Innovation Minister François-Philippe Champagne has announced a $25 million investment in clean technology firm Svante.
The investment will support the Burnaby-based company’s $97.22 million project to develop and commercialize its low-cost carbon capture technology.
The technology aims to prevent the significant release of carbon dioxide into the atmosphere from industrial sites like cement and blue hydrogen plants.
“We are keen to partner with Canadian companies like Svante that are creating clean technologies that will help key industries around the world, including in Canada, significantly cut down their greenhouse gas emissions,” Champagne said in a news release.
“This project will create good jobs in Burnaby and Vancouver in clean technologies, and it will grow Canada’s leadership in this increasingly important sector of our economy.”
With this investment, Svante will create 53 jobs, maintain 72 jobs and facilitate 124 co-op positions and invest at least $205 million in research and development.
The funding for the project comes from the federal government’s Strategic Innovation Fund, which aims to spur innovation within the country.
The government notes that Svante’s technology will help achieve the country’ goal of net zero by 2050 and will be especially beneficial to heavy emitting industries.
Further, it notes that clean technologies contributed more than $28.8 billion to the Canadian economy in 2019, including the export of approximately $7.05 billion worth of clean technology goods and services.
The government also says clean technologies offer several other benefits to Canadians, such as reducing electricity costs to improving air quality and employing more than 211,000 people across the country.
Image credit: @fp_champagne