Svante, a carbon capture and removal company based in British Columbia, is receiving up to $100 million to speed the deployment of its climate technology.
The cash comes from Canada Growth Fund, a public investment fund used to back the nation’s clean energy sector and attract private dollars to the space. The investment is coming in two tranches: $50 million will be issued immediately to fund commercial projects that are currently underway, and there’s potential for an additional $50 million for Canada-focused initiatives.
Svante launched in 2007 and has raised $574 million in U.S. dollars to date. It has 308 employees. In 2022 it raised a $318 million Series E round led by Chevron New Energies, a division of the fossil fuel giant Chevron.
Svante is developing devices that are deployed at industrial facilities to capture carbon emissions as well as technology to remove carbon dioxide from the atmosphere, which is known as direct air capture. The trapped carbon is then concentrated for storage or industrial uses.
The company is building a 141,000-square-foot facility just east of Vancouver in Burnaby, B.C. The site will manufacture carbon capturing filters and operate as Svante’s global headquarters and R&D center.
In February, Svante was selected by the U.S. Department of Energy (DOE) for a large-scale, carbon capture pilot project at a fossil fuel refinery in Texas. The DOE initiative provides cost sharing that could unlock up to $95 million of federal funding to develop the Delek’s Big Spring project.
Worldwide, companies developing carbon capture and removal technologies have raised a total of $2.8 billion, according to PitchBook.
Earlier this month, Spokane, Wash.-based startup CarbonQuest raised new capital to expand the reach of its carbon capturing devices, which are paired with smaller industrial emissions. The investment came from Houston’s Riverbend Energy Group and the amount of funding was not disclosed.
Related: Chevron leads $318M investment round for carbon capture company Svante as sector booms