Svante and Cross River Infrastructure Partners Form Partnership to Develop Industrial-Scale Carbon Capture Projects
VANCOUVER, British Columbia--(BUSINESS WIRE)--Nov 28, 2019--
Svante Inc. has signed a collaboration agreement with Cross River Infrastructure Partners LLC to develop commercial projects in North America that employ Svante’s technology, which is capable of capturing carbon directly from industrial sources at half the capital cost of existing solutions.
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(Photo: Svante Inc)
Connecticut-based Cross River is a leading developer of sustainable infrastructure, developing and financing next-generation waste-to-energy and carbon-to-value projects in North America.
Cross River will be responsible for project origination and financing for carbon capture and storage projects using Svante’s proprietary technology, as well as operating facilities that deliver captured CO 2 to end-users.
“We provide capital and commercialization solutions to technology providers such as Svante to develop pipelines of small to mid-size projects with similar risk profiles’’ said Andrew Wilder, CEO of Cross River. “Our goal is to help unlock significant investment capital to accelerate the deployment of low-carbon technologies, such as Svante’s.’’
Svante’s technology is currently being deployed in the field at pilot plant-scale by industry leaders in the energy and cement manufacturing sectors. The CO 2 MENT Project – a partnership between LafargeHolcim and TOTAL S.A. – is building a 1 tonne per day plant in Richmond, British Columbia that will re-inject captured CO 2 into concrete, while the construction of a 30 tonne per day demonstration plant was completed this summer at an industrial facility in Lloydminster, Saskatchewan, Canada.
“With the development of new sustainable investment strategies, in combination with government policies such as the United States’ 45Q tax credit to incentivise industry and traditional project financing, the financial sector is poised to support industrial scale carbon capture that will have a meaningful impact on the climate change,” said Claude Letourneau, President and CEO of Svante. “An integrated project delivery model is fundamental to ensuring carbon capture and storage projects can be financed and delivered with both cost and scheduling certainty.”
The partnership will focus on the Permian Basin in the U.S. and in Canada’s western provinces, both of which have large CO 2 storage potential, a wide range of commercial CO 2 users, and a significant number of industrial sources of CO 2, such as cement, chemicals and hydrogen production. The existing CO 2 pipeline infrastructure in the U.S. transports mined CO 2, with no climate benefit, thus creating an opportunity to transition to sourcing CO 2 from man-made industrial emissions.
Svante’s cost advantage, combined with progressive tax credit policies, can make carbon capture profitable across a range of large-scale industrial applications to significantly cut emissions from hard-to-abate sectors.
When used in combination with direct air capture, Svante’s source capture technology can result in net zero carbon emissions from currently emissions-intensive industries, while a single Svante plant can capture a million tons of carbon a year - equal to eliminating the emissions generated by more than 200,000 cars.
“We are very pleased to collaborate with Cross River to unite all the stakeholders – industrial CO 2 emitters, industrial CO 2 users, technology providers, investors, and operations teams – in common cause,” Letourneau said. “This partnership is critical to bringing the cost of carbon capture within reach, creating jobs, generating wealth and incentivizing industry to join the fight against climate change.”
Svante offers companies in emissions-intensive industries a commercially viable way to capture large-scale CO 2 emissions from existing infrastructure, either for safe storage or to be recycled for further industrial use in a closed loop. With the ability to capture CO 2 directly from industrial sources at less than half the capital cost of existing solutions, Svante makes industrial-scale carbon capture a reality. Svante’s Board of Directors includes Nobel Laureate and former Secretary of Energy, Steven Chu; former Airbus Group’s Chief Technical Officer Jean Botti; and Ganesh Kailasam, Technical Director of the Oil and Gas Climate Initiative. To learn more about Svante’s technology, mission and people, click here. You can also connect with us on LinkedIn or Twitter @svantesolutions.
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KEYWORD: NORTH AMERICA CANADA
INDUSTRY KEYWORD: OTHER ENERGY TECHNOLOGY ENVIRONMENT OTHER TECHNOLOGY ALTERNATIVE ENERGY ENERGY
SOURCE: Svante Inc.
Copyright Business Wire 2019.
PUB: 11/28/2019 07:00 AM/DISC: 11/28/2019 07:01 AM