January 19, 2023
It's Thursday. Let's get to it.
1 big thing: 🦄 Another carbon capture unicorn
Svante, an industrial carbon capture developer based outside Vancouver, British Columbia, is the latest carbon capture unicorn following its $318 million Series E, Alan reports.
Why it matters: Svante says its modular system brings together two types of emissions tech: carbon capture from heavy industry, and carbon removal from the air.
Driving the news: OGCI Climate Investments announced this morning that the Series E pushed Svante’s valuation past $1 billion.
- The fund was among the dozen-plus investors that participated in the Series E, which closed Dec. 15.
- Chevron led. Existing investors Temasek, Delek and Hesta participated.
- New investors included 3M Ventures, Full Circle Capital, GE Vernova, Japan Energy Fund, Liberty Media, M&G Catalyst, Samsung Ventures, TechEnergy Ventures and United Airlines Ventures.
How it works: Svante manufactures filters and "rotary contactor machines," which capture CO2 from both industrial emissions and the air.
Context: There are just a handful of carbon capture and/or removal unicorns.
Meanwhile: It's already crunch time for scaling nascent methods of pulling CO2 from the atmosphere, our colleague Ben Geman wrote this morning in Generate.
- A new report led by Oxford University found a yawning gap between what nations are planning and what's needed to meet Paris Agreement goals.
What's next: Svante plans to build a commercial-scale factory in Vancouver to supply filters modules for "hundreds of large-scale carbon capture and storage facilities," the company said.