Svante, a prominent global provider of carbon capture and removal solutions based in Vancouver, Canada, has secured a financing commitment of up to $100 million from the Canada Growth Fund (CGF). This investment aims to fast-track the development and construction of Svante’s commercial carbon capture and removal projects across Canada and the US.
CGF’s mission is to support Canadian clean technology companies that are advancing technologies in the commercialization phase. Svante is recognized as a leading innovator in carbon capture technology, with the potential to significantly impact emissions reductions in challenging sectors worldwide. This investment will allow Svante to focus on its pioneering deployment opportunities and enhance its Canadian operations, while leveraging its Canadian intellectual property and manufacturing capabilities.
Patrick Charbonneau, President and CEO of Canada Growth Fund Investment Management Inc., commented, “CGF is dedicated to accelerating the deployment of critical Canadian carbon capture technologies and scaling their manufacturing and export to showcase Canadian innovations globally. Svante has a tremendous market opportunity, both domestically and internationally, and we are excited to support their growth.”
The investment will be provided in two phases: an initial $50 million tranche will support and de-risk Svante’s first-of-a-kind (FOAK) commercial projects, while a potential second $50 million tranche will be allocated based on specific project needs, supporting Svante’s development and construction efforts alongside its co-development partners.
Claude Letourneau, Svante’s President and CEO, expressed enthusiasm about the investment: “We are thrilled with CGF’s support, which is transformational for Svante. This investment complements the $145 million we have invested in our new carbon capture and removal filter manufacturing facility in Vancouver. It will enhance our Integrated Project Development Services, helping our clients mitigate risks associated with FOAK projects and facilitating their final investment decisions.”
Key Highlights:
- CGF will invest up to $100 million in Svante through convertible notes to advance Svante’s cutting-edge carbon capture technology.
- The investment will be disbursed in two tranches: the first $50 million will be provided immediately, and the second $50 million will be available based on project-specific requirements.
- Svante is constructing a 141,000 sq. ft. facility in Burnaby, BC, which will produce filters capable of capturing 10 million tonnes of CO2 annually and will serve as the company’s global headquarters and R&D center.
- The initial investment tranche will support commercial development and FOAK projects.
- This investment aligns with CGF’s goals by supporting a leading Canadian cleantech company, safeguarding Canadian intellectual property and jobs, and fostering Canadian innovation.
- The investment will accelerate Svante’s carbon capture technology, which has the potential to make a significant impact on global CO2 emissions.
- This marks CGF’s first investment in British Columbia, supporting local employment and diversifying its portfolio.
- The carbon capture and sequestration market is growing, driven by supportive regulations in Canada, the US, and Europe, highlighting an increasing demand for emissions reduction and removal technologies.
