Svante, a carbon capture technology provider, has secured up to $100 million in investment from the Canada Growth Fund (CGF), a government-backed initiative. The funding will support Svante’s efforts to develop projects targeting emissions in hard-to-abate industries in Canada and the U.S. Launched in 2023 with $15 billion for deployment over five years, CGF aims to promote a clean economy in Canada by attracting private capital to invest in low-carbon projects and technologies. This latest investment is CGF’s seventh, following previous investments such as $200 million in the carbon capture startup Entropy, $90 million in geothermal energy company Eavor Technologies, and up to $1 billion for carbon capture infrastructure in the oil sands.
Svante, founded in 2007 in Burnaby, British Columbia, offers technology for capturing CO2 from industrial emissions. The company’s solutions target sectors like hydrogen, cement, steel, and chemicals, and can also be used for Direct Air Capture (DAC). Svante is currently building a 141,000 square meter facility in Burnaby that is expected to produce filters capable of removing 10 million tons of CO2 per year. CGF investments will be funded through cash transfers with an initial payment of $50 million and a second tranche of $50 million to develop carbon capture projects in Canada.