Canada’s NGIF Cleantech funds carbon capture startup
Canadian cleantech venture capital fund NGIF Cleantech Ventures said December 15 it had made an equity investment in carbon capture startup Ionada, which was selected last summer to be part of Halliburton’s clean energy accelerator, Halliburton Labs and earlier this year earned C$150,000 in funding from NGIF Capital.
The level and value of the latest investment was not disclosed, in keeping with the policy of NGIF Cleantech Ventures.
Ionada has developed a membrane technology specifically tailored for carbon capture applications in the marine and power generation industries. The membrane CO2 contactors can remove up to 99% of the carbon dioxide in flue gas, replacing less-efficient spray towers and absorbers.
The result is a 30% increase in efficiency and a 50% reduction in absorber size, and because the absorber can operate horizontally instead of vertically, flexibility and modularity is also improved. Ionada also leverages membrane degassing to strip CO2 from the absorbents, again increasing efficiency and decreasing the size of the stripper unit.
“We were impressed by Ionada’s containerised modular system that can be easily retrofitted on small to mid-size carbon emitters,” NGIF Cleantech Ventures managing partner John Adams said. “Not only will [its] technology help remove CO2 from the gas industry emissions, but the captured gases will provide feedstock for value-added products.”