Svante Technologies Inc. (“Svante”), a leading global carbon capture and removal solutions provider headquartered in British Columbia, Canada, has announced an investment from InBC Investment Corp. (“InBC”), a strategic investment fund created by the Province of British Columbia. InBC has invested following on an investment by Canada Growth Fund (“CGF”), committing CDN$15 million to accelerate the delivery of carbon capture and removal projects domestically and internationally, leveraging Svante’s Canadian intellectual property (IP) and manufacturing capabilities.
InBC invests in growing companies to benefit British Columbia. Svante is a world-leading solutions provider of carbon capture and removal technology for the nascent carbon management industry, with significant potential to accelerate emissions reductions in affordable-to-abate industrial sectors worldwide. Svante employs more than 300 highly skilled professionals and technicians and is constructing a 141,000-square-foot facility in Burnaby, BC, Canada, which will manufacture nanoengineered filters capable of capturing 10 million tonnes of carbon dioxide (CO2) annually. This facility also serves as the company’s global headquarters and research and development center.
Claude Letourneau, Svante’s President and CEO, said: “We are delighted with this investment by InBC, which complements the CDN$800 million capital investment made in our company over the last decade by global corporate venture and private equity investors.’’
The carbon capture and removal markets are expanding, driven by supportive regulations in Canada, the USA and Europe. This reflects a rising demand for emissions reduction and removal technologies across sectors including pulp and paper, cement, hydrogen and more.
