Suncor president and CEO Mark Little prepares to address the company's annual meeting in Calgary, Alta., Thursday, May 2, 2019. Oilsands producer Suncor Energy Inc. says it is investing in carbon capture technology company Svante Inc. as it looks for ways to reduce or offset its greenhouse gas emissions. THE CANADIAN PRESS/Jeff McIntosh

Oilsands producer Suncor invests in carbon capture technology firm Svante

Oilsands producer Suncor invests in carbon capture technology firm Svante

CALGARY — Suncor Energy Inc. says it is investing in carbon capture technology company Svante Inc. as it looks for ways to reduce or offset greenhouse gas emissions from its extensive oil and gas operations.

Suncor CEO Mark Little says its investment in Vancouver-based Svante will support the commercialization of a technology that could cut the cost of carbon capture, adding it will also be a collaborative partner.

Calgary-based Suncor has targeted an emissions intensity reduction from its petroleum production of 30 per cent by 2030 compared with 2014.

Svante says Suncor is taking part in a funding round generating US$25 million, bringing the total under its Series D financing to US$100 million.

It says it has attracted more than US$175 million in funding since it was founded in 2007 to develop its solid sorbent technology, which is to be used to capture carbon dioxide from flue gas, concentrate it, then release it for safe storage or industrial use, at half the capital cost of traditional engineered solutions.

Svante CEO Claude Letourneau says in a news release the company’s potential projects would capture CO2 from natural gas industrial boilers, cement and lime operations and industrial hydrogen facilities, spurred by tax credits and carbon pricing in Canada and the U.S.

“Carbon capture is a strategic technology area for Suncor to reduce GHG emissions in our base business and produce blue hydrogen as an energy product,” said Little.

“An investment in Svante is expected to support the acceleration of commercial scale deployment of a technology that has the potential to dramatically reduce the cost associated with carbon capture.”

Hydrogen is considered to be blue if the GHG emissions from fossil fuels used in its creation are offset by emission reductions, while green hydrogen is made with renewable energy sources.

Svante says it also counts oilsands producer Cenovus Energy Inc. as an investor.

This report by The Canadian Press was first published March 18, 2021.

Companies in this story: (TSX:SU, TSX:CVE)

The Canadian Press

Suncor

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

Red Deer Rebels forward Arshdeep Bains eyes a loose puck in front of the Medicine Hat Tigers net Saturday night in WHL action at the Centrium. (Photo by ROB WALLATOR/Red Deer Rebels)
Rebels fall short in 12th straight loss

Tigers 5 Rebels 2 (Saturday) Tigers 3 Rebels 2 (Monday) The Red… Continue reading

Red Deer property owners will receive their 2019 property assessment notices in the next few days.  (File photo by Advocate staff)
Red Deer awaiting more details on how federal budget impacts city

The City of Red Deer is awaiting more information on how much… Continue reading

With a ban on sit-in dining once again in place, Las Palmeras owner Andre Lemus is gearing up for more takeout and delivery business. He has also applied to set up an outdoor patio, where dining is allowed under new restrictions. Photo by PAUL COWLEY/Advocate staff
Big interest in outdoor patios in Red Deer as sit-down dining banned again

City of Red Deer has tweaked its patio regulations to make it easier to get a permit

A vial of the Medicago vaccine sits on a surface. CARe Clinic, located in Red Deer, has been selected to participate in the third phase of vaccine study. (Photo courtesy www.medicago.com)
Red Deer clinical research centre participating in plant-based COVID-19 vaccine trial

A Red Deer research centre has been selected to participate in the… Continue reading

Ottawa Senators' Connor Brown, right, scores on Calgary Flames goalie Jacob Markstrom during second-period NHL hockey action in Calgary, Alta., Monday, April 19, 2021. THE CANADIAN PRESS/Jeff McIntosh
Connor Brown scores twice for Ottawa Senators in 4-2 win over Calgary Flames

Connor Brown scores twice for Ottawa Senators in 4-2 win over Calgary Flames

Canada head coach Bev Priestman reacts during the women's international friendly soccer match between England and Canada at Bet365 stadium in Stoke on Trent, England, Tuesday, April 13, 2021. Priestman says her goal is to help Canada move up the Olympic podium after back-to-back bronze medals at the 2012 and 2016 Games. THE CANADIAN PRESS/AP/Rui Vieira
Olympic soccer draw will allow Canadians to start planning on and off the pitch

Olympic soccer draw will allow Canadians to start planning on and off the pitch

Federal government’s extension of CEWS in budget is some good news for CFL franchises

Federal government’s extension of CEWS in budget is some good news for CFL franchises

Canada's Brendan Bottcher dropped a 6-3 decision to Scotland's Bruce Mouat in the men's final of the Humpty's Champions Cup. Bottcher makes a shot against Scotland at the Men's World Curling Championships in Calgary, Alta., Friday, April 9, 2021.THE CANADIAN PRESS/Jeff McIntosh
Mixed results for Canadian teams at Champions Cup as Homan wins, Bottcher loses

Mixed results for Canadian teams at Champions Cup as Homan wins, Bottcher loses

University of Victoria rowing coach Barney Williams is photographed in the stands during the Greater Victoria Invitational at CARSA Performance Gym at the University of Victoria in Victoria, B.C., on Friday, November 29, 2019. The University of Victoria says Williams has resigned effective immediately. THE CANADIAN PRESS/Chad Hipolito
University of Victoria women’s rowing coach resigns by mutual agreement

University of Victoria women’s rowing coach resigns by mutual agreement

Stewart Cink watches his drive down the second fairway during the final round of the RBC Heritage golf tournament in Hilton Head Island, S.C., Sunday, April 18, 2021. (AP Photo/Stephen B. Morton)
Cink coasts to win at Hilton Head for 2nd title of season

Cink coasts to win at Hilton Head for 2nd title of season

The Official UEFA Champions League match balls are on display ahead of the Champions League quarter final second leg soccer match between Liverpool and Real Madrid at Anfield stadium in Liverpool, England, Wednesday, April 14, 2021. (AP Photo/Jon Super)
Threats of expulsion as UEFA confronts Super League rebel 12

Threats of expulsion as UEFA confronts Super League rebel 12

San Jose Sharks center Patrick Marleau (12) motions to the crowd during a break to mark his passing Gordie Howe for most NHL games played in the first period of an NHL hockey game Monday, April 19, 2021, in Las Vegas. (AP Photo/John Locher)
Sharks’ Marleau breaks Howe’s NHL games played record

Sharks’ Marleau breaks Howe’s NHL games played record

Most Read