Chevron New Energies, a division of Chevron USA, has invested in Canadian carbon capture and removal solutions provider Svante to help advance its commercial-scale filter manufacturing facility in Vancouver.
Svante’s carbon capture and removal technology uses structured adsorbent beds, known as filters, that capture and release CO2 in less than 60 seconds. With the new investment, it is hoped the Vancouver site could produce enough of these modules to capture millions of tonnes of CO2 annually.
In total, $318m dollars were raised in Svante’s Series E fundraising round, with Chevron as the leader investor. The US energy major first invested in Svante back in 2014 and they have worked together since.
Claude Letourneau, President and CEO of Svante, said he is proud that a group of existing and strategic financial investors, including Chevron, have placed confidence in the carbon management industry.
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