Svante Announces US$11M Series C Fundraising Round with OGCI Climate Investments as Lead Investor
Advanced carbon capture technology company, Svante, has secured US$11M with lead investment from OGCI Climate Investments, alongside existing investors The Roda Group and Chevron Technology Ventures, as part of a planned US$21M Series C Financing Round
VANCOUVER, BC, Canada — Monday, July 16, 2018 — Svante (formerly Inventys) announced that it has closed an initial tranche of its Series C equity financing led by OGCI Climate Investments, and including existing investors The Roda Group and Chevron Technology Ventures. A total amount raised so far of US$11M towards the Series C financing will fund the 30-tonne per day (TPD) CO₂ capture pilot plant demonstration program with Husky Energy scheduled to be in operation in Q1-2019, as well as support Inventys’ aggressive time-to-market strategy for 2020.
Dr. Pratima Rangarajan, CEO of OGCI Climate Investments, said, “As we address climate change, we must develop economic ways to capture, utilize, and store CO2. Svante’s technology can cause a step change in the economics of CO2 capture.”
“At Inventys, we see it as an opportunity to put CO₂ to work. Some say it’s too costly and difficult to capture and use or store CO₂ using a distributed supply model. We believe Svante’s technology will prove them wrong,” said Svante President & CEO Claude Letourneau.
“We’ve built a world-class team of scientists, engineers, technicians, specialists, strategists, project developers and entrepreneurs dedicated to creating a global CO₂ marketplace using our breakthrough next-generation carbon capture technology.’’
A key building block for unlocking the growth of the CO₂ marketplace is shifting the carbon capture cost curve down by at least a factor of two from conventional technology (chemical solvents). Svante found a way to do this with advanced solid adsorbent nanomaterials, combined with a novel modular compact contactor, to capture CO₂ from very dilute post-combustion flue gases (from industrial processes and gas-fired power plants).
Dr. Steven Chu, former US Secretary of Energy and a member of Svante’s board of directors, said “Carbon capture, utilization, and sequestration from point sources such as power, cement, and steel plants is essential to minimize the risks of climate change. After completing an extensive due diligence process, OGCI Climate Investments recognized that Svante has a leadership position in dramatically lowering the cost of carbon capture needed to develop this multibillion-dollar market opportunity.”
Due to the interest expressed by a number of strategic investors, the company is able to issue a number of additional Series C shares, for additional proceeds of up to US$10M (completing the US$21M Series C round), within a limited time window following this initial close.
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.
About OGCI Climate Investments
OGCI Climate Investments LLP is a billion-dollar investment fund focused on initiating practical actions to deliver solutions for a sustainable, low-emissions future. The fund invests in technologies that have the potential to significantly reduce greenhouse gas emissions, are economically viable, ready to be commercialized, and deployed at scale. It was launched in November 2016 by the Oil and Gas Climate Initiative, a voluntary initiative led by CEOs of 10 global oil and gas companies. For more information, please visit www.oilandgasclimateinitiative.com.
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For printing or downloading a PDF copy of the release: OGCI-Investment-SeriesC