QUEBEC CITY, July 17, 2018 /CNW Telbec/ - CO2 Solutions Inc. (TSXV: CST) (CO2 Solutions or the "Corporation") is pleased to announce that Hydro Québec, through its Energy Technology Laboratory (Laboratoire des technologies de l'énergie, LTE), has joined the Valorisation Carbone Québec ("VCQ") Project as a service provider partner.
"CO2 Solutions is excited to welcome Hydro Québec into the VCQ Project," stated Louis Fradette, Project Director for the VCQ project. "Hydro Québec's strong expertise in electrical processes such as electrolysis and thermal plasma technology will contribute to develop and improve conversion technologies aiming at transforming CO2 into fuels and other useful chemicals. The VCQ Project, the world's most comprehensive and ambitious CO2 capture and utilization project, continues to draw strong and committed partners such as Hydro Québec, and we are looking forward to welcoming new partners with the recently announced enhancement and extension of the project until 2022."
The service provider partner category is one of five partnership types in the VCQ Project along with the founding, industrial, utilization technology and end use. Service provider partners make in-kind contributions to the VCQ project by providing their services at a lower than market rate. The amount of these contributions is undisclosed for competitive reasons. To date, twelve different organizations have confirmed their participation as partners in one or the other categories of the VCQ Project making it a truly broad effort to address CO2 mitigation through carbon capture and utilization.
About the Valorisation Carbone Québec (VCQ) Project
The objective of the VCQ Project is to develop and demonstrate commercially viable end-to-end solutions to capture and utilize CO2 in various applications while at the same time reducing greenhouse gas (GHG) emissions. Under the leadership of CO2 Solutions, a world-class leader in this field, the VCQ Project also includes the participation of Université Laval and the Quebec government as Founding Partners. Joining the founding partners are Total S.A, Parachem, Hatch Ltd., Carbon Consult Group, Pioneer Energy and Kiverdi.
The VCQ Project is headed by its Project Director, Dr. Louis Fradette, former CTO at CO2 Solutions. The demonstration phase of the VCQ Project includes the design, construction, installation and operation, at Parachem's industrial site in Montreal-East, QC, of a CO2 capture unit using the Corporation's enzymatic process, and CO2 utilization units provided by utilization partners. The development phase of the VCQ Project aims to advance one or several second-generation CO2 utilization processes based on the work already initiated at various universities and public or private research centers. Including this newly announced grant, the VCQ Project is supported by a $22.5M grant from the Québec government and monetary investments and/or in-kind contributions by the Project partners.
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 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