This long-term agreement allows CO2 Solution to prepare for the
wide-scale commercialization of its carbon dioxide technology with a
world class partner
Technology positioned as innovative solution for global warming and
Stock symbol: CST
Oustanding shares: 31,660,779
QUEBEC, March 15 /CNW Telbec/ - CO2 Solution Inc. ("CO2 Solution") today
announced the signing of an agreement with the U.S. multinational The Babcock
& Wilcox (B&W) for the acquisition of a license option and a significant
contribution to the costs of a joint technological development program.
More specifically, B&W will purchase an exclusive option to license to
market, in North America, the technology developed by CO2 Solution for coal
combustion based electricity generating plant applications. To acquire this
option, B&W is making an initial payment of $500,000 US upon signing the
agreement, and will make a second payment of $500,000 US following the
attainment of certain pre-determined milestones. Furthermore, as part of the
agreement, B&W will take on the expenses involved in adapting CO2 Solution's
technology for a pilot project at a coal fired plant, which was announced last
October. The agreement also foresees that in light of the results obtained,
the two companies may undertake negotiations for a license grant.
"This agreement is a decisive step in CO2 Solution's development and
growth. Through this agreement, we are joining forces with a world-class
partner who has significant needs for efficient and effective solutions, such
as those developed by CO2 Solution, to reduce greenhouse gas emissions. The
objective of this long-term agreement is to enable CO2 Solution to reach the
wide-scale commercialization stage in an organized and structured manner. We
think that this collaboration be highly beneficial to both companies," said
Mr. Jacques Raymond, President and Chief Executive Officer, CO2 Solution.
"We are pleased to conclude this agreement with CO2 Solution. We are
continually looking for innovative solutions to help our clients address the
diverse challenges they face, particularly with respect to the capture of
carbon dioxide from power plants. CO2 Solution's enzyme-based technology is a
promising direction in this field, where expectations are growing," said Mr.
Don Langley, B&W's Vice-President and Chief Technology Officer.
According to the Energy Information Administration (EIA), CO2 emissions
from coal fired power generation in the United States were nearly 2 Billion
tons in 2006, or approximately one-third of total U.S. emissions. These
emissions were equivalent to CO2 emissions from the transportation sector,
including automobiles. This analysis suggests that capture and storage of CO2
emissions from coal power plants is an important part in reducing greenhouse
About Babcock & Wilcox
Headquartered in Barberton, Ohio, for more than 140 years, The Babcock &
Wilcox Company (B&W) has been supplying innovative solutions to meet the
world's growing energy needs. With power generation systems and equipment
found in more than 800 utilities and industries in over 90 countries, B&W is
truly powering the world.
B&W is a unit of McDermott International, Inc., (NYSE: MDR) a leading
worldwide energy services company. McDermott subsidiaries manufacture
steam-generating equipment, environmental equipment, and products for the U.S.
government. They also provide engineering and construction services for the
offshore oil and natural gas industries. McDermott has over 20,000 employees.
About CO2 Solution
Headquartered in Quebec City, CO2 Solution's mission is to become the
leader in the conception, development, production and marketing of products
and services directed at the management and neutralization of carbon dioxide
and other greenhouse gases. CO2 Solution, which follows the principles of
sustainable development, has developed an innovative enzyme-based
technological platform that operates by biologically capturing and
transforming CO2 into an environmentally safe substance. CO2 Solution's
enzyme-based technology platform is an important contribution to global
efforts to fight climate change.
The TSX Venture Exchange does not approve nor accept responsibility for
the adequacy or accuracy of this press release.
For further information:
For further information: Frédéric Tremblay, HKDP Communications and
Public Affairs, (514) 395-0375, ext. 234; Source: CO(2) Solution