Stelco’s algae biomass project just got a more than $20 million shot in the arm.
Pond Technologies Holdings Inc. has announced that it has received a binding funding commitment from its project funding partner, New York-based Inventiv Capital Management (ICM) to provide up to $7 million for Phase 1 of the Stelco Project and up to $13.5 million for Phase 2.
“This funding commitment by Inventiv demonstrates that our investors are just as eager as we are to complete the world’s first commercial-scale, algae-based carbon capture plant,” says Pond CEO Steve Martin. “The Stelco Project will show that emissions from industrial facilities can serve as an abundant, revenue-generating resource for high-value biomaterials.”
The balance of the project financing has been secured from the Ontario Centres of Excellence (OCE) and Pond.
The Stelco Inc. Lake Erie Works facility is located in Ontario. When completed, the Stelco Project is expected to produce 3,500 tonnes of algae and sequester approximately 6,300 tonnes of CO2 per year. Algae biomass from this facility can be used for high-protein feed for fish and livestock, or as a renewable feedstock for pigments, or bio-plastics.
Pond has already completed process engineering and is currently commissioning the first algae bioreactor.
“We are excited to be partnering with Pond on the funding of Stelco and future projects,” says Inventiv CEO Paulus Ingram. “Pond is highly aligned with our financial and sustainability goals and Inventiv anticipates deploying $US 100 Million into projects utilizing Pond technology over the next one to two years.”
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