Pond Technologies moving ahead with Stelco algae project
April 15, 2019 - New funding is allowing Pond Technologies Holdings to move forward with Phase 1 of its project in southern Ontario that is expected to produce 3,500 tonnes of algae and sequester around 6,300 tonnes of CO2 a year.
By Maria Church
Pond announced today its project funding partner, New York-based boutique investment company Inventiv Capital Management, is providing up to $7 million for Phase 1 of the project and up to $13.5 million for Phase 2. The balance of the project financing is coming from the Ontario Centres of Excellence and Pond.
The project is located at Stelco Inc. Lake Erie Works facility in Nanticoke, Ont. Pond has completed process engineering and is currently commissioning the project’s first algae bioreactor.
The completed project is expected to produce 3,500 metric tonnes of algae and sequester approximately 6,300 metric tonnes of CO2 per year. The algae biomass can be used for high-protein fish and livestock food, or as pigments or bio-plastics feedstock.
“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,” Pond CEO Steve Martin said in a news release. “The Stelco project will show that emissions from industrial facilities can serve as an abundant, revenue-generating resource for high-value biomaterials.”
Inventiv CEO Paulus Ingram said they are excited to be partnering with Pond. “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,” he said.
RELATED: Read about Pond Technologies algal bioreactor at St Marys Cement plant in Ontario.