Clean Tech startup Inventys announced it has raised $10 million in financing. Three investors participated in the round: Husky Energy, Chrysalix Energy Venture Capital, and The Roda Group.
Inventys has developed a highly energy and capital-efficient technology for capturing carbon dioxide from industrial flue gas streams. The company’s proprietary VeloxoTherm:™ is a process that costs less than one-third of existing post-combustion CO2 capture technologies and enables the widespread adoption of enhanced oil recovery and carbon sequestration.
VeloxoTherm:™ is also the world’s first post-combustion CO2 capture process that uses structured adsorbents, which are cheaper, non-toxic, and more efficient than amine solutions. Earlier this year, Inventys commissioned a self-contained 0.5 TPD VeloxoTherm™ field demonstration plant at Husky Energy’s Pikes Peak South Lloyd thermal project as a platform for rapid development of its new adsorbent structures.
According to the company, proceeds from the transaction will fund a 30-ton per day (TPD) CO2-capture pilot plant aimed at producing a low-cost CO2-supply solution for Husky’s heavy oil program near Lloydminster, Saskatchewan.