Published on: July 16, 2018
TYLER ORTON | BUSINESS IN VANCOUVER
Svante raises US$11m for carbon capture pilot with Husky
A B.C. cleantech company’s bid to battle pollution is a step closer to reality after closing its second equity financing deal in a year.
Burnaby-based Svante Inc. (formerly Inventys) announced July 16 that it’s landed US$11 million to help fund its 30-tonne-per-day carbon capture pilot plant with Husky Energy Inc. (TSX: HSE).
OGCI Climate Investments LLP, an industry-backed investment fund that includes BP plc (NYSE: BP) and Royal Dutch Shell plc, led the latest funding round.
“We’ve been leveraging government funding but we also need the private sector,” Svante CEO Claude Letourneau told Business in Vancouver.
“For us it’s a vote of confidence from the global energy leaders that we’re doing the right thing.”