving environmental sustainability and combating climate change. By securing significant investments and partnerships, companies like Svante are positioned to lead the way in advancing carbon capture and removal technologies on a global scale.
