Svante, Enbridge, Cross River Infrastructure Partners and OTS have joined forces to explore commercial opportunities in North America to develop, build, own and operate carbon capture projects for carbon intensive industries.
The consortium have inked a Memorandum of Understanding that establishes Cross Carbon Ventures (CCV), a new independent carbon capture development partnership.
CCV will target the decarbonization of emissions by heavy industries including cement, steelmaking, petroleum refining, and large-scale hydrogen production through the development of point-source carbon capture projects.
“Providing large-scale industrial emitters with a Carbon Capture-as-a-Service offering will be integral to scaling up the carbon capture industry along with CO2 hubs to achieve global decarbonization targets,” said Aaron Ratner, President of CCV.
CCV will leverage Svante’s innovative technology to capture carbon directly from industrial post-combustion flue gases to produce pipeline-grade CO2 for safe transportation and storage.
“CCV is an ideal partnership to commercialize our technology and to provide a net-zero CO2 emission solution. CCV’s offering, along with progressive carbon abatement policies can make a Carbon Capture-as-a-Service business model profitable across a range of large-scale industrial applications,’’ said Claude Letourneau, Svante’s President and CEO.
Enbridge, North America’s leading energy infrastructure company, has a unique asset footprint and capabilities spanning the transportation and storage of conventional and low carbon energy sources that are essential to meeting global emissions reduction goals.
CCV will also benefit from OTS’s experience in operational readiness, commissioning, operation and maintenance of complex first-of-a-kind sustainable infrastructure projects.