background image

Chevron-backed carbon capture firm gets up to $100 million from Canada Growth Fund

author image

By illuminem briefings

· 2 min read


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

Click for more news covering the latest on carbon capture & storage

Did you enjoy this illuminem voice? Support us by sharing this article!
author photo

About the author

illuminem's editorial team, providing you with concise summaries of the most important sustainability news of the day. Follow us on Linkedin, Twitter​ & Instagram

Other illuminem Voices


Related Posts


You cannot miss it!

Weekly. Free. Your Top 10 Sustainability & Energy Posts.

You can unsubscribe at any time (read our privacy policy)