Cross Carbon Ventures Announces Formation of Carbon Capture Development Partnership

Rhea-AI Summary

Enbridge, Svante, Cross River Infrastructure Partners, and OTS have formed an independent carbon capture partnership called Cross Carbon Ventures (CCV). This venture aims to develop carbon capture projects in North America for industries like cement, steelmaking, and petroleum refining. CCV will utilize Svante’s technology to capture CO₂ emissions, providing a Carbon Capture-as-a-Service model. The initiative is set against the backdrop of global decarbonization targets, with Enbridge emphasizing its role in energy infrastructure critical for emissions reduction.

Positive

• Establishment of Cross Carbon Ventures (CCV) to capitalize on carbon capture opportunities.
• CCV targets decarbonization in major industries, enhancing market relevance.

Negative

• None.

Svante Inc., Enbridge Inc. (TSX: ENB) (NYSE: ENB), Cross River Infrastructure Partners LLC, and OTS Ltd., have entered into 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 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.

“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 Aaron Ratner, President of CCV.

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.

“CCV is an ideal partnership to commercialize our technology and to provide a net-zero CO₂ emission solution. 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,’’ said Claude Letourneau, Svante’s President and CEO.

Enbridge, North America’s leading 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.

About Svante

Svante offers companies in emissions-intensive industries a viable way to capture large-scale CO₂ emissions from existing infrastructure, either for safe storage or to be used for further industrial use in a closed loop. With the ability to capture CO₂ directly from industrial sources at less than half the capital cost of existing solutions, Svante makes industrial-scale carbon capture a reality. Svante’s technology is currently being deployed in the field at pilot plant-scale by industry leaders in the energy and cement manufacturing sectors. The CO₂MENT Pilot Plant Project – a partnership between Lafarge (Holcim) and TOTAL S.A. – is operating a 1 tonne per day (TPD) plant in Richmond, British Columbia, Canada that will re-inject captured CO₂ into concrete, while the construction and commissioning of a 30 TPD demonstration plant was completed in 2019 at an industrial facility in Lloydminster, Saskatchewan, Canada. A 25 TPD demonstration plant is currently under design and construction at Chevron U.S.A. located near Bakersfield, California. In addition, several feasibility studies for commercial scale carbon capture projects ranging from 500 to 4,500 TPD are underway in North America and Europe.

Svante has attracted more than USD$195 million in investment since it was founded in 2007 including the recent CDN$25 million investment from the Government of Canada’s Strategic Innovation Fund. Svante’s Board of Directors includes Nobel Laureate and former Secretary of Energy, Steven Chu, and Chairman Steven Berkenfeld, former Head of Industrial & Cleantech Practice at Barclays Capital. To learn more about Svante’s technology, click here or visit Svante’s website www.svanteinc.com, LinkedIn or Twitter (@svantesolutions).

About Enbridge

Enbridge Inc. is a leading North American energy infrastructure company. We safely and reliably deliver the energy people need and want to fuel quality of life. Our core businesses include Liquids Pipelines, which transports approximately 25 percent of the crude oil produced in North America; Gas Transmission and Midstream, which transports approximately 20 percent of the natural gas consumed in the U.S.; Gas Distribution and Storage, which serves approximately 3.8 million retail customers in Ontario and Quebec; and Renewable Power Generation, which generates approximately 1,766 MW of net renewable power in North America and Europe. The Company's common shares trade on the Toronto and New York stock exchanges under the symbol ENB. For more information, visit www.enbridge.com.

About Cross River Infrastructure Partners

Cross River Infrastructure Partners LLC is a platform of development companies deploying industry-leading climate technologies and sustainable infrastructure projects across carbon capture and carbon utilization, sustainable protein, clean fuels and clean energy. Cross River focuses on developing and commercializing early and first-of-a-kind projects in North America. For more information, visit www.crossriverllc.com.

About OTS

OTS is a premier provider of Pre-Commissioning, Commissioning and Start-Up and Operations and Maintenance services for the energy, mining and utility sectors. With four locations throughout North America and a roster of hundreds of skilled employees, OTS has worked on major capital projects since inception in 2005. Our leading quality management system, based on ISO 9001:2015 standards, ensures consistency and precision in project execution. Our management team is hands-on for every project and are always accessible. Real-time reporting, a commitment to safety and rigorous training, make OTS the best choice to get your project into a steady-state operation safely and efficiently. For more information, please visit www.otsl.ca.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210730005331/en/

FAQ

What is the purpose of Cross Carbon Ventures (CCV) related to ENB?

CCV aims to develop carbon capture projects in North America, focusing on helping industries decarbonize their operations.

Which companies are involved in the CCV partnership with ENB?

The partnership includes Enbridge, Svante, Cross River Infrastructure Partners, and OTS Ltd.

How does CCV plan to achieve its carbon capture goals?

CCV plans to use Svante's technology for capturing CO₂ from industrial processes, offering a Carbon Capture-as-a-Service model.

What industries will CCV focus on for carbon capture projects?

CCV will target heavy industries including cement, steelmaking, petroleum refining, and large-scale hydrogen production.

What are the potential benefits of CCV for Enbridge's investors?

CCV's projects could enhance Enbridge's position in the growing carbon capture market, potentially boosting revenue opportunities.