Funding to advance Company’s breakthrough carbon capture technology which enables economical EOR and CCS
VANCOUVER, British Columbia, (Marketwired)—July 30, 2014—Svante Inc. (Inventys Thermal Technologies), a proven team of gas separation pioneers commercializing the lowest cost, most energy-efficient technology for capturing post-combustion carbon dioxide (CO₂ ) from industrial flue gas streams, today announced it has closed additional financing.
Building on continued funding support from international venture capital firm, Mitsui Global Investment (MGI), and leading cleantech investor, The Roda Group, the financing also included new participation from Chevron Technology Ventures LLC (CTV), the Venture Capital arm of Chevron Corporation, and Chrysalix Energy Venture Capital, one of the longest serving cleantech venture capital firms.
The funding will be used to expand manufacturing and enable the deployment of full-scale systems with leading energy and manufacturing companies in late 2016.
Svante’s breakthrough gas separation system, VeloxoTherm™, is based on a proprietary low-pressure Temperature Swing Adsorption (TSA) technology resulting in a carbon capture cost of USD $15 per tonne—one third the cost of today’s post-combustion solutions. At a fraction of the size of other systems, the flexibility to integrate into new and existing combustion and chemical processes, and the unique ability to regenerate the CO₂ -saturated adsorbent using minimal energy, Svante’s practical approach enables the widespread adoption of CO₂ -enhanced oil recovery (EOR) and carbon capture and sequestration (CCS) while helping customers reduce their environmental footprint.
“The appetite for low-cost CO₂ capture is rising as large oil and gas corporations increasingly make it a significant strategic priority,” said Jean-Michel Gires, Venture Partner with Chrysalix EVC and former President & CEO of Total E&P Canada. “Svante’s capital efficiency and capacity to work with a variety of CO₂ sources, concentrations, and volumes will make EOR and carbon sequestration economically appealing.”
This financing comes on the heels of the Company’s successful in-house, full system pilot incorporating real flue gas and industrial hardware from Howden, and the announcement that former U.S. Energy Secretary, Dr. Steven Chu, has joined the Svante’s Board of Directors.
“We believe we have developed the most viable carbon capture technology to leverage the abundance of man-made waste CO₂ for the production of a valuable product—oil—while also sequestering CO2 from large carbon emitters,” said Andre Boulet, (former) CEO of Svante. “We’re thankful for the support of these investors—old and new—and will continue to deliver on key milestones including the deployment of a first-of-its-kind commercial system in 2016.”
“The Roda Group is a long-time supporter of Svante (formerly Inventys Thermal Technologies) recognizing early on its potential to fundamentally change the way we produce energy,” confirmed Dan Miller, Managing Director of The Roda Group. “We invest in passionate, proven teams that stand to deliver products with enormous market opportunity and make a positive impact on the world. The Svante team is just that and together, we have the ability to advance the EOR market while curbing the planet’s greenhouse gas emissions.”To learn more about Svante and its VeloxoTherm™ carbon capture system, please visit https://svanteinc.com.
About Svante Inc.
Svante Inc. is a proven team of gas separation pioneers commercializing the lowest cost, most energy efficient technology for capturing post-combustion carbon dioxide (CO₂ ) from industrial flue gas streams. The Company’s proprietary VeloxoTherm™ process is less than one third the cost of today’s post-combustion solutions, is a fraction of the size of other systems, and works with a variety of CO₂ sources, concentrations, and volumes. Svante’s practical, capital-efficient approach means for the first time, energy and manufacturing companies can affordably reduce carbon emissions and man-made CO₂ can be economically utilized to produce valuable oil, finally enabling the widespread adoption of carbon capture and sequestration (CCS) and enhanced oil recovery (EOR). For more information on Svante Inc., please visit https://svanteinc.com/