Overview of Transaction
On December 15th 2022, Svante Inc. raised $318 million in a Series E led by Chevron New Energies, a division of Chevron U.S.A. Inc. to accelerate the manufacturing of Svante’s carbon capture technology.
Since its founding in 2007, Svante has developed carbon capture and removal technology using structured adsorbent beds, known as filters. This funding will support Svante’s commercial-scale filter manufacturing facility in Vancouver, which is anticipated to produce enough filter modules to capture millions of tonnes of CO2 per year across hundreds of large-scale carbon capture and storage facilities.
Other fundraising round participants include existing shareholders Temasek, OGCI Climate Investments, Delek US and Hesta AG, and new investors, 3M Ventures (the venture capital arm of 3M Company), GE Vernova, Japan Energy Fund, Liberty Media, M&G Catalyst, Samsung Engineering, TechEnergy Ventures and United Airlines Ventures.
Svante Overview
Svante offers companies in emission-intensive industries a commercially viable way to capture large-scale CO2 emissions from existing infrastructure, either for safe storage or to be used for further industrial use in a closed loop. With the ability to capture CO2 from industrial sources and directly from the atmosphere in an environmentally sustainable way, Svante makes industrial-scale carbon capture and carbon removal a reality.
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