VANCOUVER, British Columbia & HOUSTON--(BUSINESS WIRE)--Svante Inc. (formerly Inventys Inc.) announced that Chevron Technology Ventures (CTV) commissioned a pre-front end engineering design (pre-FEED) study that will explore the potential for trialing Svante’s technology in Chevron’s operations. The study will evaluate the feasibility and design of a 10,000 tonne-per-year carbon capture unit in one of Chevron’s California facilities and is expected to be complete in the first half of 2020.
“We are thrilled to be working alongside one of our earliest investors towards a solution that will contribute to a low carbon future,” said Claude Letourneau, President and CEO of Svante Inc. “We have a demonstration plant in Saskatchewan capturing 10,000 tonnes per year from an industrial natural gas steam boiler. This project will take the learnings from our demonstration plant to design and build an improved second-of-a-kind facility using our state-of-the-art proprietary nano-filter technology.’’
Chevron has been an active supporter in developing carbon capture, utilization and storage technologies. One example of this is CTV’s investment in Svante. CTV first invested in Svante in 2014.
“At Chevron, we believe our industry is well-positioned to help commercialize carbon capture, utilization and storage technologies that will be essential for the energy transition,” said Barbara Burger, President of Chevron Technology Ventures. “We have leveraged venture capital and trial capabilities, our experience, and our operations to support the development of low carbon solutions.”
“Demonstrating this technology in the field is an important step in advancing a technology towards commercialization and scale,” Burger said. “Commissioning this study reflects our commitment to advance breakthrough innovation that will be important in a low carbon economy and help Chevron deliver on our mission to produce and provide affordable, reliable and ever-cleaner energy.”
CTV invested in Svante through Fund V, which supports early to mid-stage companies developing emerging technologies that have the potential to improve Chevron’s core business. In 2018, CTV established a separate fund, the Future Energy Fund, to invest solely in breakthrough technologies that enable the energy transition. Chevron also participates in the Oil and Gas Climate Initiative’s (OGCI) $1 billion + investment fund, Climate Investments LLP. Climate Investments, which also invested in Svante, supports the development of technologies that will lower the carbon footprints of the energy and industrial sectors and their value chains.
Svante, a global carbon capture technology leader, offers companies in industries with hard-to-abate emissions a commercially viable way to capture large-scale CO2 emissions from existing infrastructure at half the capital cost of traditional solutions.
About Svante
Svante offers companies in emissions-intensive industries a commercially viable way to capture large-scale CO2 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 CO2 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 Steven Berkenfeld, former Head of Industrial & Cleantech Practice at Barclays Capital. To learn more about Svante’s technology, mission and people, watch their corporate video, and visit Svante’s website, LinkedIn or Twitter (@svantesolutions).
About Chevron Technology Ventures
Formed in 1999, Chevron Technology Ventures (CTV), operating as a division of Chevron U.S.A. Inc., pursues new business solutions and externally-developed technologies that have the potential to enhance the way Chevron produces and delivers affordable, reliable and ever-cleaner energy. CTV fosters innovation, supporting vibrant startup ecosystems and championing technology integration internally. Through its investment portfolio and internal use pipeline that trials technologies for use within Chevron, CTV has supported a wide range of pioneering companies that are helping to shape the future of energy.