Raising total Government funding for the once-through steam generator (OTSG) CO₂-capture pilot demonstration program to $12.3M, including support from SDTC, ERA, WINN, and IRAP
VANCOUVER, British Columbia — Friday, December 15, 2017 — Svante Inc. (formerly Inventys Thermal Technologies), the developer of the VeloxoTherm™ Process, a carbon dioxide (CO₂) capture system, is receiving $2.6M from Natural Resources Canada (NRCan) through its Energy Innovation Program to support the development of a 30-tonne per day (TPD) CO₂-capture pilot plant at Husky Energy’s Pikes Peak South Lloyd thermal project.
The announcement was made today in Edmonton by Edmonton Centre MP Randy Boissonnault. “Building on public and private sector investments in innovation, complementary work is underway to reduce emissions from the oil and gas sector,” said MP Boissonnault. “Improved environmental performance in Canada’s oil and gas industry is one of the key paths to a low-carbon economy. Developing and adopting clean technologies will help Canada meet its domestic and international commitments and help maintain our natural resource advantage for years to come.”
This financing adds to existing government financial support received from Sustainable Development Technology Canada (SDTC), Emissions Reduction Alberta (ERA), the Western Innovation Initiative (WINN) from Western Economic Diversification Canada and the Industrial Research Assistance Program from National Research Council Canada (NRC-IRAP) bringing the total non-dilutive program funding to $12.3 million.
“Svante has developed a novel technology aimed at dramatically reducing the cost of capturing carbon from industrial operations,” said ERA CEO Steve MacDonald. “Working in partnership with NRCan, Sustainable Development Technology Canada, and Western Economic Diversification is critical to moving this technology through the stages of scale-up and demonstration.”
NRCan’s addition brings the total external funding for the demonstration program to $22.3 million, which includes a $10 million equity investment from Husky Energy, The Roda Group, and Chrysalix Venture Capital.
“The ongoing support Svante has received from federal and provincial government programs continues to have a significant impact on our ability to commercialize our CO₂-capture technology as a low carbon-footprint solution for the energy sector,” said Svante Co-Founder and VP, Strategic Accounts & Government Affairs, Brett Henkel. “This will allow us to attract foreign direct investment and build a world-class clean technology business based in Western Canada.”
- World’s first pilot-scale plant using structured adsorbents to capture CO₂ from a steam- assisted gravity drainage (SAGD) once-through steam generator (OTSG).
- CO₂ captured from Husky’s SAGD thermal operations will be stored underground while increasing oil recovery from adjacent assets.
- The compact VeloxoThermTM process will enable off-site modular skid manufacturing which significantly reduces plant capital costs compared to traditional stick-built on-site construction.
- Commissioning of the 30-TPD pilot plant is planned for the fall of 2018.
- A self-contained 0.5 TPD VeloxoTherm field demonstration plant is already at this location as a platform for rapid development of Svante’s new adsorbent structures.
“We’re very thankful for the widespread support this project is garnering. It’s the perfect setting to prove our breakthrough carbon capture technology and uphold Canada’s climate goals,” said Svante President and Chief Executive Officer Claude Letourneau. “This project is a cornerstone of our aggressive time-to-market strategy in a beachhead market. It represents an ideal case of CO₂ source-to-sink matching with a single energy provider and a revenue model for monetizing the CO₂.”
Svante’s structured adsorbent is a platform technology for use in various gas separation processes, including the VeloxoTherm™ process. The company’s patented technology is used to capture high purity CO2 from dilute flue gas streams from power plants and industrial processes using novel proprietary solid adsorbent materials.
Svante offers companies in emissions-intensive industries a commercially viable way to capture large-scale CO2 emissions from existing infrastructure, either for safe storage or to be recycled for further industrial use in a closed loop. With the ability to capture CO2 directly from industrial sources at less than half the capital cost of existing solutions, Svante makes industrial-scale carbon capture a reality. Svante’s Board of Directors includes Nobel Laureate and former Secretary of Energy, Steven Chu; former Airbus Group’s Chief Technical Officer Jean Botti; and Ganesh Kailasam, Technical Director of the Oil and Gas Climate Initiative. To learn more about Svante’s technology, mission and people, click here. You can also connect with us on LinkedIn or Twitter @svantesolutions.
For investor inquiries:
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For printing or downloading a pdf copy of the release: NewsRelease_2017-12-15_NRCan-Investment