VANCOUVER, British Columbia--(BUSINESS WIRE)--Inventys today announced that it has formally closed on an investment of US$10M from OGCI Climate Investments and BDC Cleantech Practice as well as an additional follow-on investment from existing shareholders Husky Energy, The Roda Group and Chevron Technology Ventures. This brings total proceeds received under the Series C Financing to US$26M.
The funds will be used to complete the Company's 30-tonne-per-day (TPD) CO₂ capture plant demonstration project with Husky Energy in Saskatchewan, Canada, currently in the commissioning stage and due to begin operations in Q3-2019. The funds will also allow the Company to focus on scale-up activities for the manufacturing of its filter beds and proprietary rotating adsorption machine at a larger commercial scale.
“Inventys’ breakthrough low-cost carbon capture technology using solid sorbent structured laminates will enable the market for certified zero- carbon hydrogen, steam and power from natural gas,” says Inventys President and CEO Claude Letourneau. “We can produce low-cost pipeline-ready CO2 for storage/enhanced oil recovery (EOR) from atmosphere-bound CO2 from industrial and power plant sources, thus limiting the climate impact of the use of fossil fuels. We see this as part of the least-cost global energy transition - decarbonizing industrial processes and power plants to provide dispatchable backup to renewables and energy security. Despite the fantastic build out of renewables, about 80% of global energy is still supplied by fossil fuels, about the same as half a century ago. Removing the CO2 emissions from this energy source is critical.”
“Carbon Capture and Storage (CCS) will play an essential role in meeting the goals of the Paris Agreement. OGCI CI is proud to support Inventys to bring to market a key building block for unlocking the growth and scaling of CO2 capture.” said Pratima Rangarajan, CEO of OGCI Climate Investments.
The additional follow-on investment of BDC in this financing round is part of BDC’s $700 million, five-year commitment announced in 2018 to help high-potential Canadian cleantech firms with market-ready technology or products meet the capital-intensive needs of scaling and achieving timely growth.
“Inventys is a shining example of the businesses we want to support within the clean technology ecosystem. By backing the best in Canadian clean technology, we are helping our most promising companies overcome financing obstacles and scale into global cleantech champions”, added Susan Rohac, Vice President, Cleantech Practice at BDC.
Inventys views this partnership with BDC’s Cleantech Practice as critical to reaching its goal of commercializing a first-of-its-kind, industrial-scale CO2 capture plant by the end of 2020, and the 30 TPD demonstration at Husky is a major milestone in implementing a very aggressive time-to-market strategy.
Inventys Thermal Technologies Inc., headquartered in Vancouver, BC, Canada, is a leading carbontech company with a vision to be a global leader in building a CO₂ marketplace and enabling the mass market for bulk distributed CO₂ supply by being a focused low-cost supplier. Inventys is working to create new market spaces by leveraging its breakthrough carbon capture technology.
About OGCI Climate Investments
OGCI Climate Investments LLP is a $1+ billion fund investing in technologies and business models which lower the carbon footprint of the energy and industrial sectors and their value chains. The Fund was created by the CEOs of the Oil and Gas Climate Initiative to take practical action on climate change. We invest in innovative companies that are ready to be commercialized. We collaborate with global co-investors and industrials to achieve speed and scale.
BDC is the only bank devoted exclusively to entrepreneurs. It promotes Canadian entrepreneurship with a focus on small and medium-sized businesses. With its 123 business centres from coast to coast, BDC provides businesses in all industries with financing and advisory services. Its investment arm, BDC Capital, offers equity, venture capital and flexible growth and transition capital solutions. BDC is also the first financial institution in Canada to receive B Corp certification.
About Chevron Technology Ventures
Since 1999, Chevron Technology Ventures has been committed to pushing energy’s frontiers. CTV pursues new business models and externally developed technologies that enhance the way Chevron produces and delivers affordable, reliable, cleaner energy. Fostering innovation both within Chevron and across the energy landscape, CTV champions the integration of solutions that address current business needs and those of tomorrow. Through technology deployments and venture capital portfolio, CTV supports a wide range of pioneers that are shaping the future of energy.