23 December 2022

Spain: Mexico-based Cemex and its venture capital subsidiary Cemex Ventures have invested in Waste to Energy Advanced Solutions (WtEnergy), an energy startup company that has developed a process to transform solid waste into synthesis gas (Syngas) for industrial purposes.

WtEnergy converts biomass and non-recyclable waste into Syngas, which can be used in the short-term as a fossil fuel alternative or be upgraded in the medium- and long-term to gases such as biomethane or pure hydrogen. Cemex intends to incorporate this energy source into its clinker and cement manufacturing process, looking to further reduce the carbon footprint of its operations. Cemex aims to increase its fossil fuel substitution rate by 20% by 2030.

Gonzalo Galindo, the president of Cemex Ventures, said, “This investment aligns with our strategy to find innovative clean fuel and energy sources for the cement industry.” He added, “We have outlined an ambitious rollout strategy across multiple operations, starting with Spain and other European countries before expanding to other international markets.”

Canada: Chevron New Energies (CNE), a division of Chevron USA, is the lead investor in Svante’s Series E fundraising round, which raised US$318m. The capital will be used to accelerate the manufacture of Svante’s carbon capture technology. Other fundraising round participants include existing shareholders Temasek, OGCI Climate Investments, Delek US and Hesta AG, and new investors, 3M Ventures, Full Circle Capital, GE Vernova, the Japan Energy Fund, Liberty Media, M&G Catalyst, Samsung Ventures, TechEnergy Ventures and United Airlines Ventures.

Chevron Technology Ventures made an initial investment in Svante in 2014. In 2020, Chevron launched a project to pilot Svante’s technology to capture CO₂ from post combustion of natural gas. The project has received funding from the US Department of Energy. In collaboration with Svante and the National Energy Technology Laboratory, the technology will be tested at Chevron’s Kern River facility in San Joaquin Valley, California, with start-up scheduled for December 2022.

Svante was founded in 2007 and it has developed carbon capture and removal technology using structured adsorbent beds, known as filters. The latest funding will support Svante’s commercial-scale filter manufacturing facility in Vancouver. Trials using Svante’s technology in the cement sector have been run at Lafarge Canada’s Richmond cement plant in British Colombia and Holcim US’s Florence cement plant in Colorado.