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Responsabilità editoriale di Business Wire
Comunicato stampa - Responsabilità editoriale di Business Wire
Canada Growth Fund Inc. (“CGF”) and Svante Technologies Inc. (“Svante” or the “Company”), a leading global carbon capture and removal solutions provider headquartered in Vancouver, Canada, announced today a financing commitment of up to US$100 million to accelerate the development and construction of Svante’s commercial carbon capture and removal projects in Canada and the US.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240815708357/en/
Claude Letourneau, Svante's President & CEO at Svante's World Headquarters, the Centre of Excellence for Carbon Capture & Removal in Vancouver, BC (Photo: Business Wire)
CGF has a mandate to invest in Canadian clean technology businesses that are scaling technologies currently in the commercialization stage of development. Svante is a leading developer of carbon capture and removal technology, with significant potential to accelerate emissions reductions in hard-to-abate sectors worldwide. CGF’s investment enables the Company to focus on its first-of-a-kind (FOAK) deployment opportunities and will encourage the business to prioritize opportunities in its Canadian pipeline. CGF’s capital is supporting ongoing Canadian operations and will encourage Svante to accelerate the delivery of projects domestically and internationally, leveraging their Canadian IP and manufacturing capabilities.
“CGF is working to accelerate the deployment of key Canadian carbon capture technologies, and to scale the manufacturing and export of promising solutions to showcase Canadian technologies internationally,” said Patrick Charbonneau, President and CEO of Canada Growth Fund Investment Management Inc. (“CGF Investment Management”). “Svante has a tremendous market opportunity, globally and here at home, and we look forward to supporting this company in its growth.”
CGF will fund its investment in two tranches: (i) an initial tranche of US$50 million will be used to accelerate and de-risk FOAK commercial projects currently underway and (ii) a potential second tranche expected to be tied to project-specific requirements to match Svante’s capital needs for the development and construction of projects alongside the Company’s co-development partners.
Claude Letourneau, Svante’s President and CEO, said: “We are delighted with this investment by CGF. It is transformational for Svante and complements the US$145 million capital investment made in our new carbon capture and removal filter manufacturing facility under construction in Vancouver. This will strengthen our Integrated Project Development Services offering to help our customers de-risk FOAK projects by providing both our in-house project development advisory expertise and financing. This new offering bridges the gap for our customers as it enables them to reach final investment decision.”
Transaction Highlights
About CGF
CGF is a $15 billion arm’s length public investment vehicle that helps attract private capital to build Canada’s clean economy by using investment instruments that absorb certain risks, in order to encourage private investment in low carbon projects, technologies, businesses, and supply chains.
CGF makes strategic investments to help Canada meet the following national economic and climate policy goals:
Further information on CGF’s mandate, strategic objectives, investment selection criteria, scope of investment activities, and range of investment instruments can be found on www.cgf-fcc.ca .
About CGF Investment Management
In Budget 2023, the Government of Canada announced that PSP Investments, through a wholly owned subsidiary, would act as investment manager for CGF. CGF Investment Management has been incorporated to act as the independent and exclusive investment manager of CGF.
About Svante
Svante is a purpose-driven, leading carbon capture and removal solutions provider. The Vancouver, Canada-based company manufactures nanoengineered filters and modular rotary contactor machines that capture and remove CO 2 from industrial emissions and the air in an environmentally responsible manner. Svante is on the 2024 Global Cleantech 100 , the XPRIZE Foundation’s XB100 – World’s Top 100 Deep Tech Companies and was ranked second among private companies in the Corporate Knights’ Future 50 Fastest Growing Sustainable Companies . For more information, visit www.svanteinc.com and follow Svante on LinkedIn at www.linkedin.com/svantesolutions .
View source version on businesswire.com: https://www.businesswire.com/news/home/20240815708357/en/
Svante Media Relations
Colleen Nitta
Director of Marketing & Communications
cnitta@svanteinc.com
604-970-2813
CGF Media Relations
mediacgf@cgf-fcc.ca
Permalink: http://www.businesswire.com/news/home/20240815708357/en
Comunicato stampa - Responsabilità editoriale di Business Wire
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