Suncor and Svante Inc. have entered an equity financing agreement on March 18 which provides Svante with the additional growth capital to accelerate the commercialization of Svante’s novel second generation CO2 capture technology in North America for the decarbonization of industrial emissions and hydrogen production.

Combined, Suncor and a number of family office investors have invested $25 million of equity financing, bringing the total proceeds raised under Svante’s Series D financing to $100 million, up from $75 million as announced on February 2, 2021, and completing the largest single private investment into point source carbon capture technology globally to date.

This final closing of the Series D financing includes Canadian energy company, Suncor Energy, and Carbon Direct SPV I LLC. Existing investors Temasek, Chart Industries, Carbon Direct, OGCI Climate Investments, BDC Cleantech Practice, Chevron Technology Ventures, The Roda Group, Chrysalix Venture Capital and Export Development Canada (EDC) also participated in the Series D round, reflecting strong on-going support for the Company, including its market strategy and recent progress.

Svante has now attracted more than $175 million in total funding since it was founded in 2007 to develop and commercialize its breakthrough solid sorbent technology at half the capital cost of traditional engineered solutions.

“Carbon Capture is a strategic technology area for Suncor to reduce GHG emissions in our base business and produce blue hydrogen as an energy product,” Mark Little, president and CEO of Suncor, said. “An investment in Svante is expected to support the acceleration of commercial scale deployment of a technology that has the potential to dramatically reduce the cost associated with carbon capture. We are excited to become both an investor in and a collaborative partner with the company.”  

Supporting Svante with the transaction were financial advisors Fort Capital Partners and Full Circle Capital, and legal counsel Blake, Cassels & Graydon LLP.