Svante secures $100 million from Canada Growth Fund to accelerate carbon capture projects
Svante, a carbon capture company, announced that it had received $100 million in funding from the Canada Growth Fund (CGF). The funds are meant to accelerate the development and construction of Svante’s commercial carbon capture and removal projects in Canada and the US.
According to the press release, CGF has “a mandate to invest in Canadian clean technology businesses that are scaling technologies currently in the commercialization stage of development”.
The investment from CGF allows Svante to focus on its first-of-a-kind deployment opportunities and will help the company prioritize opportunities in its Canadian pipeline.
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CGF's capital investment is enhancing Svante’s current operations in Canada. It will urge Svante to speed up the completion of projects both within Canada and internationally, utilizing its Canadian intellectual property and manufacturing strengths.
“CGF is working to accelerate the deployment of key Canadian carbon capture technologies and to scale the manufacturing and export of promising solutions to showcase Canadian technologies internationally,” said Patrick Charbonneau, President and CEO of Canada Growth Fund Investment Management Inc.
“Svante has a tremendous market opportunity, globally and here at home, and we look forward to supporting this company in its growth.”
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CGF will fund its investment in two phases. The first phase involves an initial $50 million tranche aimed at accelerating and de-risking ongoing first-of-a-kind commercial projects.
The second phase includes a potential additional tranche, which will be allocated based on specific project requirements.
This tranche is expected to align with Svante’s capital needs for the development and construction of projects in collaboration with the Company’s co-development partners.
