Today's News |
Chart Industries Invests $15 Million in Vancouver-based Svante Inc. and Signs Commercial Carbon Capture MOU
Monday, March 8, 2021Company Profile | Follow Company
Burnaby, BC, March 8, 2021--(T-Net)--Vancouver-based Svante Inc. and Chart Industries Inc. (NYSE: GTLS), a leading global manufacturer of liquefaction and cryogenic equipment for the energy and industrial gas markets, have entered into a binding commercial Memorandum of Understanding ("MOU").
The MOU establishes how the companies will explore commercial opportunities as channel to market preferred partners and collaborate to develop an integrated carbon capture solution using Svante's rapid adsorption technology and Chart's cryogenic carbon capture technology to make high-purity CO2 products from industrial flue gas streams.
The MOU was executed in conjunction with the completion of Chart's investment in Svante in the amount of $15 million representing under 10% of its capital stock on a fully diluted basis. The investment was done as part of Svante's Series D offering which closed in February, 2021.
Claude Letourneau, President CEO, Svante Inc
"Value chain partnerships with leaders like Chart have been an important part of our commercialization strategy and integral to our success marketing world-leading competitive carbon capture solution's," said Claude Letourneau, President & CEO of Svante Inc. 'Chart offers a great range of products and services in the CO2 cryogenic separation and liquefaction space complementary to our carbon capture proprietary equipment."
'This investment in Svante and the acquisition of Sustainable Energy Solutions Inc. (SES) further builds partnerships to create a one-stop solution for those looking for integrated technology and equipment for carbon capture and direct air capture, liquefication and transport of CO2," said Jill Evanko, President & CEO of Chart Industries Inc. "Our air-cooled heat exchangers, brazed aluminum heat exchangers, IPSMR© refrigeration/liquefaction system and cryogenic storage/transport equipment are a significant part of the balance-of-plant within carbon capture, utilization and storage ("CCUS") projects."
As a value-added reseller, Svante will be part of the sales channel of Chart OEM business in CO2 products. This will allow both organizations to standardize related process equipment and offer market competitive integrated solutions to streamline the contracting process.
The carbon-capture facilities will employ Svante's solid sorbent technology to capture carbon directly from industrial post-combustion flue gases as a non-intrusive "end-of-the-pipe" solution to produce pipeline-grade CO2 for safe transportation and storage.
Additionally, there is a significant synergy potential to integrate Chart's SES Carbon Capture Technology ("CCC") with Svante's technology, creating an even more cost competitive solution while obtaining or maintaining the highest purity of CO2 (99.99%).
Chart's investment furthers access to commercial projects underway and new opportunities in the North American carbon capture market. For example, Chart will benefit from Svante's technology currently being deployed in the field at pilot plant-scale by industry leaders in the energy and cement manufacturing sectors.
The CO2MENT Pilot Plant Project - a partnership between LafargeHolcim and TOTAL S.A. - is operating a 1 tonne per day plant in Richmond, British Columbia, Canada that will re-inject captured CO2 into concrete, while the construction and commissioning of a 30 tonne per day demonstration plant was completed in 2019 at an industrial facility in Lloydminster, Saskatchewan, Canada.
A 25 tonne per day demonstration plant is currently under design and construction at Chevron U.S.A. located near Bakersfield, California.
About Svante Carbon Capture Technology
Developed by Svante, our technology captures carbon dioxide from flue gas, concentrates it, then releases it for safe storage or industrial use, all in 60 seconds.
Our approach is tailored specifically to the challenges of separating CO2 from nitrogen contained in diluted flue gas generated by industrial plants such as cement, steel, aluminum, fertilizer and hydrogen, which is typically emitted in large volumes, at low pressures, and dilute concentrations.
We are using tailor-made nano-materials (solid adsorbents) with very high storage capacity for carbon dioxide. A sugar-cube sized quantity of our material has the surface area of a football field. We have engineered these adsorbents to catch and release CO2 in less than 60 seconds, compared to hours for other technologies.
Therefore, we need a much smaller inventory of adsorbent relative to traditional technology using liquid solvent.
Svante's carbon capture technology consists of a patented architecture of structured adsorbent laminate (spaced sheets), proprietary process cycle design, and a rotary mechanical contactor to capture, release and regenerate the adsorbent in a single unit.
About Chart Industries
Chart Industries, Inc. is a leading independent global manufacturer of highly engineered equipment servicing multiple applications in the Energy and Industrial Gas markets. Chart's unique product portfolio is used in every phase of the liquid gas supply chain, including upfront engineering, service and repair. At the forefront of the clean energy transition, Chart is a leading provider of technology, equipment and services related to LNG, hydrogen, biogas and CO2 capture amongst other applications. To learn more, visit www.chartindustries.com.
About Carbon Direct
Carbon Direct provides both scientific advisory services and investment capital to the carbon removal & utilization ecosystem. Our advisory business works for clients to fulfill their carbon removal & utilization commitments. Carbon Direct's team of world-renowned carbon scientists has a nuanced understanding of the true risks and opportunities of emerging and mature carbon removal & utilization technologies. Our investment business makes direct investments into leading carbon removal & utilization companies. Carbon Direct was founded in 2019 by Jonathan Goldberg and has offices in New York City. To learn more, visit www.carbon-direct.com.
Other Recent Company News |
|||||||||||||||||||
|