Inventys, a leading carbon technology company, has announced the closing on a $5m investment from BDC’s Cleantech Practise, as well as an additional follow-on investment from existing shareholder Chevron Technology Ventures. The current total proceeds received under the Series C Financing, led by the OGCI Climate Investments, is now at $16m out of a total round of $21m. Inventys is hoping to close the final $5m before the end of June (2019).
The funds will be used to complete the company’s 30-tonne-per-day CO2 capture demonstration plant project with Husky Energy. The project is currently in final construction stages, set to be operational Q2 (2019). “Inventys is showing they have the expertise, the vision, and the technological approach to develop the CO2 marketplace and to help tackle climate change,” said Susan Rohac, Vice-President of BDC Cleantech Practice. “Inventys is in an excellent position to scale up its technology platform and play a leading role in strengthening the carbon value chain,” Rohac continued.
The partnership between Inventys and PDC’s Cleantech Practise will allow Inventys to reach its goal of commercialising its first-of-its-kind, industrial-scale CO2 capture plant by the end of 2020. The investment is part of BDC’s $700m, five-year commitment announced in 2018 to help high-potential Canadian cleantech firms with market-ready technology or products meet the capital-intensive needs to scaling and achieving timely growth.
“At Inventys, we see a real opportunity to put CO2 to work and to build a CO2 marketplace where gigatons of CO2 are traded between emitters and users,” said Claude Letourneau Inventys President and CEO.