Inventys, the developer of the VeloxoTherm process, a carbon dioxide (CO2) capture system, is receiving $2.6 million from Natural Resources Canada (NRCan) through its Energy Innovation Program to support the development of a 30-tonne-per-day CO2-capture pilot plant at Husky Energy’s Pikes Peak South Lloyd thermal project.
The announcement was made on 15 December in Edmonton by Edmonton Centre MP Randy Boissonnault. “Building on public and private sector investments in innovation, complementary work is under way to reduce emissions from the oil and gas sector,” Boissonnault said. “Improved environmental performance in Canada’s oil and gas industry is one of the key paths to a low-carbon economy. Developing and adopting clean technologies will help Canada meet its domestic and international commitments and help maintain our natural resource advantage for years to come.”
This financing adds to existing government financial support received from Sustainable Development Technology Canada, Emissions Reduction Alberta (ERA), the Western Innovation Initiative from Western Economic Diversification Canada, and the Industrial Research Assistance Program from National Research Council Canada bringing the total non-dilutive program funding to $12.3 million.
“Inventys has developed a novel technology aimed at dramatically reducing the cost of capturing carbon from industrial operations,” said ERA Chief Wxwcutive Officer Steve MacDonald. “Working in partnership with NRCan, Sustainable Development Technology Canada, and Western Economic Diversification is critical to moving this technology through the stages of scale-up and demonstration.”
NRCan’s addition brings the total external funding for the demonstration program to $22.3 million, which includes a $10 million equity investment from Husky Energy, The Roda Group, and Chrysalix Venture Capital.
“The ongoing support Inventys has received from federal and provincial government programs continues to have a significant impact on our ability to commercialize our CO2-capture technology as a low-carbon-footprint solution for the energy sector,” said Brett Henkel, Inventys cofounder and vice president for strategic accounts and government affairs. “This will allow us to attract foreign direct investment and build a world-class clean-technology business based in Western Canada.”
Read the full story here.
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