The funding round, which Svante said is the largest private investment into point source carbon capture globally to date, was also participated by Chart Investors, Carbon Direct and Export Development Canada, and the firm’s existing investors.
To date, Svante has raised more than $150 million in funding to develop and commercialise its solid sorbent technology to offer companies a viable way to capture large-scale carbon dioxide emissions.
“This $75 million of new financing provides the company with growth capital to advance a number of initiatives over the next three years,” the company said. These initiatives include work to support several commercial-scale carbon capture facilities to address hard-to-abate emissions.
The funding also comes as the global carbon capture, utilisation, and storage market is expected to grow from $1.6 billion in 2020 to $3.5 billion by 2025, according to reports.
In Asia, the Nikkei Asian Review earlier reported that Japan, the US, Australia, and the 10 members of ASEAN are forming a partnership to commercialize the technology behind carbon capture, utilization and storage as early as this decade, opening up ways to bury carbon dioxide in Southeast Asia to reduce emissions.
“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 stabilize the climate,” said Svante president and CEO Claude Letourneau. “The carbon pulled from earth as fossil fuel needs to go back into the earth in safe CO2 storage.
Founded in 2007, 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 used for further industrial use in a closed-loop.
The company was named after Nobel Laureate Svante Arrhenius, one of the first scientists to identify the atmospheric carbon-climate change connection.