Burnaby’s Svante has secured an investment of up to $137 million from the Canada Growth Fund to accelerate the company’s development and construction of commercial-scale carbon capture and removal projects.
Svante is a leading Canadian clean tech company that manufactures filters and carbon capture machines capable of trapping and removing CO2 from heavy-emitting industries, such as cement, steel, hydrogen, and oil and gas.
According to the Government of Canada announcement, the investment will secure Svante’s future in Canada and ensure Canadian intellectual property remains Canadian-owned through its over 120 global patents.
The Canada Growth Fund investment, their seventh from the fund, builds on the $200 million Svante is investing in its new carbon capture and removal filter manufacturing facility under construction in Burnaby.
Upon completion, the Burnaby facility will be able to produce enough filters to capture ten million tonnes of CO2 annually. The new manufacturing facility will be co-located with the company’s global headquarters and research and development centre and will support approximately 300 good-paying jobs for British Columbians.
This new investment consists of $68.5 million provided today, with the remaining $68.5 million available for Svante to draw upon for future carbon capture, utilization, and storage (CCUS) projects, providing further potential to bolster Canada’s path to net-zero emissions by 2050.
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