Press Release From Business Wire: Svante Technologies Inc.

VANCOUVER, (APP - UrduPoint / Pakistan Point News - 16th Aug, 2024) Canada Growth Fund Inc. ("CGF") and Svante Technologies Inc. ("Svante" or the "Company"), a leading global carbon capture and removal solutions provider headquartered in Vancouver, Canada, announced today a financing commitment of up to US$100 million to accelerate the development and construction of Svante's commercial carbon capture and removal projects in Canada and the US.

Claude Letourneau, Svante's President & CEO at Svante's World Headquarters, the Centre of Excellence for Carbon Capture & Removal in Vancouver, BC (Photo: Business Wire)

CGF has a mandate to invest in Canadian clean technology businesses that are scaling technologies currently in the commercialization stage of development. Svante is a leading developer of carbon capture and removal technology, with significant potential to accelerate emissions reductions in hard-to-abate sectors worldwide. CGF's investment enables the Company to focus on its first-of-a-kind (FOAK) deployment opportunities and will encourage the business to prioritize opportunities in its Canadian pipeline. CGF's capital is supporting ongoing Canadian operations and will encourage Svante to accelerate the delivery of projects domestically and internationally, leveraging their Canadian IP and manufacturing capabilities.

CGF will fund its investment in two tranches: (i) an initial tranche of US$50 million will be used to accelerate and de-risk FOAK commercial projects currently underway and (ii) a potential second tranche expected to be tied to project-specific requirements to match Svante's capital needs for the development and construction of projects alongside the Company's co-development partners.

Claude Letourneau, Svante's President and CEO, said: "We are delighted with this investment by CGF. It is transformational for Svante and complements the US$145 million capital investment made in our new carbon capture and removal filter manufacturing facility under construction in Vancouver. This will strengthen our Integrated Project Development Services offering to help our customers de-risk FOAK projects by providing both our in-house project development advisory expertise and financing. This new offering bridges the gap for our customers as it enables them to reach final investment decision."

-- CGF will invest up to US$100M in Svante via convertible note(s), aimed at advancing the development of Svante's innovative carbon capture technology.

-- The investment will be made in two tranches: the first tranche of US$50M will be disbursed immediately, and the second tranche of US$50M can be drawn for the development and construction of carbon capture projects with a focus on Canadian projects, subject to approval by both organizations.

-- Svante is constructing a 141,000 sq. ft. facility in Burnaby, BC, Canada, which will produce filters capable of capturing 10 million tonnes of CO2 annually and serve as the company's global headquarters and R&D center.

-- The proceeds from the first investment tranche will be utilized for commercial development and FOAK project funding.

-- This investment aligns with CGF's mandate by supporting a leading Canadian cleantech company, protecting Canadian IP and jobs, and encouraging the development of Canadian projects and innovation activities.

-- The investment will accelerate the deployment of Svante's innovative carbon capture technology, which has the potential to significantly reduce global CO2 emissions.

-- This investment marks CGF's first venture in British Columbia, supporting local jobs in the province and diversifying its investment portfolio.

-- The market for carbon capture and sequestration, and carbon removals, is expanding, with supportive regulations in place in Canada, the USA, and Europe, highlighting the growing demand for emissions reduction and removal technologies.

CGF is a $15 billion arm's length public investment vehicle that helps attract private capital to build Canada's clean economy by using investment instruments that absorb certain risks, in order to encourage private investment in low carbon projects, technologies, businesses, and supply chains.

CGF makes strategic investments to help Canada meet the following national economic and climate policy goals:

-- reduce emissions and achieve Canada's climate targets;

-- accelerate the deployment of key technologies, such as low-carbon hydrogen and CCS;

-- scale-up companies that will create jobs, drive productivity and clean growth across new and traditional sectors of Canada's industrial base;

-- encourage the retention of intellectual property in Canada; and

-- capitalize on Canada's abundance of natural resources and strengthen critical supply chains to secure Canada's future economic and environmental well-being.

Further information on CGF's mandate, strategic objectives, investment selection criteria, scope of investment activities, and range of investment instruments can be found on www.cgf-fcc.ca.

In Budget 2023, the Government of Canada announced that PSP Investments, through a wholly owned subsidiary, would act as investment manager for CGF. CGF Investment Management has been incorporated to act as the independent and exclusive investment manager of CGF.

Svante is a purpose-driven, leading carbon capture and removal solutions provider. The Vancouver, Canada-based company manufactures nanoengineered filters and modular rotary contactor machines that capture and remove CO2 from industrial emissions and the air in an environmentally responsible manner. Svante is on the 2024 Global Cleantech 100, the XPRIZE Foundation's XB100 - World's Top 100 Deep Tech Companies and was ranked second among private companies in the Corporate Knights' Future 50 Fastest Growing Sustainable Companies. For more information, visit www.svanteinc.com and follow Svante on LinkedIn at www.linkedin.com/svantesolutions.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240815708357/en/

Contact

Svante Media Relations

Colleen Nitta

Director of Marketing & Communications

[email protected]

604-970-2813

CGF Media Relations [email protected]