HomeCarbon Markets3M and Svante Join Forces to Produce Carbon Removal Products

3M and Svante Join Forces to Produce Carbon Removal Products

3M, a leading manufacturer and science company, has partnered with Svante Technologies, a carbon capture and removal firm known for its expertise in carbon capture and removal. Together, they aim to create Direct Air Capture (DAC) products, designed to capture carbon dioxide directly from the air and permanently remove it

The deal reaffirms the companies’ commitment to providing materials science-based solutions to reach net zero emissions and fight global warming. 

Scaling Up Supply of Carbon Capture and Removal Materials

3M has 120+ years of expertise in producing and supplying materials science-based solutions at unmatched scale. It manufactures a broad range of products, from building materials and adhesives to medical and cleaning supplies. 

The company brings that massive experience and expertise in the carbon dioxide removal (CDR) industry by working with Svante. An executive from 3M, Ray Eby, asserts the company’s commitment to scaling up climate tech solutions, saying that: 

“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.” 

Just like how the company tripled the supply of N95 respirators during the early days of COVID-19, 3M is as eager to scale the production of carbon removal materials over the next decade. Through its 51 tech platforms, 3M innovates and creates new technology capabilities to meet the growing needs of the industry.

This is important in meeting the demand for CDR, which climate scientists believe critical in achieving the Paris goal. CDR solutions include bioenergy combined with CCUS (BECCS) and direct air carbon capture with storage (DACCS or DAC). 

carbon removal technologies net zero

That said, the market for carbon removal is expanding rapidly. Investments came pouring in from large companies wanting to help early-stage CDR tech startups scale up and bring costs down. In fact, the industry has its own dedicated venture capital fund called Counteract, while government support reached billions of dollars

Joining the CDR supporters and investors, the venture capital arm of 3M, 3M Ventures, participated in Svante’s Series E fundraising. The said round raised $318 million to accelerate the manufacturing of Svante’s carbon capture and removal technology.

Capturing Millions of Tons of CO2

Svante manufactures solid sorbent-based filters and rotary contactor machines that capture large-scale carbon emissions for storage or further industrial use. Its filters are available for point-source capture from hydrogen, cement, steel, aluminum, pulp & paper plants, and refineries, and DAC applications.

Because of the broad range of markets Svante serves, the company’s CEO Claude Letourneau says Svante’s tech is applicable to 85% of the total carbon capture and removal market. By adding 3M into their global partners, it will further help Svante in capturing millions of tons of CO2 worldwide. 

In order to help meet that goal, 3M has to scale the production of DAC materials over the next few years. It will be the company’s first CDR products in the U.S. for Svante’s DAC applications. 

The joint development agreement between the companies focuses on developing and manufacturing carbon adsorbent technology for the carbon removal industry. This venture is part of 3M’s plans to invest about $1 billion to accelerate new environmental goals and one of them is to be carbon neutral by 2050.

Most Popular

2024 is The Golden Era For Europe’s Renewable Energy: Here’s Why

In 2024, Europe's market for renewable power purchase agreements (PPAs) is poised for substantial growth. Moreover, major mergers and acquisitions (M&A) also happened in...

Audi and Alfa Romeo Take The Ride to Electrification

Amid the rapid adoption of electrification, electric cars are reshaping the automotive industry, promising enhanced performance, efficiency, and a cleaner future. This momentum is...

Is the EV Market’s Momentum Slowing?

Bloomberg Outlook 2024 According to the Bloomberg EV Outlook Report, the global electric vehicle (EV) market in 2024 shows varied progress across different regions and...

Microsoft Strikes 2 Record-Breaking Carbon Credit Deals

Microsoft has entered into a groundbreaking agreement with BTG Pactual Timberland Investment Group (TIG), committing to provide 8 million carbon removal credits, marking the...

What Is COP28? Key Issues to Watch Out at 2023 Climate Summit

After a record-breaking year of devastating effects of climate change, from record wildfires in Greece and Canada to floods in Libya, the United Nations...

Climate Disclosure: New Corporate Standards for a Net Zero World

As part of the world’s continued efforts to combat climate change and transition towards net zero, one important piece of the puzzle is new...

Carbon Pricing: Understanding The Economics and Trends of Fighting Climate Change

As global temperatures continue to rise, the urgency surrounding climate policies has intensified, thrusting carbon pricing into the limelight of climate discussions. The race to...

The EU Corporate Sustainability Reporting Directive (CSRD): Key Things to Know

Companies operating in the European Union will have to deal with new non-financial and sustainability reporting requirements starting January 2024 with the EU's Corporate...