Federal Minister of Science, Innovation and Industry François-Philippe Champagne has announced a $25 million investment in Burnaby’s Svante today.
Named after Nobel Laureate Svante Arrhenius, one of the first scientists to identify the atmospheric carbon-climate change connection, Svante captures carbon dioxide directly from industrial sources at less than half the capital cost of existing carbon removal solutions.
With this investment, Svante will set-up a new Centre of Excellence for Carbon Capture Use and Storage (CCUS) in Burnaby that will allow the company to scale up its manufacturing operations to produce commercial scale structured absorbent filters and to test its proprietary rapid adsorption machine (RAM) designs.
The $25 million investment comes as a “contribution” to Svante, some of which is forgivable, according to a government source, who spoke on condition of anonymity because the news was not yet public.
“Vancouver is the Silicon-Valley of carbon capture technology development and we are very proud to anchor our World Headquarter, R&D and Engineering test center, and first commercial filter manufacturing plant in Canada,” said Claude Letourneau, President and CEO from Svante.
“Lowering the capital cost of the capture of the CO2 emitted in industrial production is critical to the world’s net-zero carbon goals required to stabilize the climate. Leaders from industry, financial sectors and government agree on the enormity of the challenge and the critical need to deploy carbon capture and carbon removal solutions at Gigatons scale. The carbon pulled from earth as fossil fuel needs to go back into the earth in safe CO2 storage.”
Squamish-based Carbon Engineering (CE) is also a significant player in Vancouver carbon capture ecosystem. (CE) has been named on the prestigious Global Cleantech 100 list by Cleantech Group for the second year in a row.
CE was awarded the Cleantech Group’s 2021 North American Company of the Year Award for their groundbreaking Direct Air Capture (DAC) technology that can be used to create large-scale carbon removal from the atmosphere.