Chevron supports modular CCS technology under development by Canada's Svante.
Chevron said it was a lead investor in efforts to support the technology necessary to pull carbon dioxide from industrial polluters and send it off for other users.
File Photo by Kevin Dietsch/UPI | License Photo
Dec. 16 (UPI) -- The clean energy arm of U.S. energy major Chevron said it was a lead investor in a fundraising effort targeting carbon sequestration efforts from Canadian abatement company Svante.
Chevron New Energies said it was the lead investor in a Svante-sponsored fundraising round, which drew in a total of $318 million to support carbon sequestration technology.
"This funding will support Svante's commercial-scale filter manufacturing facility in Vancouver, which is anticipated to produce enough filter modules to capture millions of tons of carbon dioxide per year across hundreds of large-scale carbon capture and storage facilities," Chevron announced.
This is the second announcement of its kind from Chevron New Energies this week. The company on Wednesday said it identified a location in Nevada to explore further opportunities for geothermal energy at a site that's already proved to have some potential.
Dec. 16 (UPI) -- The clean energy arm of U.S. energy major Chevron said it was a lead investor in a fundraising effort targeting carbon sequestration efforts from Canadian abatement company Svante.
Chevron New Energies said it was the lead investor in a Svante-sponsored fundraising round, which drew in a total of $318 million to support carbon sequestration technology.
"This funding will support Svante's commercial-scale filter manufacturing facility in Vancouver, which is anticipated to produce enough filter modules to capture millions of tons of carbon dioxide per year across hundreds of large-scale carbon capture and storage facilities," Chevron announced.
This is the second announcement of its kind from Chevron New Energies this week. The company on Wednesday said it identified a location in Nevada to explore further opportunities for geothermal energy at a site that's already proved to have some potential.
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Less than 2% of the world's total energy comes from geothermal resources, though scientists suspect it could be a near-inexhaustible source of energy.
Using specialized adsorption materials, meanwhile, Svante is developing modular technology for carbon capture, storage and utilization (CCUS) to capture CO2 from industrial flue gas and concentrate that CO2 for industrial end users, such as the beverage industry.
"We are advancing a full value chain carbon capture, utilization, and storage (CCUS) business and believe Svante is poised to be a leader in enabling carbon capture solutions," said Chris Powers, a vice president of carbon programs at Chevron's clean energy arm. "Innovation is key to enabling these types of breakthrough technologies and lower carbon solutions, and we look forward to applying our experience and expertise to help drive this effort forward."
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Carbon capture technologies promise to scrub CO2 from the flumes and exhaust pipes of coal and gas plants. The captured carbon can be permanently buried underground or sold for other uses like making fertilizers or boosting oil extraction. High costs have prevented wide-scale adoption, however.
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