3M and Svante Announce Joint Development Agreement to Develop and Produce CO2 Removal Products

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3M (NYSE: MMM) is expanding its ongoing commitment to materials science-based climate tech solutions by working with BC-based Svante Technologies, Inc. (Svante) to develop material that can trap carbon dioxide (CO2) found in the atmosphere and permanently remove it.

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Retrieved on: 
Tuesday, May 16, 2023
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Tags: 
Other Manufacturing, Research, Environment, Sustainability, Alternative Energy, Manufacturing, Green Technology, Energy, Science, Other Science, N95 respirator, Partnership, JDA, Hydrogen, Aluminium, Safety, COVID-19, Steel, Carbon, Sale, Plant, CDR, Climate change, CO2, NYSE, Renewable energy, Svante, N95
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MINNESOTA, UNITED STATES, NORTH AMERICA, CANADA, BRITISH COLUMBIA
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SVANTE, 3M
Stock Symbol: 
NYSE:MMM
Summary
Key Points: 
  • 3M (NYSE: MMM) is expanding its ongoing commitment to materials science-based climate tech solutions by working with BC-based Svante Technologies, Inc. (Svante) to develop material that can trap carbon dioxide (CO2) found in the atmosphere and permanently remove it.
  • “3M is committed to helping build a low-carbon economy.
  • “3M is another great addition to our network of world-class strategic partners and investors,” said Claude Letourneau, Svante’s president and chief executive officer.
  • Because of the wide array of markets the company serves, Letourneau says Svante’s technology can be applied to 85% of the total carbon capture and removal segment.


3M (NYSE: MMM) is expanding its ongoing commitment to materials science-based climate tech solutions by working with BC-based Svante Technologies, Inc. (Svante) to develop material that can trap carbon dioxide (CO2) found in the atmosphere and permanently remove it.

“3M is committed to helping build a low-carbon economy. We are driven by a need to solve the world’s most pressing challenges, and our partnership with Svante to create innovative climate solutions is an exciting prospect for us,” said Ray Eby, president of 3M’s Personal Safety Division. “Similar to how we tripled production of N95 respirators during the early days of the COVID-19 pandemic, we are eager to take on the challenge of scaling the production and supply of carbon removal materials over the next decade and beyond to meet global demand. Our deep expertise in filtration technology, extensive global R&D community and our unwavering commitment to create world-changing solutions give us the confidence to scale these carbon-adsorbing solutions with the necessary speed to combat climate change.”

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.

“3M is another great addition to our network of world-class strategic partners and investors,” said Claude Letourneau, Svante’s president and chief executive officer. “3M’s 120+ years of expertise in producing materials science-based solutions at scale is unparalleled and will aid us in our efforts to capture millions of tonnes of CO2 from diverse sites around the world.”

Svante has developed a process for coating solid sorbents onto laminate sheets and stacking into high-performance filters, which are available for both industrial point-source capture (from hydrogen, cement, steel, aluminum, pulp & paper plants, and refineries) and for direct air capture. Because of the wide array of markets the company serves, Letourneau says Svante’s technology can be applied to 85% of the total carbon capture and removal segment.

"With 51 technology platforms across 3M, we're innovating and creating new technology capabilities to meet the growing needs of the carbon capture and removal market," said Fabrice Moguet, senior vice president of research and development for 3M's Safety and Industrial Business Group. "To fulfill Svante's needs and help combat climate change, we'll need to scale to thousands of miles of technical material over the next few years, and we’re excited to manufacture our first products in the United States for Svante’s DAC applications.”

The joint development agreement (JDA) between 3M and Svante focuses on the development and manufacture of solutions using parallel channel structured adsorbent technology for sale into the carbon dioxide removal (CDR) industry.

About 3M

3M (NYSE: MMM) believes science helps create a brighter world for everyone. By unlocking the power of people, ideas and science to reimagine what’s possible, our global team uniquely addresses the opportunities and challenges of our customers, communities, and planet. Learn how we’re working to improve lives and make what’s next at 3M.com/news or on Twitter at @3M or @3MNews.

About Svante

Svante manufactures solid sorbent-based filters and rotary contactor machines that 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 from industrial sources and directly from the atmosphere in an environmentally sustainable way, Svante makes industrial-scale carbon capture and removal a reality. The company is on the 2023 Global Cleantech 100 and was ranked second among private companies in the Corporate Knights Future 50 Fastest-Growing Sustainable Companies in Canada. To learn more about Svante, visit www.svanteinc.com, or follow Svante on LinkedIn or Twitter @svantesolutions.

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