Canada-based carbon capture technology developer Inventys completed a C$34m ($26m) series C round today after adding $10m from investors including energy company Husky Energy and oil and gas supplier Chevron.
OGCI Climate Investments led the extension, which was filled out by state-owned Business Development Bank of Canada’s Cleantech Practice and Roda Group. Chevron took part through its corporate venturing unit, Chevron Technology Ventures.
The company initially received $11m from Chevron Technology Ventures, OGCI Climate Investments and Roda Group for the first close in July 2018, before adding an additional $5m from Business Development Bank of Canada and an undisclosed amount from Chevron Technology Ventures in February 2019.
Inventys is developing technology that is designed to limit the climate impact of the use of fossil fuels by separating carbon dioxide from industrial flue gas.
Proceeds from the round will be used to complete a pilot demonstration for the technology it its working on in partnership with Husky Energy.
Husky previously led a $7.8m series B round for the company in 2017, investing alongside Roda Group and Chrysalix Energy Venture Capital.
Inventys initially secured an undisclosed amount from Mitsui Global Investment, a corporate venturing subsidiary of diversified conglomerate Mitsui, Chevron Technology Ventures, Roda Group and Chrysalix Energy Venture Capital in 2014.