Canada-based carbon capture technology developer Inventys Thermal Technologies has closed the $11m first tranche of a series C round featuring oil and gas supplier Chevron, with an expected $21m close.
The tranche was led by OGCI Climate Investments, the fund launched by the Oil and Gas Climate Initiative, an initiative led by CEOs of 10 global oil and gas companies, and included Roda Group, while Chevron invested through its Chevron Technology Ventures unit.
Founded in 2007, Inventys is developing gas separation technology intended to separate carbon dioxide from industrial flue gas once it has been combusted.
The series C capital will fund a pilot demonstration for the technology set to be launched in partnership with energy company Husky Energy in early 2019.
Inventys raised an undisclosed amount from Chevron Technology Ventures and Roda Group as well as Mitsui Global Investment, a corporate venturing subsidiary of diversified conglomerate Mitsui, and Chrysalix Energy Venture Capital in 2014.
Husky Energy subsequently led a $7.8m series round for the company in July 2017 that also featured Roda Group and Chrysalix Energy Venture Capital.
Inventys CEO Claude Letourneau said: “We have built a world-class team of scientists, engineers, technicians, specialists, strategists, project developers and entrepreneurs dedicated to creating a global CO₂ marketplace using our breakthrough next-generation carbon capture technology.”
– Photo courtesy of Inventys Thermal Technologies Inc.