CO2 Solutions Receives $15 Million to Advance Transformative Technology
QUEBEC CITY, Feb. 1, 2016 /PRNewswire/ - CO2 Solutions Inc. (TSX-V: CST), the leader in the field of enzyme-enabled carbon capture technology, today announced that it has been selected to receive $15 Million in the form of a non-refundable grant (the "Grant") from the Alberta-based Climate Change and Emissions Management Corporation (CCEMC).
The Grant is expected to be used towards the commercial deployment of CO2 Solutions' technology in Alberta at approximately the 300 tonne-CO2/day scale (the "Project"). It is anticipated that the Project will comprise the capture of carbon dioxide (CO2) from a major Alberta industrial company, with beneficial reuse of the captured carbon. The reuse of the captured CO2 will improve project economics, while at the same time achieving a considerable greenhouse gas reduction.
The total cost of the Project is budgeted at approximately $30 million. The Company is currently pursuing non-dilutive financing to fund the balance of the project not covered by the CCEMC Grant. Receipt of the Grant is subject to entering into a Contribution Agreement with the CCEMC and confirmation that all other funding sources have been secured. The Company currently is in active negotiations with potential industrial partners to establish the project.
"We are grateful for the very significant support from the CCEMC, which we see as a clear validation of the strength of our technology as a low-cost solution for the mitigation of carbon emissions," stated Evan Price, President & CEO of CO2 Solutions. "This announcement comes as we successfully complete our Valleyfield demonstration project that was realized in part due to an earlier grant from the CCEMC, and we thank them for their continued support. This Grant means we can accelerate the scale-up of our technology and make an impact towards the reduction of GHG emissions and the beneficial reuse of CO2. Importantly, the low-cost nature of our technology can help industry achieve this without affecting its ability to compete."
"CCEMC is pleased to help fund the deployment of this transformative technology that can reduce the cost of carbon capture," said CCEMC CEO Steve MacDonald. "This project will result in a new installation and create jobs here in Alberta, and is an important step forward in our transition to a lower carbon future."
About the CCEMC
About CO2 Solutions Inc.
CO2 Solutions Forward-looking Statements
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SOURCE CO2 Solutions Inc.