Carbon capture technology company Inventys has landed an equity investment from Husky Energy. This financing is part of a $10 million Round B financing with investments from The Roda Group and Chrysalix Energy Venture Capital. The money will be used to fund a 30 tonne per day pilot plant providing Husky with a low cost source of CO2 for an enhanced oil recovery (EOR) program near Lloydminster SK.
“This is the world’s first pilot-scale plant using structured adsorbents to capture CO2 from a once-through steam generator (OTSG) for use in heavy oil recovery,” said Claude Letourneau, president and CEO at Inventys. “Canada offers the perfect setting to prove our second generation carbon capture technology, reduce carbon emissions, uphold Canada’s climate goals, create jobs, and support industrial growth.”
Inventys’ system, dubbed VeloxoTherm, is considered a next generation technology that has the potential to capture CO2 at significantly lower costs than conventional systems. By combining a patented solid adsorbent structure with a rapid cycling temperature swing adsorption process, Inventys has successfully demonstrated economical CO2 capture capabilities with its compact adsorption machine.
Earlier this year, Inventys commissioned a self-contained 0.5 tonne per day VeloxoTherm field demonstration plant at the same Husky site as a platform for the development of its new adsorbent structures. The demo plant has recorded meaningful data since testing began in early 2017. The test results over the next six months will shape the design of the 30 tonne per day plant.
Husky has been growing its heavy oil bitumen production in the Lloydminster region of Saskatchewan and Alberta through the use of thermal technologies, where steam is injected into oil reservoirs to increase recovery. Through Inventys’ technology, Husky is looking to capture the CO2 generated from its thermal operations and use it to increase oil recovery from adjacent assets.
Inventys expect to see the plant begin commercial operations in the fall of 2018 at Husky’s Pikes Peak South Lloyd thermal project.