QUEBEC CITY, Dec. 5, 2017 /CNW Telbec/ - CO2 Solutions Inc. ("the Corporation") (TSXV: CST), the leader in the field of enzyme-enabled carbon capture technology, is pleased to announce that it has received a $2,000,000 commitment from Canada Economic Development for Quebec Regions (CED) towards the completion of the Corporation's first commercial project in Saint-Félicien.
The Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development and Minister responsible for CED, stated, "By investing in the commercialization by CO2 Solutions of an innovative process, our government is showing once again that it is determined to take the measures needed to increase the growth potential of companies working in the field of clean technologies."
CED's assistance has been awarded in the form of a $2 million repayable financial contribution through the CED Quebec Economic Development Program. Under the terms of the contribution agreement, CO2 Solutions will apply these funds toward the continued development of the Corporation's first commercial project in the Saint-Félicien region of the province of Quebec. CO2 Solutions will be required to refund the contribution over 60 monthly payments with the first payment being due 36 months from the project completion date. It is anticipated that the said project related to this contribution will be completed by June 30, 2019.
"Innovation can greatly improve the lives of Canadians, who are constantly adjusting to global trends marked by change. I am pleased to see a business in my region stand out and innovate," indicated the Honourable Jean-Yves Duclos, Minister of Families, Children and Social Development and Member of Parliament for Québec in the House of Commons.
"The Government of Canada is determined to support Canadian businesses that build on innovation. As a true economic driver, innovation is the key to success in that it generates growth that benefits businesses and communities," added Joël Lightbound, Member of Parliament for Louis-Hébert in the House of Commons and Parliamentary Secretary to the Minister of Finance.
Evan Price, President and Chief Executive Officer of CO2 Solutions, commented, "We are grateful for the continued support from Canada Economic Development and the confidence it shows in the commercial application of our carbon capture technology. These funds will be applied to our first commercial project in Saint-Félicien, Quebec, which we look forward to commissioning in 2018."
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 emissions. CO2 Solutions' technology lowers the cost barrier to Carbon Capture, Utilization and Sequestration (CCUS), 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.
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, Jeremie Lavoie, 418-842-3456, ext. 223, [email protected], www.co2solutions.com; or NATIONAL Equicom, Heidi Christensen Brown, 416-848-1389, [email protected]