Svante Receives $25M in Cleantech Funding From the Strategic Innovation Fund (SIF) – Net Zero Accelerator
The Canadian government has invested $25 million in Svante Inc., a renewable natural resources company in Burnaby, British Columbia. This investment was made through the Strategic Innovation Fund (SIF) – Net Zero Accelerator Program. The purpose of this SIF – Net Zero Accelerator stream is to stimulate clean technology funding projects, a key component of realizing Canada’s future climate change goals.
“We are keen to partner with Canadian companies like Svante that are creating clean technologies that will help key industries around the world, including in Canada, significantly cut down their greenhouse gas emissions. This project will create good jobs in Burnaby and Vancouver in clean technologies, and it will grow Canada’s leadership in this increasingly important sector of our economy.”
-The Honourable François-Philippe Champagne, Minister of Innovation, Science and Industry”
Supporting Svante is a way for SIF’s Net Zero Accelerator fund to follow through on their climate change goals. Svante Inc. is currently ranking in the top 100 companies worldwide for the 2020 and 2021 Cleantech List and has much in their pipeline to offer.
How Will Svante’s Funding Be Used?
Svante’s $25 million repayable contribution will stimulate the economy with 249 jobs, as well as promote the research and development of cleantech projects. Svante has pioneered a revolutionary low-cost carbon capture technology using nano materials, or “solid sorbent,” to collect carbon dioxide emissions in a special concentration for environment-friendly storage and industrial use.
Industries generating high carbon emissions, such as oil and gas, have struggled with mitigating carbon outflow for years. Clean technology projects, like Svante’s, aim to solve this problem for Canada and the broader global market.
“Vancouver is the Silicon Valley of carbon capture technology development, and we are very proud to anchor our world headquarters, R&D and engineering test centre, and first commercial filter manufacturing plant in Canada.”
-Claude Letourneau, President and CEO, Svante Inc.
Svante has already initiated pilot projects with companies such as Husky Energy and Lafarge Holcim to trial this technology. Svante’s research and development will improve proprietary manufacturing technology and transition machinery to a commercial scale. Each installed unit (application) of Svante’s clean technology will remove up to 2,000 tonnes of CO2 per day or up to 730,000 tonnes per year for each installed application.
What Is the Strategic Innovation Fund (SIF) – Net Zero Accelerator?
The Strategic Innovation Fund (SIF) – Net Zero Accelerator is a Canadian government initiative which launched on December 11, 2020. SIF’s Net Zero Accelerator will be investing over $3 billion to accelerate decarbonization, fund clean technology, and drive industry transformation for all sectors in the Canadian economy.
The SIF – Net Zero Accelerator joins other Canadian government funding programs in alignment with the country’s Climate Plan, “A Healthy Environment and a Healthy Economy.” This plan aims to help Canadian companies develop low-carbon goods and services. Such services will help the nation follow through on Canada’s goal of making communities healthier, cutting down on pollution, and becoming a leader in clean technology programs on the global stage.
In addition to the Net Zero Accelerator, there are currently five other funding streams provided through SIF:
- Research, Development & Commercialization;
- Business Growth & Expansion;
- Investment Attraction & Retention;
- Collaborative Technology Development & Demonstration; and
- National Ecosystems.
Government Funding For CleanTech Companies
To read more about clean technology financial support from the Canadian government via other programs like the Strategic Innovation Fund, reach out to a Mentor Works representative today. For more information on current funding programs, visit our government funding directory.
