Financing supports the deployment of a next-gen carbon capture pilot plant at Husky’s Pikes Peak South Lloyd thermal project
VANCOUVER, British Columbia — Tuesday, July 11, 2017 — Inventys, the developer of the VeloxoTherm™ System, a carbon dioxide (CO2) capture process, today announced that it has closed an equity financing with Husky Energy as lead investor. The Company raised total cash proceeds of CAD$10 million in this first tranche of its current Round B-11 financing process, including investments from existing investors, The Roda Group and Chrysalix Energy Venture Capital.
Proceeds from the transaction will fund a 30-tonne per day (TPD) CO2-capture pilot plant aimed at producing a low-cost CO2-supply solution for Husky’s heavy oil enhanced oil recovery (EOR) program near Lloydminster, Saskatchewan.
“We’re very pleased to work with Husky and welcome its investment and industry knowledge,” said Inventys President and Chief Executive Officer Claude Letourneau. “This is the world’s first pilot-scale plant using structured adsorbents to capture CO2 from a once-through steam generator (OTSG) for use in heavy oil recovery.”
Letourneau added, “Canada offers the perfect setting to prove our second generation carbon capture technology, reduce carbon emissions, uphold Canada’s climate goals, create jobs, and support industrial growth.”
The VeloxoTherm™ System is a next-generation CO2-capture technology that has the potential to deliver breakthrough capture costs. By combining a uniquely patented solid adsorbent structure with a rapid cycling temperature swing adsorption process, Inventys has successfully demonstrated economical CO2 capture capabilities with its compact adsorption machine.
Earlier this year, Inventys commissioned a self-contained 0.5 TPD VeloxoTherm field demonstration plant at the same Husky site as a platform for rapid development of its new adsorbent structures. The demo plant has recorded meaningful data since testing began in early 2017. The test results over the next six months will shape the design of the 30-TPD plant. The pilot plant is planned to be commissioned in the fall of 2018.
Husky has been growing its heavy oil bitumen production in the Lloydminster region of Saskatchewan and Alberta through the use of thermal technologies, where steam is injected into oil reservoirs to increase recovery. Through Inventys’ technology, Husky is looking to capture the CO2 generated from its thermal operations and use it to increase oil recovery from adjacent assets.
Inventys’ structured adsorbent is a platform technology which is used in gas separation processes, including the VeloxoTherm™ process. The company’s patented structured adsorbent technology is used to capture high purity CO2 from dilute flue gas from coal and gas-fired power plants and industrial processes using novel proprietary solid structured adsorbent materials. This technology supports an aggressive time-to-market strategy needed to keep global warming under 2°C.
Inventys is a clean energy technology company with a credible solution for capturing point-source CO2 emissions and accelerating the global transition to a lower-carbon economy. The VeloxoTherm™ process combines Inventys’ patented Adsorbent Structure and rapid cycle thermal swing process to achieve unmatched economics. Unlike conventional methods, this three-step process maximizes carbon capture productivity, cuts capital costs, and reduces regeneration energy. For more information about Inventys and the VeloxoTherm™ process, please visit www.inventysinc.com. You can also connect with us on Facebook or Twitter @inventysinc.
For more information please contact:
BERKELEY, Calif., (BUSINESS WIRE)—June 5, 2012—The Roda Group, the largest investor in the renewable oils company Solazyme (NASDAQ:SZYM) and a venture capital group focusing on large-scale and lucrative business opportunities that address the issues of climate change, increasing demand for low carbon energy, and stress on the Earth’s natural resources, announced that it has invested in two new companies in the cleantech space.
mOasis has created a soil amendment product that increases crop yields while simultaneously reducing the need for fertilizer, water and water-related energy use. The product is a new type of hydrogel, a polymer known for its ability to absorb massive quantities of water. The mOasis product is able to enhance the amount of moisture and nutrients available to a plant’s root zone and significantly reduce water stress between rain or irrigation cycles. The company is led by Susanna Kass, CEO and Dr. Nai Hong Li, Co-Founder and CTO. mOasis is currently conducting field trials, managed by prominent agriculture scientists, that have already produced promising results.
Inventys has developed an energy and capital-efficient technology for capturing carbon dioxide from industrial sources. The company’s proprietary process is less than one-third the cost of existing industrial CO2 capture technologies and will enable the widespread adoption of carbon capture and sequestration. The company is led by CEO Andre Boulet and fellow co-founders Brett Henkel, Soheil Khiavi and Darryl Wolanski. Inventys is building an in-house pilot unit capable of capturing multiple tons of CO2 per day from a natural gas power generator by late 2012 and will be deploying field units with major industry partners in 2013.
Roger Strauch, Chairman of The Roda Group, said, “As was the case with Solazyme, The Roda Group is enthusiastic and proud to invest in talented and passionate people who look forward to developing and selling products that address enormous market opportunities while helping the world build a more sustainable and healthy environment and food supply. We believe that mOasis and Inventys will fundamentally advance the way we grow food and produce energy, respectively.”
OUR GOAL: Build a CO₂ Marketplace by Matching Man-Made CO₂ Sources with CO₂-to-Value Opportunities.
Stay in Touch
- Inventys Announces US$11M Series C Fundraising Round with OGCI Climate Investments as Lead InvestorJuly 15, 2018 - 10:45 pm
- Additional $2.6M Received from NRCan to Accelerate Deployment of Next-Gen CO₂ Capture Pilot PlantDecember 15, 2017 - 9:26 am
- Former Airbus CTO Joins Board of Inventys a Canadian Carbon Capture CompanyAugust 31, 2017 - 10:38 am