Outstanding shares: 60,261,136
New funding to support development of enzyme-based carbon capture technology
QUEBEC, April 29 /CNW Telbec/ - CO2 Solution Inc. ("CO2 Solution" or the "Company") is pleased to announce it has secured up to $348,000 in funding from the National Research Council (NRC) of Canada's Industrial Research Assistance Program (IRAP). This funding will be utilized by CO2 Solution to support the ongoing commercialization of its technology, including enzyme delivery system development and lab-scale process optimization work. The financing will be received over the next twelve months subject to achievement of the project milestones.
Commenting on the funding, Glenn Kelly, President and CEO remarked, "We are very pleased to receive this funding from the NRC. We welcome the confidence that the Canadian government has demonstrated in the potential of our technology and support their efforts to advance innovative, made-in-Canada technologies that will enable large-scale industrial sources to cost-effectively reduce their greenhouse gas emissions. This commitment by the NRC complements the broader suite of initiatives the government has underway in cooperation with Canadian researchers and businesses to address climate change. We thank the NRC for their continued support of our efforts."
About CO2 Solution
Based in Quebec City, CO2 Solution Inc. has developed a proprietary bio-technological platform for the efficient capture of carbon dioxide (CO2), the most important greenhouse gas (GHG), from power plants and other large stationary sources of emissions. The Company's technology platform exploits the natural power of a bio-catalyst (enzyme), carbonic anhydrase, which functions within humans and other mammals to manage CO2 during respiration. CO2 Solution has successfully adapted the enzyme to function within an industrial environment, and thus has taken advantage of a biomimetic approach to CO2 capture based on millions of years of evolution. The Company is commercializing its technology for coal fired power generation, the oil sands and other CO2-intensive industries where a low-cost capture solution is key to addressing climate change in a cost-effective manner.
CO2 Solution's technology platform is protected by several North American and European patents, including the use of carbonic anhydrase for CO2 capture and release in a packed column system. News releases and additional information can be found at www.co2solution.com.
Forward-looking Statements: Certain statements in this news release may be forward-looking. These statements relate to future events or CO2 Solution's future economic performance and reflect the current assumptions and expectations of management. Certain unknown factors may affect the events, economic performance and results of operation described herein. CO2 Solution undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable law.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE CO2 Solutions Inc.
For further information: For further information: Hélène Savoie, CO2 Solution, (418) 842-3456, ext. 206, firstname.lastname@example.org; www.co2solution.com