Canada Growth Fund to invest up to US$100 million in Svante to accelerate growth
Published by Poppy Clements,
Assistant Editor
Hydrocarbon Engineering,
CGF has a mandate to invest in Canadian clean technology businesses that are scaling technologies currently in the commercialisation stage of development. Svante is a leading developer of carbon capture and removal technology, with significant potential to accelerate emissions reductions in hard-to-abate sectors worldwide. CGF’s investment enables the company to focus on its first-of-a-kind (FOAK) deployment opportunities and will encourage the business to prioritise opportunities in its Canadian pipeline. CGF’s capital is supporting ongoing Canadian operations and will encourage Svante to accelerate the delivery of projects domestically and internationally, leveraging their Canadian IP and manufacturing capabilities.
“CGF is working to accelerate the deployment of key Canadian carbon capture technologies, and to scale the manufacturing and export of promising solutions to showcase Canadian technologies internationally,” said Patrick Charbonneau, President and CEO of Canada Growth Fund Investment Management Inc. (CGF Investment Management). “Svante has a tremendous market opportunity, globally and here at home, and we look forward to supporting this company in its growth.”
CGF will fund its investment in two tranches: (i) an initial tranche of US$50 million will be used to accelerate and de-risk FOAK commercial projects currently underway and (ii) a potential second tranche expected to be tied to project-specific requirements to match Svante’s capital needs for the development and construction of projects alongside the Company’s co-development partners.
Claude Letourneau, Svante’s President and CEO, said: “We are delighted with this investment by CGF. It is transformational for Svante and complements the US$145 million capital investment made in our new carbon capture and removal filter manufacturing facility under construction in Vancouver. This will strengthen our integrated project development services offering to help our customers de-risk FOAK projects by providing both our in-house project development advisory expertise and financing. This new offering bridges the gap for our customers as it enables them to reach final investment decision.”
Read the article online at: https://www.hydrocarbonengineering.com/the-environment/16082024/canada-growth-fund-to-invest-up-to-us100-million-in-svante-to-accelerate-growth/
You might also like
Hydrocarbon Engineering Podcast
Mike Logue, Owens Corning Global Business Director – Mechanical Insulation, delves into factors that can support the performance, safety and longevity of insulating systems installed in hydrocarbon processing environments, including cryogenic facilities.
Watlow expands facility in Malaysia
Watlow accelerates growth in Malaysia with expanded facility and long-term commitment to southeast Asia’s industrial development.
