Two entries accepted as finalists for Round 3
QUEBEC CITY, April 9, 2018 /CNW Telbec/ - CO2 Solutions Inc. (or the "Corporation") (TSXV: CST) is pleased to announce that two of its entries have successfully passed round 2 of the NRG COSIA Carbon XPRIZE and have been accepted among the ten round 3 finalists.
NRG COSIA Carbon XPRIZE officially unveiled today the winning entries of round 2. Among those are Carbicrete of Montreal (QC) and CERT of Toronto (ON), with whom the Corporation announced joint entry partnerships earlier in 2017. These entries combined CO2 Solutions' carbon capture technology with the respective partner's CO2 utilization technology.
"Advancing to the XPRIZE finals is a proud moment for Carbicrete," says Chris Stern, Carbicrete's CEO. "CO2 Solutions' environmentally friendly carbon capture method is very much in line with the spirit of XPRIZE and was a perfect fit for our process for making cement-free, carbon-negative concrete."
"CERT is thrilled to be moving into the final round of the NRG COSIA Carbon XPRIZE competition. Our partnership with CO2 Solutions has been crucial for capturing CO2 that feeds our electrocatalytic process to produce chemical building blocks. It is very exciting to see the fast pace of innovation in the carbon capture and utilization space. We look forward to working together in the next round!" Stated Ted Sargent, Professor, Electrical and Computer Engineering and Team Leader of CERT.
CO2 Solutions and these named partners will equally share the sum of $500,000 US in prize money awarded to each of the winning entries for a total of $500,000 US for the Corporation.
Evan Price, CO2 Solutions' President and Chief Executive Officer, stated, "We congratulate all round 3 finalists including our partners CERT and Carbicrete. In a very stiff competition, coming out on top as two of the ten chosen finalists in the NRG COSIA Carbon XPRIZE is a further recognition of the strength of our carbon capture technology and our partners' CO2 utilization technologies. We look forward to further collaboration with companies providing CO2 utilization technologies in round 3."
It is expected that round 3 results will be known in March 2020. The criterion for round 3 is to successfully demonstrate the capture and utilization of CO2 at a minimal capacity of 2 tonnes-CO2 per day, which is a milestone that CO2 Solutions already surpassed in its Valleyfield pilot in 2015.
About the NRG COSIA Carbon XPRIZE Competition
Few challenges are greater and more critical than ensuring access to clean, affordable and abundant energy. As the global energy supply remains primarily derived from fossil fuels—the leading contributor to climate change—the $20M NRG COSIA Carbon XPRIZE will challenge the world to reimagine what we can do with CO2 emissions by incentivizing and accelerating the development of technologies that convert CO2 from a liability into valuable products. For more information, visit www.carbon.xprize.org.
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 the 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. Unknown factors may materially 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, Jeremie Lavoie, 418-842-3456, ext. 223, firstname.lastname@example.org, www.co2solutions.com