Svante raises funds for carbon capture

The carbon-capture-technology firm Svante has raised $318 million in a series E funding round led by Chevron. Svante says it will invest the money in its facility in Vancouver, which is designed to produce enough sorbent modules to capture 1 million metric tons of carbon dioxide per year. The firm is targeting industrial sources of CO₂, such as chemical plants and factories making hydrogen, paper, cement, and metals. Svante is also exploring direct air capture of CO₂. Chevron plans to start testing Svante’s process on a natural gas combustion flue stream in California’s San Joaquin Valley in the next few weeks.