3M Co. is partnering with a Canada-based manufacturer of carbon-trapping technology, expanding its presence in the materials science-based climate tech industry.
The Maplewood-based manufacturer announced Tuesday that it had formed a joint development agreement with Burnaby, British Columbia-based Svante Technologies Inc. to further develop and scale production of Svante's technology that can capture carbon dioxide in the atmosphere and remove it. The move is part of a larger effort by the companies to help lower emissions and tackle global warming, the companies said.
"We're excited to be partnering with Svante to produce the technical materials at the speed and skill that we need to meet the challenge," said Sam Tutterow, director of strategy and business development for 3M's personal safety division. Svante has developed a process for coating solid sorbents, a type of material that can be used to trap CO2, onto laminate sheets and stacking those into filters.
3M’s now-commercial partnership with Svante, which follows 18 months of collaboration work, will allow the companies to merge their strengths, said Tutterow and Fabrice Moguet, senior vice president of research and development for 3M's safety and industrial business group.
This represents the first of multiple steps between the two companies, Tutterow said.
And the carbon-capture space is one of the market sectors within the climate tech industry that 3M sees as positioned for high growth, Moguet said.
3M's venture capital arm, 3M Ventures, also recently participated in Svante’s Series E fundraising round, which totaled $318 million. The funding, led by Chevron New Energies, a division of Chevron USA Inc., was intended to accelerate manufacturing of Svante’s carbon capture and removal technology.
