The Government of Canada has invested $25 million in Squamish’s Carbon Engineering, a clean energy company that specializes in technologies that capture and reuse carbon dioxide.
The investment highlights Canada’s support for cleantech innovations and the government’s commitment to deploy technologies supporting a low carbon economy.
The announcement was made by Jonathon Wilkinson, Minister of Fisheries, Oceans, and the Canadian Coast Guard, and follows Carbon Engineering’s recent investment round of over $90 million that included Bill Gates.
The funding from Ottawa will help Carbon Engineering commercialize its developed and demonstrated clean energy technologies.
The funding will also see Carbon Engineering design, construct and operate the Newport Innovation Centre in Squamish, which will include an Advanced Development Facility and a fully integrated DAC and AIR TO FUELS™ plant.
The plant will be capable of capturing 4.5 tonnes of CO2 from the atmosphere and capable of producing at least 320 litres of ultra-low carbon fuel each day.
“Our government’s investment in Carbon Engineering is a commitment to an innovative economy and to a sector that offers tremendous promise,” said Navdeep Bains, Minister of Innovation, Science and Economic Development.
“Canadian ingenuity is at work to find solutions to one of the world’s most pressing challenges, climate change. We are creating good middle-class jobs and positioning Canada at the forefront of the growing field of clean technologies.”
“With an increasing focus worldwide on the need to transition to a low carbon economy, companies that provide cost-effective and scalable solutions for lowering carbon levels will be leaders in an emerging global economy,” said Steve Oldham, CEO of Carbon Engineering.
“Carbon Engineering’s air treatment technologies have the potential to realize significant greenhouse gas reductions, create jobs and investment in Canadian projects, and deliver clean fuels to customers.”
“We are grateful for this support as we work to commercialize our technology and cement our position as a world leader in this field.”