Svante Inc. (Formerly Inventys Thermal Techologies) has signed a Research and Development Agreement with Suncor Energy to develop the VeloxoTherm CO2 Capture Technology for deployment in carbon capture and storage projects and CO2 enhanced oil recovery projects.
The work on VeloxoTherm has been partly funded by the Canadian government and the agreement with Suncor represents a “significant” milestone for the company as it seeks to bring the technology to market.
“We look forward to working with Suncor on the development of our VeloxoThermTM CO2 capture technology and working towards the deployment of strategically located commercial scale facilities,” said former Svante Inc. president and CEO Andre Boulet.
CO2 capture and storage (CCS) is considered a leading mitigation strategy for the reduction of greenhouse gas emissions. Governments around the world are planning for the mandatory reduction of CO2 emissions as part of their environmental strategies. As part of the capture and storage process, CO2 can also be used for Enhanced Oil Recovery (EOR). EOR is a 40-year-old commercially proven process where CO2 is injected into mature oil fields to push the stranded oil to the surface. The United States alone has a potential of 50 billion barrels ($3.5 trillion dollars) of incremental oil production using CO2 EOR.