The rapid expansion of carbon capture technologies

Svante was founded by four professionals from the gas purification and separation industry in 2007 and has since used their collective expertise in carbon capture and removal solutions to develop filters and modular rotary contractor machines to reduce greenhouse gas emissions. Gas Processing & LNG had the opportunity to speak with Matthew Stevenson, Chief Revenue Officer for Svante, about their Series E fundraiser, deal with Chevron New Energies and metal-organic frameworks.

U.S. oil company, Chevron, led a $318-MM fundraising round for Canada-based Svante in December 2022. This was the largest fundraising round for a carbon capture company, solidifying Svante as a billion company.

“Chevron New Energies led our series E financing, which closed in December, and was about $320-MM total round. Chevron Technology Ventures, a CVC arm, first invested in the company in 2014,” said Stevenson. “So, we have had a long relationship with Chevron and a new relationship with Chevron New Energies, but we see them as leaders in the space. They are putting real people in real capitalism.”

However, Chevron New Energies are not the only investor procured by the company. The Oil and Gas Climate Initiative, Temasek, a Singapore sovereign wealth fund and several other venture capital investors have raised approximately $500 MM. According to Stevenson, these companies are focused on the long-term view of the energy transition.

“I think the approach is differentiated from the first-generation technologies because we are using a solid-state approach. We think that enables us to have a scalable, modular, repeatable manufacturing process to produce the filters and an adsorption machine that can bring down the cost structure over time,” said Stevenson. “This adds a lot of capacity into the market; we see tightness coming up in the next several years. We go from 40 MMt of installed capacity in terms of CCS today, and there is a 200 MMt of backlog analysis.”

“The IEA IPCC says we need to get to 1 Btpy of CO2 capture by 2030. So that's a rapid expansion, and there will be bottlenecks. We think our technology platform and the fact that we are building out a world-class manufacturing facility today, capable of doing ten 1-MMtpy capture plants every year. We could reinstall the entire CCS base in four years, although it is a much smaller fraction of what's coming.”

Svante also partnered with BASF, a leading chemical producer, to develop the metal framework for its solid assortment technology. According to Stevenson, BASF assisted in reducing development costs and mitigating risk against the supply chain issues associated with developing the materials. The company’s technology has no chemical emissions, separating them from traditional carbon capture technologies.

Story by: Tyler Campbell, Managing Editor, H2Tech

Related News


{{ error }}
{{ comment.comment.Name }} • {{ comment.timeAgo }}
{{ comment.comment.Text }}