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illuminem summarizes for you the essential news of the day. Read the full piece on Financial Post or enjoy below:
🗞️ Driving the news: Chevron-backed Svante Technologies Inc., a Canadian carbon capture firm, has secured up to $100 million from the Canada Growth Fund to advance its carbon capture technology
• The initial $50 million investment comes via a convertible note, with a potential additional $50 million for future projects.
🔭 The context: Svante, founded in 2007 and based near Vancouver, has developed innovative filters that capture carbon dioxide from industrial emissions
• The Canada Growth Fund, a $15 billion fund established in 2022, aims to stimulate private investment and reduce greenhouse gas emissions
🌍 Why it matters for the planet: Svante’s technology offers a promising solution to reduce CO2 emissions from heavy industries like oil and gas, steel, and cement manufacturing
• By facilitating the transition from pilot projects to large-scale deployment, this funding can significantly advance carbon capture efforts, essential for mitigating climate change
⏭️ What's next: The new funding will support the development and construction of Svante's first commercial-scale carbon capture projects
• Collaborations with companies like Swiss firm Climeworks will help expand the deployment of direct-air capture systems, enhancing global carbon reduction capabilities
💬 One quote: “The use of funds from Canada Growth Fund will basically allow us to support the development and construction of what we call these first-of-a-kind commercial carbon capture projects,” said Claude Letourneau, CEO of Svante
📈 One stat: Svante’s technology aims to capture as much as 2 million tonnes of CO2 annually from carbon-heavy industries, equivalent to the emissions of approximately 400,000 cars in a year
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