CALGARY, May 10, 2019 /CNW/ - Pond Technologies Holdings Inc. ("Pond"), (TSX.V: POND) is pleased to announce that on May 1, 2019 it entered into an arms length Memorandum of Understanding ("MOU") with Inventys Thermal Technologies Inc. ("Inventys") to pursue the development of joint carbon capture projects.
Pond and Inventys have developed complementary technologies that can be implemented at an industrial scale. Inventys has developed a large-scale CO2 capture technology from dilute gas streams which is at the core of its mission to build a CO2 marketplace. Pond has developed a technology platform that uses CO2 rich gas streams to grow valuable algae for health, animal feed and industrial markets.
Pond and Inventys can jointly offer a revenue-focused end-of-pipe solution to industrial and gas power plant emitters looking to reduce their greenhouse gas emissions. Through the joint implementation of their technologies, Pond and Inventys see CO2 emissions as an overlooked resource that can be a key pillar of a low-carbon economy, not just as an undesirable pollutant.
"We see Pond as an ideal partner for a large-scale rollout of our technology to provide a zero-CO2 emission solution. As we aim to capture about 90% of CO2 from atmosphere-bound carbon and deliver pipeline-ready CO2 for storage at a giga-tonne scale, Pond is able to turn our nitrogen stack gas into value-added algae products" said Claude Letourneau, President & CEO of Inventys.
"Inventys can capture CO2 at very low cost, which holds great promise to supply Pond with a reliable CO2-rich stream of our most important feedstock. Together, we can offer industrial emitters scale and return on investment for carbon capture and utilization" said Steve Martin, CEO of Pond.
Pond and Inventsys are each responsible for their own costs in connection with the activities under this MOU. Compensation from clients under any successful Joint Opportunity will be set out in the applicable Joint Project Agreement. The MOU may be terminated at any time upon mutual written agreement of the parties.
Forward Looking Statements:
This press release contains forward-looking statements within the meaning of applicable securities laws, including statements regarding the development of joint carbon capture projects between Pond and Inventys. Such forward-looking statements are based on certain key expectations and assumptions made by Pond. Although Pond believes that the expectations and assumptions on which these forward-looking statements are based are reasonable, readers should not place undue reliance on these statements and Pond can give no assurance that they will prove to be correct. Pond does not undertake any obligation to update this forward-looking information except as required by law. For more information visit https://www.pondtech.com/ and review our most recent Managements Discussion & Analysis filed on sedar.com.
About Inventys Inc.
Inventys Thermal Technologies Inc., headquartered in Vancouver, BC, Canada, is a leading carbontech company with a vision to be a global leader in building a CO₂ marketplace and enable the mass market for bulk distributed CO₂ supply by being a focused low-cost supplier. Inventys is working to create new market spaces by leveraging its breakthrough carbon capture technology using structured adsorbents. For more information, please visit https://www.inventysinc.com.
About Pond Technologies Inc:
Located in Markham Ontario, Pond is a technology company that provides profitable solutions to the global health and wellness challenges of climate change and nutrition. Pond's proprietary growth platform, including patented advanced photonics, optimizes key growth inputs in order to provide a controlled environment that maximizes the growth of algae and other organisms. This enables industrial emitters to generate new revenue streams from the transformation of underutilized CO2 to valuable algae-based products, such as protein for animal feed and nutraceutical products like Chlorella, Spirulina, and Astaxanthin for human consumption. For more information visit https://www.pondtech.com/.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. No stock exchange, securities commission or other regulatory authority has approved or disapproved of the information contained herein.
SOURCE Pond Technologies Holdings Inc.