Funds will bring company one step closer to commercializing clean heavy oil extraction technology
EDMONTON, March 4, 2016 /CNW/ - Nsolv is pleased to announce it has been awarded $13 million in grant funding to commercialize its ground-breaking clean energy technology for heavy oil extraction. The funding will be provided by Sustainable Development Technology Canada (SDTC) in accordance with its mandate to bring economically viable, clean technologies to market.
"We are extremely appreciative of SDTC's vote of confidence in our technology," says Joseph Kuhach, CEO of Nsolv. "Today's announcement is confirmation that Nsolv is a game-changer for the heavy oil industry. We look forward to working with SDTC and our other partners in commercializing our technology, which supports the federal government's commitment to fighting climate change."
Nsolv developed patented technology that uses warm solvent to extract in-situ heavy oil reserves. The technology has many benefits, but most importantly it reduces greenhouse gas (GHG) emissions by lowering the amount of energy needed to remove heavy oil from the ground. Nsolv's process uses zero water and very little natural gas to heat the solvent, resulting in an 80 per cent reduction in GHG emissions compared to existing extraction methods.
These benefits have been realized through lab testing and Nsolv's pilot project at Fort McKay, Alberta, which produced its 80,000th barrel in January 2016. Nsolv has also been awarded Clean50 and Clean16 awards from Delta Management Group.
"Sustainable Development Technology Canada (SDTC) is incredibly proud to support Nsolv," said Leah Lawrence, President and CEO of SDTC. "Our mission is to help Canadian cleantech entrepreneurs move their ground-breaking technologies to commercialization by bridging the funding gap between research and market entry. Nsolv is the kind of technology that has the potential to generate jobs, growth and export opportunities, and to bring lasting economic, environmental and health benefits to Canadians and people around the world."
Nsolv is in the process of finalizing a partnership with a major heavy oil producer to construct a commercial-scale facility. Nsolv technology performs well, even in today's low oil price environment, as it is commercially viable at between 5,000 and 10,000 barrels per day. Other extraction methods are not currently commercially viable at this scale.
Nsolv is a privately-owned Canadian, clean-tech energy company devoted to solving the operational and environmental problems of heavy oil extraction. The company has patented warm solvent technology for in-situ projects that produces a higher quality oil product from hard to reach reservoirs for a fraction of the cost, all the while doing better for the environment. With proven technology, Nsolv is now primed for further partnerships, joint ventures and license agreements. For more information: www.nsolv.ca.
Sustainable Development Technology Canada (SDTC) acts as a primary catalyst in building a sustainable development technology industry in Canada, funding and supporting Canadian cleantech projects across a number of sectors. SDTC invests in Canadian companies that through their innovative technologies bring positive contributions to Canada: creating quality jobs, driving economic growth, and preserving our environment. SDTC is a foundation funded by the Government of Canada. For more information, please visit www.sdtc.ca.
Joe Kuhach, CEO of Nsolv, is available to discuss the SDTC funding announcement and provide further details about Nsolv.
Image with caption: "Nsolv (CNW Group/Nsolv)". Image available at: http://photos.newswire.ca/images/download/20160304_C2881_PHOTO_EN_634938.jpg
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