Inventys today announced that it has formally closed on an investment of US $10 million from OGCI Climate Investments and BDC Cleantech Practice as well as an additional follow-on investment from existing shareholders Husky Energy, The Roda Group and Chevron Technology Ventures.
This brings total proceeds received under the Series C Financing to US $26 million.
Headquartered in Vancouver, BC, Canada, Inventys Thermal Technologies is a leading carbontech company with a vision to be a global leader in building a CO₂ marketplace and enabling the mass market for bulk distributed CO₂ supply by being a focused low-cost supplier.
The funds will be used to complete the Company’s 30-tonne-per-day (TPD) CO₂ capture plant demonstration project with Husky Energy in Saskatchewan, currently in the commissioning stage and due to begin operations in Q3 of 2019.
The funds will also allow Inventys to focus on scale-up activities for the manufacturing of its filter beds and proprietary rotating adsorption machine at a larger commercial scale.
“Inventys’ breakthrough low-cost carbon capture technology using solid sorbent structured laminates will enable the market for certified zero- carbon hydrogen, steam and power from natural gas,” says Inventys President and CEO Claude Letourneau.
“We can produce low-cost pipeline-ready CO2 for storage/enhanced oil recovery (EOR) from atmosphere-bound CO2 from industrial and power plant sources, thus limiting the climate impact of the use of fossil fuels. We see this as part of the least-cost global energy transition – decarbonizing industrial processes and power plants to provide dispatchable backup to renewables and energy security. Despite the fantastic build out of renewables, about 80% of global energy is still supplied by fossil fuels, about the same as half a century ago. Removing the CO2 emissions from this energy source is critical.”