QUEBEC CITY, Aug. 7, 2018 /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 $375,000 non-refundable contribution from Natural Resources Canada (NRCan) towards reducing the cost and improving the performance of the Corporation's proprietary carbon capture technology.
Under the terms of the contribution agreement, NRCan's assistance is directed towards helping the Corporation improve the overall performance of its CO2 capture system through optimized process configurations. Such improvements translate into a decrease in capital and operational expenditures required in future commercial projects integrating the enzymatic technology. Now that this technology has been demonstrated at large scale and has reached commercial stage, system cost-cutting is CO2 Solutions' top priority to maintain its technology lead and commercial competitiveness.
Evan Price, President and Chief Executive Officer of CO2 Solutions, commented, "We are grateful for the continued support from Natural Resources Canada and the confidence it reflects in our carbon capture technology to economically reduce CO2 emissions. These funds will be applied towards the further improvement of our technology that has already demonstrated industry-leading advantages in terms of low cost and environmental impact."
"Our government is supporting innovative research across the country," said the Honourable Amarjeet Sohi, Canada's Minister of Natural Resources. "Today's funding announcement focuses on carbon capture—ultimately giving Canadians cleaner air by reducing air pollution—and supporting industries' transition to a low carbon economy to meet our climate change goals."
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, 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.
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 because 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