Department of Finance Canada announced Canada Growth Fund investment in svante to advance carbon capture technology.
The federal government's $93 billion suite of major economic investment tax credits includes the Carbon Capture, Utilization, and Storage investment tax credit, which covers up to 60 per cent of eligible capital costs, to accelerate decarbonization across high-emitting industries.
The Canada Growth Fund is building on the US$145 million (C$198.65 million) Svante is investing in its new carbon capture and removal filter manufacturing facility under construction in Burnaby, British Columbia.
The Canada Growth Fund is a $15 billion arm's length public investment vehicle launched by the federal government to attract private capital and invest in Canadian projects and businesses, which is led by Canada's world-leading public sector pension professionals.
The federal government is also supporting the use of CCUS technology through its generous investment tax credits, which are available to access now and are already attracting investment across Canada from innovative companies.
For project sponsors, public financing and investment tax credits can affect whether major industrial, clean-energy, or resource projects are economic enough to proceed.