QUEBEC CITY, April 7, 2016 /CNW/ - CO2 Solutions Inc. (TSX-V: CST), the leader in the field of enzyme-enabled carbon capture technology, today announced that additional funding of $255,000 was received from Natural Resources Canada's ecoENERGY Innovation Initiative. The funding is intended for further testing of the Corporation's proprietary carbon capture technology utilizing a rotating packed bed ("RPB") technology configuration, with the objective of demonstrating the potential of major equipment cost reductions. These tests are part of an ongoing and successful technology scale up programme, to which the Canadian Government's total contribution up to now, including the new grant, has been $5,305,000.
The Corporation announced in June 2015 that it had entered into a collaboration agreement with GasTran Systems ("GTS"), giving CO2 Solutions exclusive use of GTS's rotating packed bed technology for CO2 capture. Initial joint testing at CO2 Solutions at a scale of approximately 0.5 tonnes per day (tpd) of CO2 captured showed that using the GTS RPB equipment can potentially lead to a 20-fold reduction in the size of capture equipment as compared to a conventional packed tower approach. This has the potential of significantly reducing capital costs associated with the application of carbon capture technology, as well as increasing the applicability of CO2 capture at many industrial locations where space and footprint considerations are as important as cost.
The additional funding will be used for an expansion of the currently planned testing programme involving a larger-scale RPB-based system. The test unit will be built and assembled in Quebec, and shipped for testing, scheduled to commence this summer at a leading independent US-based test facility The objective of the programme is to determine design and costing parameters for the commercial application of the RPB technology. The total expense to the Corporation, net of all funding from ecoENERGY, is estimated at $0.3 million based on total project costs of $1.1 million.
"We are grateful for the continued support from the Canadian Government in the development of this enhancement to our leading carbon capture technology." stated Evan Price, President and CEO of CO2 Solutions. "Our planned integrated pulp mill/greenhouse project in Quebec, for which we recently announced $2.4 million in SDTC funding, is a prime example of where we intend to leverage the results of this testing programme. With this funding, we can accelerate the development of this second equipment solution, which is complementary to our packed column technology offering, which was already proven at a scale sufficient for commercial applications."
"By supporting the expansion of the testing program for CO2 Solutions' carbon capture technology, this investment will help advance this technology towards commercial availability," said the Honourable Jim Carr, Canada's Minister of Natural Resources. "As the Federal Budget has demonstrated, the Government of Canada is committed to supporting clean technologies that will help Canada's transition to a low-carbon economy."
About CO2 Solutions Inc.
CO2 Solutions is an innovator in the field of enzyme-enabled carbon capture and has been actively working to develop and commercialize the technology for stationary sources of carbon pollution. CO2 Solutions' technology lowers the cost barrier to Carbon Capture, Sequestration and Utilization (CCSU), positioning it as a viable CO2 mitigation tool, as well as enabling industry to derive profitable new products from these emissions. CO2 Solutions has built an extensive patent portfolio covering the use of carbonic anhydrase, or analogues thereof, for the efficient post-combustion capture of carbon dioxide with low‐energy aqueous solvents. Further information can be found at www.co2solutions.com.
CO2 Solutions Forward-looking Statements
Certain statements in this news release may be forward-looking. These statements relate to future events or CO2 Solutions' 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 Solutions 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.
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SOURCE CO2 Solutions Inc.
For further information: Investor Relations and Media Contact: CO2 Solutions: Thom Skinner, 418-842-3456, ext. 223, firstname.lastname@example.org, www.co2solutions.com; NATIONAL Equicom: Marc Lakmaaker, 416-848-1397, MLakmaaker@national.ca