A collaboration agreement has been signed to develop commercial projects in North America that can capture carbon directly from industrial sources “at half the capital cost” of existing solutions
Cross River Infrastructure Partners will provide the financing and Svante’s technology will be deployed, with the partnership focusing on the Permian Basin in the US and in Canada’s western provinces.
They are both believed to have large CO2 storage potential, a wide range of commercial CO2 users and a significant number of industrial sources such as cement, chemicals and hydrogen production.
Svante’s technology is currently being deployed under the CO2MENT Project, a partnership between LafargeHolcim and TOTAL, which is developing a one tonne per day plant in Richmond, British Columbia that will re-inject captured CO2 into concrete and the construction of a 30-tonnes per day demonstration plant was completed over the summer at an industrial facility in Lloydminster, Canada.
Svante says its “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.
It adds a single plant can capture a million tons of carbon a year, equivalent to eliminating the emissions generated by more than 200,000 cars.
Claude Letourneau, President and CEO of Svante said: “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 climate change.
“We are very pleased to collaborate with Cross River to unite all the stakeholders – industrial CO2 emitters, industrial CO2 users, technology providers, investors and operations teams – in common cause. This partnership is critical to bringing the cost of carbon capture within reach, creating jobs, generating wealth and incentivising industry to join the fight against climate change.”