Breakthrough EERC pilot testing results allow for shortening of commercialization timeline
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QUEBEC CITY, May 6, 2015 /CNW/ - CO2 Solutions Inc. (TSX-V: CST), the leader in the field of enzyme-enabled carbon capture technology, is pleased to announce that it has brought forward operation of its 10 tonne per day (tpd) carbon capture demonstration project, in order to pursue commercial opportunities.
As announced on April 23 and April 29, 2015, results from the Company's carbon capture testing programme at one of the world's foremost carbon capture test centers, Energy & Environmental Research Center (EERC), conclusively show that CO2 Solutions' proprietary enzyme-based technology reduces the costs of carbon capture to commercially viable levels. Operating costs were found to be significantly below those achieved by current benchmark amine-based technologies, ten years ahead of targets set by the U.S. Department of Energy.
In light of the excellent results at EERC, the Company has decided it is in a position to bring forward its demonstration project in order to accelerate the pursuit of commercial opportunities.
"We are entering into a very exciting phase in our development," stated Evan Price, President & CEO of CO2 Solutions. "The EERC programme has conclusively validated our claims of having developed the low-cost technology for capture, sequestration and commercial reuse of CO2. Re-scoping our 10 tpd demonstration project allows us to engage much quicker on a commercial basis with interested parties that are both emitters and users of CO2, with the objective of bringing forward revenue generating opportunities." Mr. Price concluded.
Management has decided to modify the scope of the project as follows:
- Initial operation of the demonstration, involving the capture of approximately 10 tonnes per day of CO2, will now take place for at least 1000 hours at Salaberry-de-Valleyfield near Montreal, where the pilot unit was constructed.
- Following this accelerated start-up phase the pilot unit will be moved to the Husky Energy facilities in Saskatchewan, as originally planned, where it will be operated for the balance of the summer.
- Factory acceptance testing was concluded successfully in April, 2015, and operations will commence at Salaberry-de-Valleyfield on or about May 11, 2015.
- The operation of the pilot unit will involve the capture of up to 90% of the CO2 from the flue gases of a natural gas fired steam generator. The technical conditions and testing parameters will be materially identical to those the Company had planned for initial operation of the unit in Saskatchewan.
- Data from the re-scoped demonstration project will be used for determining operating parameters and costing for commercial units.
- Data obtained from the programme will undergo third party validation prior to submission to the various project collaborators.
- The change was made in agreement with the Company's project collaborators, Husky Energy and the Government of Canada's ecoENERGY Innovation Initiative.
Photos of the pilot unit in Salaberry-de-Valleyfield can be viewed at http://bit.ly/1cioOxS .
Mr. Price concluded "With the renewed global interest in the reduction of greenhouse gas emissions, and expectations for the upcoming United Nations Climate Change Conference, it is important that we bring this highly effective, low-cost technology to the market as soon as possible. Our earlier demonstration is a step towards meeting the urgency of the climate change challenge in Canada and abroad."
That objective is shared by the Government of Canada, whose funding has been critical to the development of this technology.
"Our Government continues to support innovative projects aimed at producing and using energy in cleaner and more efficient ways," said the Honourable Greg Rickford, Canada's Minister of Natural Resources. "This project, which is one step closer to commercialization, demonstrates how we can collaborate to advance ideas from research and development to demonstration and then toward market deployment."
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 lowenergy 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.
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: Investor Relations and Media Contact: CO2 Solutions: Thom Skinner, 418-842-3456, ext. 223, firstname.lastname@example.org, www.co2solutions.com; or, TMX Equicom, Marc Lakmaaker, 416-815-0700, ext. 248, MLakmaaker@tmxequicom.com