MARKHAM, ON, Dec. 8, 2017 /CNW/ - Stelco Algae Holdings Inc., a wholly owned subsidiary of Stelco Inc. (TSX:STLC)., and Pond Technologies Inc. of Markham Ontario are pleased to announce their collaboration for the construction of the world's first commercial algae plant utilizing industrial greenhouse gas emissions. The plant will be located at Stelco's Lake Erie Works steel mill in Nanticoke, Ontario and will be completed in Q4 2019 with engineering and construction work from SNC-Lavalin Inc.
The project will receive $5 Million in grant funding from the Ontario Centres of Excellence (OCE) and the Target GHG Program (https://news.ontario.ca/ene/en/2017/12/new-program-supporting-low-carbon-innovation-for-industry.html). The Target GHG Program is helping Ontario meet its Greenhouse Gas emission reduction targets, by encouraging large industrial emitters to adopt leading-edge technology.
The $13.9 Million algae facility will decrease Stelco's carbon footprint, and generate revenues from the sale of algae grown using GHGs. "Pond's latest project with Stelco will showcase our algae growth platform and clearly demonstrate that industrial facilities can use our technology to decrease their carbon footprint, while transforming their GHGs into significant revenue streams" said Steve Martin, CEO of Pond Technologies "We are grateful for the recognition and financial support of the Ontario Government to help establish homegrown, sustainable solutions".
"Stelco's partnership with Pond Technologies represents not only a substantial contribution to the future of Ontario's circular economy, but also demonstrates the potential for the steel industry to utilize science and innovation to make significant reductions in greenhouse gas emissions. With the support of the Ontario Centres of Excellence through the TargetGHG program, we will continue to work with Pond to demonstrate the commercial viability of this technology and transform carbon into a value-added resource. Our intention is to divert thousands of tonnes carbon from our operations while making Stelco more competitive and environmentally sustainable."
Sujit Sanyal, Chief Operating Officer
"Supporting the efforts of large industries to reduce their greenhouse gas emissions is an important part of our government's Climate Change Action Plan. With the help of our province's innovative cleantech companies, the TargetGHG program will help build a prosperous, low carbon economy and create a cleaner, more sustainable future for Ontario."
Reza Moridi, Minister of Research, Innovation and Science
SNC-Lavalin is one of the leading engineering and construction groups in the world. With offices in over 50 countries, SNC-Lavalin provides Engineering, Procurement, Construction (EPC) and Management (EPCM) services. http://www.snclavalin.com/en/
Stelco is one of Canada's leading integrated steel companies, having two Ontario facilities; in Hamilton and Nanticoke. Stelco produces high quality, value-added, hot rolled, cold rolled, coated sheet steel products used in the construction, automotive and energy industries across Canada and the United States. https://www.stelco.com
About Pond Technologies Inc.
Pond Technologies Inc. has developed a universal algae growing platform that converts carbon dioxide (CO2) from virtually any source into algal-based commercial products. As a pollution abatement technology, the algae growing platform converts the (CO2) found in the untreated stack gas of industrial emitters into biofuels, animal feeds and natural fertilizers. For the Nutraceutical Market, Pond's algae-growing platform transforms food-grade CO2 into very high value algae strains such as Chlorella, Spirulina and Astaxanthin, all of which are in high demand as health food additives and supplements. http://pondtechnologiesinc.com
SOURCE Pond Technologies Inc
For further information: please contact Pond Technologies: Chris Cory (416) 616-0866 or Steven Martin (416) 845-0384