REDWOOD CITY, CA and QUEBEC CITY, July 13 /CNW Telbec/ - Codexis, Inc. (Nasdaq: CDXS) and CO2 Solution Inc. (TSX-V: CST) today will make the first joint public presentation on their program to develop carbon capture technology to reduce pollution from coal-fired power plants.
The presentation is being made at the 4th Annual Carbon Capture and Sequestration Business Summit in Washington, DC (www.infocastinc.com/carbon10) by James Lalonde, Ph.D., Vice President of Biochemistry and Engineering Research and Development, Codexis and Jonathan Carley, Vice President, Business Development, CO2 Solution.
In May 2010, Codexis was selected to receive up to a $4.7 million ARPA-E Recovery Act program grant from the U.S. Department of Energy for development of innovative technology to remove carbon dioxide from coal-fired power plant emissions. The grant was one of 37 research projects which the DoE said "could fundamentally change the way the country uses and produces energy." Coal-fired power plants are major emitters of carbon dioxide, a significant greenhouse gas. The grant supports development of biocatalysts for more efficient carbon capture from these plants.
Codexis and CO2 Solution are jointly developing this technology, and the companies will describe their development program today. Current carbon capture technology is inefficient and too expensive for large scale deployment. The collaboration focuses on development of customized carbonic anhydrase (CA) biocatalysts and their process applications that have the potential to enable cost-effective, industrial scale capture of CO2 from power plant flue gases. Program results to date have demonstrated the combined proprietary technologies can be used to create CA biocatalysts with improved absorption and stability in industrial conditions.
About the Codexis - CO2 Solution Collaboration
A technology development collaboration between Codexis and CO2 Solution was announced in December 2009. The technology is based on the use of customized CA biocatalysts that have the potential to enable cost effective, energy efficient processes for the capture of carbon dioxide. Carbonic anhydrase is an enzyme that efficiently catalyzes CO2 in living systems. As part of the collaboration, Codexis completed a CDN$2 million equity investment in CO2 Solution and holds 16.6% of CO2 Solution's issued and outstanding common shares.
About CO2 Solution
CO2 Solution is an innovator in the field of enzyme enabled carbon capture and has been actively working to develop and commercialize the technology for power plants and other large stationary sources of carbon pollution. In the process, CO2 Solution has built an extensive patent portfolio covering the use of carbonic anhydrase, or analogues thereof, for post-combustion capture, including the kinetic enhancement of low-energy amine solutions for efficient CO2 absorption and regeneration. Further information about CO2 Solution can be found at www.co2solution.com.
Codexis, Inc. is a leading provider of optimized biocatalysts that make existing industrial processes faster, cleaner and more efficient than current methods and have the potential to make new industrial processes possible at commercial scale. Codexis has commercialized its biocatalysts in the pharmaceutical industry and is developing biocatalysts for use in producing advanced biofuels under a multi-year research and development collaboration. The company is also using its technology platform to pursue biocatalyst-enabled solutions in other bioindustrial markets, including carbon management, water treatment and chemicals.
Codexis Forward-Looking Statements
This press release contains forward-looking statements relating to Codexis' carbon capture program. You should not place undue reliance on these forward-looking statements because they involve known and unknown risks, uncertainties and other factors that are, in some cases, beyond our control and that could materially affect actual results. Factors that could materially affect actual results can be found in Codexis' Quarterly Report on Form 10-Q dated May 28, 2010 including under the caption "Risk Factors." Codexis expressly disclaims any intent or obligation to update these forward-looking statements, except as required by law.
CO2 Solution Forward-Looking Statements
Certain statements in this news release may be forward-looking. These statements relate to future events or CO2 Solution's 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 Solution 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: For further information: Codexis: Media: Lyn Christenson, 650-421-8144, firstname.lastname@example.org; Saskia Sidenfaden, 212-827-3771, email@example.com; Investors: Derick Sutton, 650-421-8130, firstname.lastname@example.org; CO2 Solution: Helene Savoie, 418-842-3456, ext. 206, email@example.com