VANCOUVER, British Columbia & ZURICH--(BUSINESS WIRE)--Global carbon capture technology leaders, Svante Inc. (formerly Inventys Inc.) and Climeworks AG, today announced an agreement to collaborate on the development of carbon capture technology solutions to enable customers transition to a net-zero-emissions future. Both companies share the goal of preventing climate-relevant amounts of CO2 from going into our atmosphere or removing them from air.
Svante offers companies in industries with unavoidable emissions, such as concrete and steelmaking, a commercially viable way to capture large-scale CO2 emissions from existing infrastructure at half the capital cost of traditional solutions. Climeworks offers the worldwide first commercial Direct Air Capture (DAC) solutions to remove CO2 from the atmosphere. By capturing CO2 from air, DAC solutions can unlock a climate-positive future. By working together, the two companies can accelerate the development and adoption of both technologies for customers across industries and applications.
Today’s Joint Development Agreement (JDA) will enable Svante’s and Climeworks’ respective carbon capture technology solutions to be scaled-up faster and effect a transition to a net-zero-emissions future sooner. The combination of Climeworks’ revolutionary DAC solutions with Svante’s source capture technology will support further development of climate-positive carbon solutions for both carbon removal and industries with unavoidable emissions.
“We strive to deliver the world’s most robust and scalable DAC solutions,’’ said Christoph Gebald, the Climeworks co-founder. “By combining our cutting-edge DAC solution with Svante’s filter technology, we create a potentially game changing DAC solution.”
“Climeworks is an ideal partner for a large-scale rollout of market-ready technology to provide a zero-CO2 emission solution,” said Claude Letourneau, Svante’s President and CEO. “Climeworks’ and Svante’s cost advantage, combined with progressive policies like the United States’ 45Q tax credit and the Low Carbon Fuel Standard (LCFS) credits, can make carbon capture and removal profitable across a range of large-scale industrial applications.’’
Further potential benefits include the use of waste heat from Svante’s industrial carbon capture system for Climeworks’ direct air capture process.
“As we aim to capture about 90% of CO2 from atmosphere-bound carbon and deliver pipeline-ready CO2 for storage at a gigatonne scale, Climeworks is able to turn our waste heat and their air-captured CO2 into high value-added CO2 products," Letourneau said.
Svante offers companies in emissions-intensive industries a commercially viable way to capture large-scale CO2 emissions from existing infrastructure, either for safe storage or to be recycled for further industrial use in a closed loop. With the ability to capture CO2 directly from industrial sources at less than half the capital cost of existing solutions, Svante makes industrial-scale carbon capture a reality. Svante’s Board of Directors includes Nobel Laureate and former Secretary of Energy, Steven Chu; former Airbus Group’s Chief Technical Officer Jean Botti; and Steven Berkenfeld, former Head of Industrial & Cleantech Practice at Barclays Capital.
Climeworks captures CO2 from ambient air with the world’s first commercial carbon dioxide removal technology. The Climeworks direct air capture plants capture CO2 with a patented filter and are powered by either waste or renewable energy.
Climeworks air-captured CO2 is sold to customers in the Food, Beverage & Agriculture; and Renewable Fuels & Materials markets. Climeworks also offers Emissions Reversal, enabling customers to realize their climate goals by safely and permanently storing air-captured CO2 underground, and thereby ultimately stopping climate change from reaching dangerous levels.
Founded by engineers Christoph Gebald and Jan Wurzbacher, Climeworks has assembled the world’s largest team of experts in the field and has a goal of capturing one per cent of global emissions by 2025.
More information: www.climeworks.com