Outstanding shares: 60,261,136
Agreement with CLEA Technologies B.V. provides CO2 Solution with advanced technology for industrial application of enzyme for carbon capture
QUEBEC CITY, June 1 /CNW Telbec/ - CO2 Solution Inc. ("CO2 Solution" or the "Company") is pleased to announce it has executed a Custom Immobilization Agreement (the "Agreement") with CLEA Technologies B.V. ("CLEATECH") (www.cleatechnologies.com) for the development of CLEATECH's proprietary Cross Linked Enzyme Aggregate ("CLEA") technology for the carbonic anhydrase enzyme used by CO2 Solution for carbon capture applications. As part of the Agreement, CO2 Solution obtains exclusive global rights to CLEATECH's CLEA technology for the enzyme carbonic anhydrase until 2016, extendable thereafter upon commercial deployment. The CLEA technology is patent pending in the U.S. and Europe. Additionally, any new intellectual property developed under the Agreement by CLEATECH will be the sole property of CO2 Solution.
It is expected that the CLEA technology will provide for a robust method of using the carbonic anhydrase in CO2 Solution's carbon capture process, and builds upon the proven commercial application of the CLEA technology for the fine chemicals and pharmaceutical industry. The CLEA technology provides an alternative to using soluble enzyme and may further improve overall economics of the process. Furthermore, the CLEA manufacturing process is proven, and relatively simple, allowing for expected ease of scale-up.
The Agreement is another milestone towards execution of the Company's three-pronged technology development and optimization strategy which includes the enzyme, immobilization (enzyme delivery) and process. With the Agreement providing advanced immobilization technology, it builds on recent agreements with other specialist technology leaders, including Codexis, Inc., for robust, low cost enzymes, and Procede Group B.V. for process optimization. Additionally under the Agreement, the parties will also explore other promising enzyme immobilization and delivery technologies in which CLEATECH has significant expertise.
Based in The Netherlands, CLEATECH was founded by Dr. Roger Sheldon, a respected authority on the use of biocatalysts for industrial processes. Under his guidance CLEATECH has grown into an independent private company, specializing in enzyme immobilization and the development of green (biocatalytic) processes for the chemical and allied industries. CLEATECH's proprietary technology for the immobilization of enzymes as cross-linked enzyme aggregates (CLEAs) has broad scope and affords robust biocatalysts with improved stability and recyclability coupled with high productivities. This enables economically viable applications of enzymes in a variety of settings. Dr. Sheldon is particularly known for his work in designing multi-step chemoenzymatic processes which imitate the metabolic pathways in living cells, and was the first Chairman of the Editorial Board of the successful journal, Green Chemistry. Dr. Sheldon is also a member of CO2 Solution's Scientific Advisory Board.
Commenting on the Agreement, Glenn Kelly, President & CEO remarked, "The acquisition of the CLEA technology and expertise is a significant step towards the fulfilment of a key leg of our technology commercialization strategy for deployment of a robust enzyme delivery process. Developed by Dr. Roger Sheldon, a global authority in green chemistry and biocatalysis, we are delighted to have access to this innovation to further improve the overall value of our carbon capture technology."
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.
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SOURCE CO2 Solutions Inc.
For further information: For further information: Hélène Savoie, CO2 Solution Inc., (418) 842-3456 Ext. 206, firstname.lastname@example.org; www.co2solution.com