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OGCI Climate Investments continues to back Svante

Published by , Editorial Assistant
Hydrocarbon Engineering,


OGCI Climate Investments (CI), a specialist investor focused on capital-efficient decarbonisation solutions, has made an additional investment in Svante, the developer of modular, scalable carbon capture and removal technology based on unique solid adsorbents. The investment formed part of Svante’s Series E fundraising round, which values the company over US$1 billion, giving it unicorn status.

CI initially invested in Svante in 2018, with additional investments in every following round alongside new and existing investors. The latest funding round, led by existing shareholder Chevron, raised US$318 million, making it the largest capital raise for a point source carbon capture technology provider.

Svante makes filters and rotary contactor machines that capture and remove carbon dioxide (CO2), a greenhouse gas, from industrial emissions and the air. The proven technology, available today, has the potential to significantly reduce the cost of carbon capture plant ownership, making it a promising solution for commercial-scale industrial carbon capture, utilisation and storage (CCUS) projects across industries.

“Low-cost carbon capture is a critical element for global CCUS ambitions, and Svante is a great example of a working, transformational technology with proven financial potential which delivers material impact,” Marc van den Berg, Managing Director, Ventures at CI said. “Svante has become our second portfolio company to achieve unicorn status - proof of the key role a connected and involved investor like CI can play.”

Svante’s latest funding round will support its commercial-scale filter manufacturing facility in Vancouver, BC, Canada, which is anticipated to produce enough filter modules to capture millions of tonnes of CO2 per year across hundreds of large-scale CCS facilities.

"We are thrilled to be working alongside one of our earliest investors towards a solution that will contribute to a low carbon future,” said Claude Letourneau, President and CEO of Svante Inc. "CI's support has been pivotal in enabling us to demonstrate this technology in the field, which is an important step in advancing the technology toward commercialisation".

Svante’s other Series E participants included existing shareholders Temasek, Delek US, and Hesta AG, as well as new investors, 3M Ventures (the venture capital arm of 3M Company), Full Circle Capital, GE Vernova, Japan Energy Fund, Liberty Media, M&G Catalyst, Samsung Ventures, TechEnergy Ventures, and United Airlines Ventures.

Read the article online at: https://www.hydrocarbonengineering.com/the-environment/20012023/ogci-climate-investments-continues-to-back-svante/

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