Friday 29 November 2019
New partnership targets industrial-scale carbon capture projects
A new collaboration agreement has been signed between Svante and Cross River Infrastructure to develop commercial projects capable of capturing carbon from industrial sources.
They aim to do so at “half the capital cost” of existing solutions using Svante's technology as well as operating facilities that deliver captured CO2 to end users, with Cross River providing the financing.
Svante’s technology is currently being deployed at pilot plant-scale by those in the energy and cement manufacturing sectors.
The CO2MENT Project, a partnership between LafargeHolcim and TOTAL, is building a one tonne per day plant in Richmond, British Columbia, that will re-inject captures CO2 into concrete, while the construction of a 30-tonne per day demonstration plant was completed this summer at an industrial facility in Lloydminster, Canada.
The new partnership will focus on the Permian Basin in the US and in Canada’s western provinces, both of which 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 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.”
