Cross Carbon Ventures Announces Formation of Carbon Capture Development Partnership
Svante, Enbridge, Cross River Infrastructure Partners and OTS Ltd. have entered a commercial Memorandum of Understanding that establishes Cross Carbon Ventures (CCV), an independent carbon capture development partnership.
CCV will explore commercial opportunities in North America to develop, build, own and operate carbon capture projects for carbon intensive industries seeking to decarbonize their operations. CCV will leverage Svante’s innovative technology to capture carbon directly from industrial post-combustion flue gases to produce pipeline-grade CO2 for safe transportation and storage.
“Providing large-scale industrial emitters with a Carbon Capture-as-a-Service offering will be integral to scaling up the carbon capture industry along with CO2 hubs to achieve global decarbonization targets,” said CCV President Aaron Ratner.
CCV will target the decarbonization of emissions by heavy industries including cement, steelmaking, petroleum refining, and large-scale hydrogen production through the development of point-source carbon capture projects.
“CCV is an ideal partnership to commercialize our technology and to provide a net-zero CO2 emission solution,” said Claude Letourneau, Svante’s president and CEO. “CCV’s offering, along with progressive carbon abatement policies can make a Carbon Capture-as-a-Service business model profitable across a range of large-scale industrial applications.”
Enbridge, an energy infrastructure company, has a unique asset footprint and capabilities spanning the transportation and storage of conventional and low carbon energy sources that are essential to meeting global emissions reduction goals.
CCV will also benefit from OTS’s experience in operational readiness, commissioning, operation and maintenance of complex first-of-a-kind sustainable infrastructure projects.
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