Chevron New Energies (CNE), a division of Chevron USA Inc., and Swante, announced that Chevron is the lead investor in Swante’s Series E fundraising round, which raised US$318 million to be used for Swante’s carbon capture projects. will be done to speed up the construction. technology.
“We are growing a full value chain carbon capture, utilization and storage (CCUS) business and believe Swante is poised to become a leader in enabling carbon capture solutions,” said Chris Powers, vice president of CCUS with CNE. ” “Innovation is key to enabling breakthrough technologies and low-carbon solutions like these, and we look forward to applying our experience and expertise to help advance this effort.”
Since its founding in 2007, Svante has developed carbon capture and removal technology using structured adsorbent beds known as filters. The funding will support Svante’s commercial-scale filter manufacturing facility in Vancouver, which removes millions of tons of carbon dioxide (CO).2) per year in hundreds of large-scale carbon capture and storage (CCS) facilities.
“We are proud that Chevron and a group of existing and new strategic and financial investors have demonstrated their confidence in Svante to be a key player in building a commercially viable carbon management industry,” said Claude Letourneau, President and CEO of Svante he said. “We are working to remove one of the biggest barriers to rapid deployment of industrial carbon capture by building this manufacturing facility, which we expect will enable us to rapidly expand our order book.”
The size and cost of installing carbon capture technology has been a barrier to industry adoption. Svante’s modular solid sorbent technology is designed to capture CO2 from industrial flue gas. It then concentrates it into high purity, 95% pipeline-grade CO.2 To prepare it for storage or further industrial use. Its approach is specifically tailored to the challenges of separating CO2 From the nitrogen in the dilute flue gas, which is usually emitted at low pressures and in dilute concentrations. Svante’s technology is targeted towards industrial decarbonization activities in sectors including hydrogen, pulp and paper, lime, cement, steel, aluminum and chemicals. Svante’s filters are also available for direct air capture and CO2 eviction.
In 2021, Chevron launches the CNE to accelerate low carbon business opportunities in CCUS, hydrogen, renewable fuels and products, offsets and emerging technologies. Chevron plans to invest US$10 billion in low carbon projects by 2028 and is committed to collaborating in new ways to accelerate progress.
Chevron Technology Ventures made an initial investment in Svante in 2014. In 2020, Chevron began a project to pilot Svante technology for CO capture.2 since the combustion of natural gas. The project has received funding from the US Department of Energy (project #DE-FE0031944). The technology will be tested in collaboration with Swante and the National Energy Technology Laboratory at Chevron’s Kern River facility in the San Joaquin Valley, California, with a start-up in December 2022.
Other fundraising round participants include existing shareholders Temasek, OGCI Climate Investments, Delek US and Hesta AG, and new investors, 3M Ventures (the venture capital arm of 3M Company), Full Circle Capital, GE Vernova, Japan Energy Fund, Liberty Media , M&G are included. Catalyst, Samsung Engineering, TechEnergy Ventures and United Airlines Ventures. JP Morgan Securities LLC acted as co-lead placement agent with RBC Capital Markets as lead placement agent for Svante. Full Circle Capital acted as financial advisor to Svante in connection with the transaction.
Read the article online at: https://www.hydrocarbonengineering.com/the-environment/16122022/chevron-invests-in-svante/