Inventys, a Vancouver, Canada-based developer of next generation CO2-capture technology, raised CAD$10m in this first tranche of its current Round B-11 financing process.
The round was led by an Husky Energy with participation from existing investors The Roda Group and Chrysalix Energy Venture Capital.
The company will use the proceeds from the transaction to 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.
Led by President and CEO Claude Letourneau, Inventys is a clean energy technology company with a solution for capturing point-source CO2 emissions and accelerating the global transition to a lower-carbon economy.
The VeloxoTherm™ process, which combines patented Adsorbent Structure and rapid cycle thermal swing process, 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.
Earlier this year, Inventys commissioned a self-contained 0.5 TPD VeloxoTherm™ field demonstration plant at Husky Energy’s Pikes Peak South Lloyd thermal project 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.