Cross Carbon Ventures Announces Formation of Carbon Capture Development Partnership
July 30 2021 - 7:20AM
Business Wire
Partnership will use Svante’s Innovative Carbon
Capture Technology
Svante Inc., Enbridge Inc. (TSX: ENB) (NYSE: ENB), Cross River
Infrastructure Partners LLC, and OTS Ltd., have entered into a
commercial Memorandum of Understanding that establishes Cross
Carbon Ventures (CCV), an independent carbon capture development
partnership. CCV will explore commercial opportunities in North
America to develop, build, own and operate carbon capture projects
for carbon intensive industries seeking to decarbonize their
operations.
CCV will target the decarbonization of emissions by heavy
industries including cement, steelmaking, petroleum refining, and
large-scale hydrogen production through the development of
point-source carbon capture projects.
“Providing large-scale industrial emitters with a Carbon
Capture-as-a-Service offering will be integral to scaling up the
carbon capture industry along with CO2 hubs to achieve global
decarbonization targets,” said Aaron Ratner, President of CCV.
CCV will leverage Svante’s innovative technology to capture
carbon directly from industrial post-combustion flue gases to
produce pipeline-grade CO2 for safe transportation and storage.
“CCV is an ideal partnership to commercialize our technology and
to provide a net-zero CO2 emission solution. CCV’s offering, along
with progressive carbon abatement policies can make a Carbon
Capture-as-a-Service business model profitable across a range of
large-scale industrial applications,’’ said Claude Letourneau,
Svante’s President and CEO.
Enbridge, North America’s leading energy infrastructure company,
has a unique asset footprint and capabilities spanning the
transportation and storage of conventional and low carbon energy
sources that are essential to meeting global emissions reduction
goals.
CCV will also benefit from OTS’s experience in operational
readiness, commissioning, operation and maintenance of complex
first-of-a-kind sustainable infrastructure projects.
About Svante
Svante offers companies in emissions-intensive industries a
viable way to capture large-scale CO2 emissions from existing
infrastructure, either for safe storage or to be used 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 technology is currently being deployed in the
field at pilot plant-scale by industry leaders in the energy and
cement manufacturing sectors. The CO2MENT Pilot Plant Project – a
partnership between Lafarge (Holcim) and TOTAL S.A. – is operating
a 1 tonne per day (TPD) plant in Richmond, British Columbia, Canada
that will re-inject captured CO2 into concrete, while the
construction and commissioning of a 30 TPD demonstration plant was
completed in 2019 at an industrial facility in Lloydminster,
Saskatchewan, Canada. A 25 TPD demonstration plant is currently
under design and construction at Chevron U.S.A. located near
Bakersfield, California. In addition, several feasibility studies
for commercial scale carbon capture projects ranging from 500 to
4,500 TPD are underway in North America and Europe.
Svante has attracted more than USD$195 million in investment
since it was founded in 2007 including the recent CDN$25 million
investment from the Government of Canada’s Strategic Innovation
Fund. Svante’s Board of Directors includes Nobel Laureate and
former Secretary of Energy, Steven Chu, and Chairman Steven
Berkenfeld, former Head of Industrial & Cleantech Practice at
Barclays Capital. To learn more about Svante’s technology, click
here or visit Svante’s website www.svanteinc.com, LinkedIn or
Twitter (@svantesolutions).
About Enbridge
Enbridge Inc. is a leading North American energy infrastructure
company. We safely and reliably deliver the energy people need and
want to fuel quality of life. Our core businesses include Liquids
Pipelines, which transports approximately 25 percent of the crude
oil produced in North America; Gas Transmission and Midstream,
which transports approximately 20 percent of the natural gas
consumed in the U.S.; Gas Distribution and Storage, which serves
approximately 3.8 million retail customers in Ontario and Quebec;
and Renewable Power Generation, which generates approximately 1,766
MW of net renewable power in North America and Europe. The
Company's common shares trade on the Toronto and New York stock
exchanges under the symbol ENB. For more information, visit
www.enbridge.com.
About Cross River Infrastructure Partners
Cross River Infrastructure Partners LLC is a platform of
development companies deploying industry-leading climate
technologies and sustainable infrastructure projects across carbon
capture and carbon utilization, sustainable protein, clean fuels
and clean energy. Cross River focuses on developing and
commercializing early and first-of-a-kind projects in North
America. For more information, visit www.crossriverllc.com.
About OTS
OTS is a premier provider of Pre-Commissioning, Commissioning
and Start-Up and Operations and Maintenance services for the
energy, mining and utility sectors. With four locations throughout
North America and a roster of hundreds of skilled employees, OTS
has worked on major capital projects since inception in 2005. Our
leading quality management system, based on ISO 9001:2015
standards, ensures consistency and precision in project execution.
Our management team is hands-on for every project and are always
accessible. Real-time reporting, a commitment to safety and
rigorous training, make OTS the best choice to get your project
into a steady-state operation safely and efficiently. For more
information, please visit www.otsl.ca.
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version on businesswire.com: https://www.businesswire.com/news/home/20210730005331/en/
Cross Carbon Ventures Contact Aaron Ratner
aratner@crossriverllc.com
Enbridge Contact media@enbridge.com +1 (888) 992 0997
Svante Contact Julia McKenna jmckenna@svanteinc.com +1
(778) 985 5722
OTS Contact Matt Denney mdenney@otsl.ca +1 (902)
577-6209
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