Canada’s Minister of Energy and Natural Resources has announced an investment of $5.8 million to support made-in-Canada carbon management technologies.

This includes $1.3 million to carbon capture and removal solutions provider Svante to enhance testing capabilities, and $2 million to Anodyne Chemistries Inc. for the demonstration and scale-up of innovative industrial processes that produce valuable chemical commodities such as formate (with the formula HCO₂), from captured carbon dioxide.

Formate is an industrial feedstock used in applications including de-icing, dyeing, leather tanning, and drilling fluids. The global sodium formate market was valued at around $136m in 2024 and is projected to approach $195m by 2032.

Says Iain Evans, Chief Executive, Anodyne Chemistries Inc., “We’re transforming the narrative around carbon dioxide from a liability to a valuable asset. Converting CO₂ into chemicals offers a profitable and scalable pathway for companies to both reduce emissions and generate new revenue streams, proving that environmental responsibility and economic growth can go hand in hand.”

Canada is also investing in Agora Energy Technologies Ltd. in Vancouver, B.C., which will receive $2.4 million to further develop CO₂ capture and utilization processes using impure flue gas.

Natural Resources Canada says that together, these projects will grow Canada’s energy industry, create good jobs in British Columbia and across Canada, reduce pollution, and build a cleaner economy.