QUEBEC CITY, March 27, 2018 /CNW Telbec/ - CO2 Solutions Inc. (TSXV: CST) (CO2 Solutions or the "Corporation") is pleased to announce that Total, the French global integrated energy company, has joined the Valorisation Carbone Québec ("VCQ") Project as its first industrial partner.
"CO2 Solutions is excited to welcome Total into the VCQ Project," stated Evan Price, President and Chief Executive Officer of CO2 Solutions. "The strong interest shown by Total confirms the importance and pertinence of the VCQ project to address industry's desire to reduce their carbon footprint while creating economic opportunities through the full industrial carbon cycle. This is a further example of how the VCQ Project, the world's most comprehensive and ambitious CO2 capture and utilization project, continues to draw strong and committed partners. We look forward to attracting additional industrial partners to the project in the near future."
The industrial partner category is one of five partnership types in the VCQ Project along with the founding, supplier, utilization technology and end use. Industrial partners make financial contributions to the VCQ budget in exchange for project data. The amount of these contributions is undisclosed for competitive reasons. To date, eleven 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 Parachem, a limited partnership jointly owned by Suncor Energy Inc. (51%) and Société Investissement Québec (49%), and Hatch Ltd., a global consulting and engineering firm specialized in the design and realization of major industrial engineering projects and services throughout the world and the supplier of engineering services to the VCQ Project. The VCQ Project is headed by Dr. Louis Fradette, former CTO at CO2 Solutions, as its Project Director. The demonstration phase of the VCQ Project includes the design, construction, installation and operation, at Parachem's industrial site in Montreal-East (Quebec), of a CO2 capture, unit using the Corporation's enzymatic process, and CO2 utilization units provided by utilization partners. The development phase 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. The VCQ Project is supported by a $15M grant from the Québec government and monetary investments and/or in-kind contributions by the partners.
About CO2 Solutions Inc.
CO2 Solutions is a Canadian company and leading 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 and (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.
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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, [email protected], www.co2solutions.com