Inventys raises CAD$10M

Jul 17 2017


The financing supports the deployment of a next-gen carbon capture pilot plant at Husky's Pikes Peak South Lloyd thermal project.

Husky Energy is the 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.

 

Inventys


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Issue 57 May - June 2017

CCS in Europe: A decadal staircase to 2°C: time to step up - implementing Paris .. ZEP: CCS vital for clean growth and competitiveness .. European Parliamentary Hearing on CCS New carbon capture and exchange technology: CO2 to chemicals for £47 per .....



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