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3M and Svante announce joint development agreement to develop and produce carbon dioxide removal products
3M (NYSE: MMM) is expanding its ongoing commitment to materials science-based climate tech solutions by working with Svante Technologies, Inc. (Svante) to develop material that can trap carbon dioxide (CO2) found in the atmosphere and permanently remove it. 3M Ventures, the venture capital arm of 3M, recently participated in Svante’s Series E fundraising round, which raised $318 million to accelerate the manufacturing of Svante’s carbon capture and removal technology.
Chevron invests in carbon capture and removal technology company, Svante
Chevron New Energies (CNE), a division of Chevron U.S.A. Inc., and Svante announced that Chevron is the lead investor in Svante’s Series E fundraising round, which raised $318 million that will be used to accelerate the manufacturing of Svante’s carbon capture technology.
Since its founding in 2007, Svante has developed carbon capture and removal technology using structured adsorbent beds, known as filters. This funding will support Svante’s commercial-scale filter manufacturing facility in Vancouver, which is anticipated to produce enough filter modules to capture millions of tonnes of carbon dioxide (CO2) per year across hundreds of large-scale carbon capture and storage facilities.