Cross River will take care of the financing for carbon capture and storage projects that use Svante’s technology.
Svante Inc., a Canadian second-generation carbon capture technology company, has announced its collaboration with Cross River Infrastructure Partners LLC, a US developer and financer of next-gen carbon-to-value and waste-to-energy projects in North America. The partnership will focus on the development of industrial-scale carbon capture projects in North America. Cross River will take the responsibility of financing for carbon storage and capture projects that employ Svante’s proprietary technology. It will also take care of project origination and operating plants delivering captured CO2 to end users. Sources say Svante’s technology has the ability to directly capture carbon from industrial sources at lower capital cost of solutions currently available.
“With the creation of new sustainable investment strategies, combined with government policies like the US’ 45Q tax credit for incentivizing traditional project and industry financing, the financial sector is poised for supporting industrial-scale carbon capture that’ll put a meaningful impact on the climate change. An integrated project delivery model is fundamental to making sure carbon storage and capture projects can be delivered and financed with both scheduling and cost certainty,” said President and CEO of Svante, Claude Letourneau.
Partnership will concentrate on western provinces in Canada and Permian Basin in US
“Our company provides commercialization and capital solutions to technology providers like Svante for developing pipelines of small to mid-size projects having similar risk profiles. Cross River’s goal is to help unlock significant investment capital for accelerating the deployment of low-carbon technologies like Svante’s,” said CEO of Cross River Advisors LLC, Andrew Wilder.
According to sources, the collaboration between Svante and Cross River will concentrate on western Canadian provinces and the Permian Basin in the US. Both the markets in North America have a telling number of industrial CO2 sources, broad range of commercial CO2 users, and massive CO2 storage potential. Letourneau said that the partnership is crucial to incentivize the industry, generate wealth, create jobs, and bring the carbon capture cost within reach to join the fight against climate change.