Company's carbon capture technology performance significantly
exceeds conventional technology in industrial testing; project
ready for field pilot phase
TSX-V: CST
Outstanding Shares: 79,687,836
QUEBEC CITY, April 10, 2014 /CNW/ - CO2 Solutions
Inc. (TSX-V: CST), a leading innovator in the field of
enzyme-enabled carbon capture technology, today announced that it
has exceeded the second set of technical performance milestones for
its oil sands project. CO2 Solutions patented process
operated at the 0.5 ton/day scale and demonstrated that it can
realistically lower the cost of CO2 capture to well
below that associated with current carbon capture technology on the
basis of cost per tonne captured.
These excellent results position CO2 Solutions'
technology as an important platform for carbon emissions reductions
as well as for the beneficial reuse of CO2 such as in
Enhanced Oil Recovery (EOR) in the oil industry. The oil sands
project will now proceed to the pilot demonstration phase of
testing at approximately 15 tonne-CO2/day scale where
process performance will be validated in the field towards
commercial deployment. To this end, CO2 Solutions
is in advanced discussions with a major Canadian energy company to
host this pilot installation.
These milestones are included in the Contribution Agreements for
the Government of Canada's
ecoENERGY Innovation Initiative (ecoEII) and Alberta's Climate Change and Emissions
Management (CCEMC) Corporation grants funding the project.
"This significant milestone further confirms the
cost-effectiveness of our enzymatic carbon capture technology in
the largest-ever scale test of a biocatalytic process for carbon
capture," said Evan Price, President
and CEO of CO2 Solutions. "Our focus is to advance to
the pilot stage of the project and pursue initial commercial
deployment opportunities of the technology including those for the
beneficial utilization of CO2."
"The Climate Change and Emissions Management Corporation is
pleased to see the innovative carbon capture technology developed
by CO2 Solutions move forward to the pilot stage," said
CCEMC Chair Eric Newell.
"Enzyme-enabled carbon capture is a transformative technology that
can help Alberta to reduce GHG
emissions and transition to a lower carbon economy."
Industry and government are focused on ways to reduce emissions
from the oil sands, with carbon capture and storage (CCS) being a
mitigation option of significant interest. However, the cost of
conventional CCS technologies is prohibitive to broad commercial
deployment. Results from the testing are in line with the
previously announced improvement of a least 33% in energy
consumption compared to the existing carbon capture technologies
for the capture of 90 percent of the CO2 emissions from a typical
once-through steam generator in in-situ oil sands operations.
One major improvement over conventional processing is that
nil-value energy from the operation is used as the main heat source
thus decreasing further the operating costs. Industrially optimized
enzyme catalysts employed in the testing demonstrated robust
performance both in absorption and solvent regeneration. The
solvent employed is less expensive, extremely stable, and
environmentally benign compared to conventionally-used
solvents. Moreover, it reduces emissions of dangerous
by-products to zero.
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, Sequestration and Utilization
(CCSU), 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
operations 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.