Svante Closes CAD$10M Equity Investment with Husky Energy as Lead Investor
Financing supports the deployment of a next-gen carbon capture pilot plant at Husky’s Pikes Peak South Lloyd thermal project
VANCOUVER, British Columbia — Tuesday, July 11, 2017 — Svante (formerly Inventys Thermal Technologies), the developer of the VeloxoTherm™ System, a carbon dioxide (CO2) capture process, today announced that it has closed an equity financing with Husky Energy as lead investor. The Company raised total cash proceeds of CAD$10 million in this first tranche of its current Round B-11 financing process, including investments from existing investors, The Roda Group and Chrysalix Energy Venture Capital.
Proceeds from the transaction will fund a 30-tonne per day (TPD) CO2-capture pilot plant aimed at producing a low-cost CO2-supply solution for Husky’s heavy oil enhanced oil recovery (EOR) program near Lloydminster, Saskatchewan.
“We’re very pleased to work with Husky and welcome its investment and industry knowledge,” said Svante President and Chief Executive Officer Claude Letourneau. “This is the world’s first pilot-scale plant using structured adsorbents to capture CO2 from a once-through steam generator (OTSG) for use in heavy oil recovery.”
Letourneau added, “Canada offers the perfect setting to prove our second-generation carbon capture technology, reduce carbon emissions, uphold Canada’s climate goals, create jobs, and support industrial growth.”
The VeloxoTherm™ System is a next-generation CO2-capture technology that has the potential to deliver breakthrough capture costs. By combining a uniquely patented solid adsorbent structure with a rapid cycling temperature swing adsorption process, Svante has successfully demonstrated economical CO2 capture capabilities with its compact adsorption machine.
Earlier this year, Svante commissioned a self-contained 0.5 TPD VeloxoTherm field demonstration plant at the same Husky site as a platform for rapid development of its new adsorbent structures. The demo plant has recorded meaningful data since testing began in early 2017. The test results over the next six months will shape the design of the 30-TPD plant. The pilot plant is planned to be commissioned in the fall of 2018.
Husky has been growing its heavy oil bitumen production in the Lloydminster region of Saskatchewan and Alberta through the use of thermal technologies, where steam is injected into oil reservoirs to increase recovery. Through Svante’s technology, Husky is looking to capture the CO2 generated from its thermal operations and use it to increase oil recovery from adjacent assets.
Svante’s structured adsorbent is a platform technology which is used in gas separation processes, including the VeloxoTherm™ process. The company’s patented structured adsorbent technology is used to capture high purity CO2 from dilute flue gas from coal and gas-fired power plants and industrial processes using novel proprietary solid structured adsorbent materials. This technology supports an aggressive time-to-market strategy needed to keep global warming under 2°C.
Svante offers companies in emissions-intensive industries a commercially viable way to capture large-scale CO2 emissions from existing infrastructure, either for safe storage or to be recycled for further industrial use in a closed loop. With the ability to capture CO2 directly from industrial sources at less than half the capital cost of existing solutions, Svante makes industrial-scale carbon capture a reality. Svante’s Board of Directors includes Nobel Laureate and former Secretary of Energy, Steven Chu; former Airbus Group’s Chief Technical Officer Jean Botti; and Ganesh Kailasam, Technical Director of the Oil and Gas Climate Initiative. To learn more about Svante’s technology, mission and people, click here. You can also connect with us on LinkedIn or Twitter @svantesolutions.
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For printing or downloading a pdf copy of the release: 2017-07-11_Husky-Investment