On December 15, 2022, Chevron New Energies (CNE) and Svante announced that Chevron led Svante’s Series E fundraising round, raising $318 million to accelerate the manufacturing of carbon capture technology. The funds will support Svante's commercial-scale filter manufacturing facility in Vancouver, aimed at producing filters that can capture millions of tonnes of CO2 annually across large-scale facilities. Svante's modular solid sorbent technology is designed to capture CO2 from industrial flue gas, concentrating it into high-purity, pipeline-grade form. The technology targets industrial decarbonization activities in various fields like hydrogen, pulp and paper, cement, and more. Existing shareholders, including Temasek and OGCI Climate Investments, and new investors like 3M Ventures and United Airlines Ventures, participated in the round. J.P. Morgan Securities LLC acted as the lead placement agent, with RBC Capital Markets as co-lead, and Full Circle Capital served as the financial advisor to Svante. Chevron plans to invest $10 billion in lower carbon projects through 2028, reflecting a commitment to collaboration in new ways to accelerate progress.