Canada Growth Fund spurs Svante carbon capture technology

Svante, a Vancouver, B.C.-based carbon capture and removal project developer, will see C$137 million (US$100 million) in federal funding to accelerate its commercial-scale projects in Canada and the U.S.

Funded through Canada Growth Fund Inc., the money builds on the C$198.65 million (US$145 million) Svante is investing in its new carbon capture and removal filter manufacturing facility under construction in Burnaby, B.C.

“The Canada Growth Fund’s investment in Svante will help drive the kind of economic growth we need and keep Canada on track to net-zero by 2050,” said Deputy Prime Minister and Finance Minister Chrystia Freeland in a press release.

“By investing in cutting-edge Canadian innovators, we are decarbonizing industries and making energy more affordable, while reducing emissions and creating good-paying jobs.”

The 141,000 sq. ft. facility is expected to produce enough filters to capture 10 million tonnes of carbon dioxide (CO₂) annually. It’ll be paired with the company’s global headquarters and research and development centre,  supporting approximately 300 jobs.

The C$137 million investment is expected to secure the company’s Canadian-based future and reduce emissions from heavy industries in Canada and around the world.

Half of the money, or C$68.5 million (US$50 million), is available to Svante up front, and a matching portion will be available for the company to draw on for future carbon capture, utilization, and storage projects (CCUS).

CCUS is a suite of technologies that captures CO₂ emissions to either safely store them_, or use in other industrial processes, such as permanent mineralization in concrete.

“As we look to address the climate crisis, countries and companies that are thoughtful and strategic will look to seize the opportunities that a low-carbon future presents,” said Jonathan Wilkinson, Minister of Energy and Natural Resources, in the release.

“Companies such as Svante are rapidly moving to use policy tools available to them to generate economic growth and create good jobs now and into the future.”

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.

The Canada Growth Fund is a $15-billion arm’s length public investment vehicle launched by the federal government to attract private capital and invest in Canadian projects and businesses, which is led by Canadian public sector pension professionals.