B.C. cleantech exodus looms as Svante considers U.S. move

A leading B.C. cleantech company says the big gap in financial support offered by the Canadian and U.S. governments has made it consider leaving the country.

“I’m very disappointed in the Canadian government,” said Claude Letourneau, president and CEO of Svante. Quebec-based CO2 Solutions Inc. was acquired by Italian firm Saipem in 2020 and Montreal firm Cansolv Technologies Inc. was bought by Netherland-based Shell Global Solutions International B.V. in 2008. Earlier this month, Edmonton-based Capital Power Corp. announced it was discontinuing its pursuit of its own $2.4 billion carbon-capture project because it was not economically feasible.

Ottawa’s Department of Finance said in a statement to BIV that the manufacturing of CCUS equipment is not eligible for the reduced tax rates because it is unclear at the manufacturing stage which fabricated components would be used specifically for CCUS.

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