Canada-based carbon capture technology company Inventys Thermal Technologies raised an undisclosed amount of financing on Wednesday from investors including conglomerate Mitsui and energy company Chevron.
Mitsui Global Investment, a corporate venturing subsidiary of Japan-based Mitsui, and Chevron’s corporate venturing unit Chevron Technology Ventures invested alongside venture capital firms Roda Group and Chrysalix Energy Venture Capital.
Inventys is developing gas separation technology that could prove crucial in separating carbon dioxide from industrial flue gas once it has been combusted. It will use the funding to increase its manufacturing capabilities with an aim to deploy full-scale systems in late 2016.
Inventys CEO Andre Boulet said: “We believe we have developed the most viable carbon capture technology to leverage the abundance of man-made waste CO2 for the production of a valuable product – oil – while also sequestering CO2 from large carbon emitters.
“We are thankful for the support of these investors – old and new – and will continue to deliver on key milestones including the deployment of a first-of-its-kind commercial system in 2016.”