- Svante’s Series D funding increased to $ 100 million
- Additional funding of $ 25 million makes Suncor Energy a new strategic investor
VANCOUVER, British Columbia and CALGARY, Alberta, March 18, 2021 (GLOBE NEWSWIRE) – Suncor and Svante Inc. today announced an equity financing agreement that provides Svante with additional growth capital to accelerate the commercialization of the new CO second generation of Svante2 capture technology in North America for the decarbonization of industrial emissions and the production of hydrogen.
Together, Suncor and a number of family office investors have invested US $ 25 million in equity financing, bringing the total proceeds raised from Svante’s Series D financing to $ 100 million, from $ 75 million. million dollars as announced on February 2.nd, 2021, and making the largest single private investment in point-source carbon capture technology to date.
This final closing of the Series D financing includes Canadian energy company Suncor Energy and Carbon Direct SPV I LLC. Existing investors Temasek, Chart Industries, Carbon Direct, OGCI Climate Investments, BDC Cleantech Practice, Chevron Technology Ventures, The Roda Group, Chrysalix Venture Capital and Exportation and Development Canada (EDC) also participated in Series D, reflecting strong support ongoing for the company, including its market strategy and recent progress.
Svante has now attracted over US $ 175 million in total funding since its inception in 2007 to develop and commercialize its breakthrough solid absorbent technology at half the capital cost of traditional engineering solutions.
“Svante has generated a pipeline of new potential project opportunities capturing over 40 million tonnes of CO2 per year before 2030 natural gas-fired industrial boilers, cement and lime and blue hydrogen industrial plants, mainly in North America and stimulated by US and Canadian federal CO2 CO tax credits and prices2 emissions. The zero-zero promises of major countries and corporations are also a key driver of interest and rapid growth in the new carbon capture and storage industry, ”said Claude Letourneau, President and CEO from Svante Inc. “We strive to create the world. changing solutions that address climate change and accelerate the global transition to carbon neutrality, reversing human impact on climate and building commercially viable CO2 market. “
According to Mark Little, President and CEO of Suncor, “Carbon capture is a strategic area of technology for Suncor to reduce GHG emissions in our core business and produce blue hydrogen as an energy product. An investment in Svante is expected to support the acceleration of the commercial scale deployment of a technology that has the potential to significantly reduce the cost associated with carbon capture. We are delighted to become both an investor and a collaborative partner with the company. ”
“We are pleased to partner with a leading Canadian player in the energy industry, alongside existing investor Cenovus, and to benefit not only from their financial support, but also from their commitment to provide low carbon fuels and blue hydrogen to transform the energy system. », Declared Claude Letourneau.
Financial advisers Fort Capital Partners and Full Circle Capital, as well as legal advisers Blake, Cassels & Graydon LLP, supported Svante in the transaction.
Svante offers companies in emission-intensive industries a commercially viable way to capture CO at scale2 emissions from existing infrastructure, either for safe storage or for subsequent closed-loop industrial use. With the ability to capture CO2 Directly from industrial sources for less than half the investment cost of existing solutions, Svante makes industrial scale carbon capture a reality. Svante’s board of directors includes Nobel Laureate and former Energy Secretary Steven Chu and CEO of OGCI Climate Investments Pratima Rangarajan. To learn more about Svante’s technology, Click here or visit the Svante website at www.svanteinc.com. You can also contact us on LinkedIn or Twitter @svantesolutions.
About Suncor Energy
Suncor Energy is the leading integrated energy company in Canada. Suncor’s businesses include oil sands development and upgrading, offshore oil and gas production, petroleum refining and the marketing of products under the Petro-Canada brand. A member of the Dow Jones Sustainability, FTSE4Good and CDP indices, Suncor is committed to responsibly developing petroleum resources, while developing a renewable energy portfolio and advancing the transition to a low-carbon future. Suncor is listed on the UN Global Compact 100 stock index. Suncor’s common shares (symbol: SU) are listed on the Toronto and New York stock exchanges. For more information about Suncor, visit our website at suncor.com, Follow us on twitter @Soncor.
Suncor: Legal notice – Forward-looking information
This press release contains certain forward-looking statements within the meaning of applicable Canadian and US securities laws. Some of the forward-looking statements may be identified by words such as “expected”, “potential” and similar expressions. Forward-looking statements are based on information available at the time the statement was made. Forward-looking statements are not guarantees of future performance and involve a number of risks and uncertainties. Actual results may differ materially from those expressed or implied by its forward-looking statements. Suncor’s most recent MD&A and other documents filed by Suncor from time to time with securities regulators describe the risks, uncertainties, material assumptions and other factors that could influence actual results and such factors. are incorporated herein. Except as required by applicable securities laws, Suncor disclaims any intention or obligation to publicly update or revise any forward-looking statement.