Vancouver’s Svante has raised a $318 million Series E fundraising round led by Chevron New Energies (CNE), a division of Chevron U.S.A. Inc.
Since its founding in 2007, Svante has developed carbon capture and removal technology using structured adsorbent beds, known as filters.
The funding will support Svante’s commercial-scale filter manufacturing facility in Vancouver, which is anticipated to produce enough filter modules to capture millions of tonnes of carbon dioxide (CO2) per year across hundreds of large-scale carbon capture and storage facilities.
“We are proud that Chevron and a group of existing and new strategic and financial investors have demonstrated their confidence in Svante to be a key player in building a commercially viable carbon management industry,” said Claude Letourneau, President and CEO of Svante.
“We are working to remove the biggest barriers to rapid deployment of industrial carbon capture by building this manufacturing facility, which we expect will enable us to rapidly expand our order book.”
In 2021, Chevron launched CNE to accelerate lower carbon business opportunities in CCUS, hydrogen, renewable fuels and products, offsets, and emerging technologies. Chevron plans to invest $10 billion in lower carbon projects through 2028 and remains committed to collaborating in new ways to accelerate progress.
Chevron Technology Ventures made an initial investment in Svante in 2014. In 2020, Chevron launched a project to pilot Svante technology to capture CO2 from post combustion of natural gas.