Venture capital investment slowed down in 2022 for many industries after reaching new highs in 2021, but that wasn’t the case for carbon mitigation. Last year investors pumped nearly $4.2 billion into startups working on technology to reduce CO2 emissions, up from $3.6 billion in 2021, according to PitchBook. The number of deals also increased to 204 in 2022 from 167 in 2021. Svante, a Canada-based carbon capture startup, scored the biggest funding haul of the year, raising a $318 million Series E round led by Chevron Technology Ventures in December. Svante’s technology involves metal-organic frameworks, which are porous compounds that it uses in filters to capture CO2 from industrial flue stacks. The company says the funding will go toward building a commercial filter manufacturing facility in Vancouver. PitchBook cites a range of factors, including new pledges to reduce carbon emissions and the passage of the Inflation Reduction Act, as some of the drivers for continued investment in the space in 2023.
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