Connecticut-based Cross River will be responsible for project origination and financing the carbon capture and storage projects using Svante’s technology, as well as operating facilities that deliver captured carbon dioxide (CO2) to end-users.
“We provide capital and commercialisation solutions to technology providers such as Svante to develop pipelines of small to mid-size projects with similar risk profiles,” said Andrew Wilder CEO of Cross River.
“Our goal is to help unlock significant investment capital to accelerate the deployment of low-carbon technologies such as Svante’s.”
The partnership will focus on the Permian Basin in the US and in Canada’s western provinces, both of which have large CO2 storage potential, a wide range of commercial CO2 users, and a significant number of industrial sources of CO2, such as cement and hydrogen production.
“With the development of new sustainable investment strategies, in combination with government policies such as the US’ 45Q tax credit to incentivise industry and transitional project financing, the financial sector is poised to support industrial scale carbon capture that will have a meaningful impact on climate change,” said Claude Letourneau, President and CEO of Svante.
“An integrated project delivery model is fundamental to ensuring carbon capture and storage projects can be financed and delivered with both cost and scheduling certainty.”
“This partnership is critical to bring the cost of carbon capture within reach, creating jobs, generating wealth and incentivising industry to join the fight against climate change.”
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