Suncor Energy invests in carbon capture technology company Svante | Press Release
VANCOUVER, British Columbia (PRWEB)—November 15, 2011—Svante Inc. (Formerly Inventys Thermal Technologies Inc. (“Inventys”) announced today that it has signed a Research and Development Agreement (“Agreement”) with Suncor Energy to develop the VeloxoTherm™ CO2 Capture Technology for deployment in carbon capture and storage projects and CO₂ enhanced oil recovery projects ventures.
“This new agreement with Suncor represents a significant milestone for us, as we advance our commercialization strategy,” said Andre Boulet, President and CEO of Svante Inc. “Suncor has provided us with valuable support in the current commercialization work plan funded in part by the Government of Canada Industrial Research Assistance Program.”
“We look forward to working with Suncor on the development of our VeloxoTherm™ CO₂ capture technology and working towards the deployment of strategically located commercial scale facilities,” said Boulet.
CO₂ is a greenhouse gas that is produced by the combustion of fossil fuels. In recent years, climate change has been increasingly attributed to rising CO₂ concentrations in the atmosphere. CO2 capture and storage (CCS) is considered a leading mitigation strategy for the reduction of greenhouse gas emissions. Governments around the world are planning for the mandatory reduction of CO₂ emissions as part of their environmental strategies.
As part of the capture and storage process, CO₂ can also be used for Enhanced Oil Recovery (EOR). EOR is a 40-year-old commercially proven process where CO₂ is injected into mature oil fields to push the stranded oil to the surface. The United States alone has a potential of 50 billion barrels ($3.5 trillion dollars) of incremental oil production using CO₂ EOR.
About Svante Inc.
Svante Inc. is commercializing the lowest cost and most energy efficient technology for capturing post-combustion CO2 from industrial flue gas streams. The proprietary VeloxoTherm™ process is less than one-third the cost of existing capture technologies and uniquely enables CO₂ capture at a price point that unlocks an enormous and lucrative opportunity – CO₂ Enhanced Oil Recovery (EOR). Inventys’ goal is to rapidly create enterprise value by securing a significant share of the CO₂ EOR value chain and become a global technology supplier for the reduction of greenhouse gas emissions. Inventys is currently working on several pilot plant demonstration projects and partnering with some of the world’s largest energy and manufacturing companies to rapidly deploy the technology. For more information about Inventys, please visit the website at www.inventysinc.com.
Caution concerning forward-looking statements: Certain statements contained in this news release may constitute “forward-looking statements”. When used in this news release, the words “may”, “would”, “could”, “will”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “expect”, “investigate”, ”looking at” and similar expressions, as they relate to Svante (Formerly Inventys) or its management, are intended to identify forward-looking statements or information. Such statements or information reflect Svante current views with respect to future events and are subject to certain risks, uncertainties and assumptions. Many factors could cause Svante’ actual results, performance or achievements to be materially different from any future results, performance or achievements that may be expressed or implied by such forward-looking statements or information. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements or information prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. Svante does not intend, and does not assume any obligation, to update such forward-looking statements or information.
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