AAA Svante swerves to $75m series D

Svante swerves to $75m series D

Canada-headquartered carbon capture technology developer Svante completed a $75m series D round yesterday featuring oil and gas provider Chevron’s corporate venturing unit, Chevron Technology Ventures, and cryogenic equipment producer Chart Industries.

Singaporean state-owned investment firm Temasek led the round, which was also backed by Carbon Direct and Export Development Canada, OGCI Climate Investments, BDC Cleantech Practice, The Roda Group and Chrysalix Venture Capital.

Formerly known as Inventys, Svante is working on an industrial-level system designed to help companies capture carbon dioxide (CO2) emissions from existing facilities.

The round took Svante’s overall funding to more than $150m, it said. The proceeds will help it deploy several commercial-scale facilities over the next three years.

Jill Evanko, Chart Industries’ president and chief executive, said: “This collaboration with Svante builds on Chart’s cryogenic technologies and equipment offering for CO2.

“This is another significant step in our clean energy, clean water, clean industrial penetration, with further carbon capture advanced technology that, in combination with our existing offering, adds another capability for deployment at scale of an end-of-the-pipe solution targeted to industrial materials and blue hydrogen.”

Chevron Technology Ventures, Roda Group and Chrysalix Energy Venture Capital joined Mitsui Global Investment, an investment vehicle for diversified conglomerate Mitsui, to supply an undisclosed amount for the company in 2014.

Svante subsequently secured $7.8m in a 2017 series B round led by Husky Energy that also featured Roda Group and Chrysalix Energy Venture Capital.

The company closed a $26m series C round in mid-2019 that included Chevron Technology Ventures, energy company Husky Energy, OGCI Climate Investments, Roda Group and Business Development Bank of Canada’s Cleantech Practice.

Fort Capital Partners and Full Circle Capital were financial advisers for the latest round while Blake, Cassels & Graydon provided legal counsel.

By Robert Lavine

Robert Lavine is special features editor for Global Venturing.

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