Chart and Svante Inc. sign MoU
Published by Callum O'Reilly,
Svante Inc. and Chart Industries Inc. have entered into a binding commercial Memorandum of Understanding (MoU).
The MoU establishes how the companies will explore commercial opportunities as channel to market preferred partners and collaborate to develop an integrated carbon capture solution using Svante’s rapid adsorption technology and Chart’s cryogenic carbon capture technology to make high-purity CO2 products from industrial flue gas streams. The MoU was executed in conjunction with the completion of Chart’s investment in Svante in the amount of US$15 million, representing under 10% of its capital stock on a fully diluted basis. The investment was done as part of Svante’s Series D offering.
“Value chain partnerships with leaders like Chart have been an important part of our commercialisation strategy and integral to our success marketing world-leading competitive carbon capture solutions,” said Claude Letourneau, President and CEO of Svante Inc. “Chart offers a great range of products and services in the CO2 cryogenic separation and liquefaction space complementary to our carbon capture proprietary equipment.”
“[The] investment in Svante and our recent acquisition of Sustainable Energy Solutions Inc. (SES) further builds partnerships to create a one-stop solution for those looking for integrated technology and equipment for carbon capture and direct air capture, liquefication and transport of CO2,” said Jill Evanko, President and CEO of Chart. “Our air-cooled heat exchangers, brazed aluminium heat exchangers, IPSMR© refrigeration/liquefaction system and cryogenic storage/transport equipment are a significant part of the balance-of-plant within carbon capture, utilisation and storage (CCUS) projects.”
As a value-added reseller, Svante will be part of the sales channel of Chart OEM business in CO2 products. This will allow both organisations to standardise related process equipment and offer market competitive integrated solutions to streamline the contracting process. The carbon-capture facilities will employ Svante’s solid sorbent technology to capture carbon directly from industrial post-combustion flue gases as a non-intrusive ‘end-of-the-pipe’ solution to produce pipeline-grade CO2 for safe transportation and storage. Additionally, there is a significant synergy potential to integrate Chart’s SES Carbon Capture Technology (CCC) with Svante’s technology, creating an even more cost competitive solution for obtaining or maintaining the highest purity of CO2 (99.99%).
Chart’s investment furthers access to commercial projects underway and new opportunities in the North American carbon capture market.
Read the article online at: https://www.hydrocarbonengineering.com/the-environment/08022021/chart-and-svante-inc-sign-mou/
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