QUEBEC CITY, Nov. 24, 2015 /CNW/ - CO2 Solutions Inc. (TSX-V: CST), the leader in the field of enzyme-enabled carbon capture technology, today announced additional funding of $350,000 was received from Natural Resources Canada's ecoENERGY Innovation Initiative to CO2 Solutions current carbon capture demonstration project. The funding is intended for testing of the Corporation's carbon capture technology utilizing a rotating packed bed ("RPB") technology configuration, with the potential of achieving a further significant reduction of operating and capital costs.
The Corporation announced on June 22, 2015, 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 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 would significantly reduce capital costs associated with the application of carbon capture technology, as well as increase the applicability of CO2 capture at many emitter locations where space and footprint considerations are as important as cost, such as power plants and refineries.
The additional funding will go towards testing a larger-scale RPB-based system. The test unit, to be built and assembled in Quebec, will be shipped for testing at a premium independent US based facility for research into carbon capture and other environmental technologies. Work is intended to determine design and costing parameters for commercial application of the new technology. Total cost towards completion of the "add-on" project are estimated at $640,000, which would result in a net expense to the Corporation of $290,000.
"This new technology forms a perfect complement for our existing packed tower process," stated Evan Price, President and CEO of CO2 Solutions. "While we are pursuing commercial opportunities for our existing technology, we believe the new technology down the line will provide a strong value proposition to large-scale emitters as well as allow the Corporation to target sectors where footprint is an important consideration, such as at power and steam plants. Based on the earlier communicated results from our bench tests, the new RPB technology has the potential of making a significant contribution towards the convergence of the cost of capturing and emitting CO2, positioning us well to enter the potentially very large regulated market."
The project will run through to March 2016. The success of the Project will further strengthen CO2 Solutions technology leadership position in the carbon capture sector and will enable greater GHG reductions through the increased value proposition available to major emitters.
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, [email protected], www.co2solutions.com; or NATIONAL Equicom, Marc Lakmaaker, 416-848-1397, [email protected]