Canada invests 200 million USD for industrial carbon capture solutions

Canadian officials recently announced a 200 million USD investment through the Canada Growth Fund (CGF) in carbon capture startup Entropy, as well as a long-term fixed-price carbon credit purchase agreement for up to one million tons of CO2 emissions per year.

ESG Today reports that this was decided in order to reduce the risks associated with Entropy's carbon removal projects. Calgary-based Entropy develops modular carbon capture and storage facilities which capture and store pre-combustion and post-combustion emissions from industrial facilities.

Entropy President and CEO Mike Belenkie said that "by creating a large-scale CCO to guarantee long-term carbon pricing and adding $200 million to our existing Brookfield funding for third-party projects, Entropy has a clear path to accelerating growth and reducing emissions, right here at home."

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CGF officials committed through the agreement to purchase up to 9 million tons of carbon credits from Entropy projects over the next 15 years at a rate of 600.000 tons per year.

Canada Growth Fund was launched in 2023 with a commitment of 15 billion USD in order to promote and help develop a clean economy in Canada, while also help attract the interest of private investors in companies that can contribute to a greener future.

CGF officials announced the first investment back in October 2023, fundind Calgary-based geothermal energy company Eavor Technologies with 90 million USD.

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