Svante raises US$75 million to decarbonise cement and hydrogen production
Published by Emily Thomas,
Svante Inc. has announced that it has successfully closed US$75 million of Series D equity financing, the largest private investment into point source carbon capture globally to date. The financing was led by Temasek and includes strategic investors Chart Industries, Carbon Direct and Export Development Canada (EDC). Existing investors OGCI Climate Investments, BDC Cleantech Practice, Chevron Technology Ventures, The Roda Group and Chrysalix Venture Capital also participated in the round, reflecting strong on-going support for the company, including its market strategy and recent progress.
This US$75 million of new financing provides the company with growth capital to advance a number of initiatives over the next three years, including work to support several commercial scale carbon capture facilities to address hard-to-abate emissions from industrial operations (such as cement manufacturing, blue hydrogen production and natural gas boilers). Svante has now attracted more than US$150 million in funding since it was founded in 2007 to develop and commercialise its breakthrough solid sorbent technology at half the capital cost of traditional engineered solutions.
“Lowering the capital cost of the capture of the CO2 emitted in industrial production is critical to the world’s net-zero carbon goals required to stabilise the climate. Leaders from industry, financial sectors and government agree on the enormity of the challenge and the critical need to deploy carbon capture and carbon removal solutions at Gigatons scale. The carbon pulled from earth as fossil fuel needs to go back into the earth in safe CO2 storage,” said Claude Letourneau, President CEO of Svante Inc. “The success of our financing is further evidence that Svante’s innovative solution is well positioned to address these challenges in the near term. We are proud that Temasek and a group of new strategic investors have demonstrated their confidence in Svante to play a key role in building a commercially viable CO2 marketplace."
According to Jill Evanko, President & CEO of Chart, “This collaboration with Svante builds on Chart’s cryogenic technologies and equipment offering for CO2. This is another significant step in our clean energy, clean water, clean industrial penetration, with further carbon capture advanced technology that, in combination with our existing offering, adds another capability for deployment at scale of an end-of-the-pipe solution targeted to industrial materials and blue hydrogen. We believe the combination of Chart, SES and Svante will further advance lower global emissions within the current economics of carbon markets, as well as driving further advancements in the market.”
“Svante exhibits both technology leadership and a capital-light business model. Taken together, we believe the company is optimally positioned to scale point source capture globally,” commented Jonathan Goldberg, Founder and CEO of Carbon Direct. “As a growth equity investor focused on the carbon capture ecosystem, we are delighted to join Svante’s roster. We also look forward to ongoing collaboration between our scientific advisory practice and Svante’s management.”
Supporting Svante with the transaction were financial advisors Fort Capital Partners and Full Circle Capital, and legal counsel Blake, Cassels & Graydon LLP.
Read the article online at: https://www.worldcement.com/the-americas/10022021/svante-raises-us75-million-to-decarbonise-cement-and-hydrogen-production/
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