Temasek leads $75m Series D funding in Canadian carbon capture firm Svante

People tend to vegetables growing in a field as emission rises from cooling towers at a coal-fired power station in Tongling, Anhui province, China, on Wednesday, Jan. 16, 2019. Photographer: Qilai Shen/Bloomberg

Canadian carbon capture company Svante announced raising $75 million in its Series D equity financing round led by Singapore state investor Temasek.

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.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.