Outstanding Shares: 94,287,836
COLORADO SPRINGS, CO and QUEBEC CITY, July 14, 2014 /PRNewswire/ - CO2 Solutions Inc. ("CO2 Solutions") (TSX-V: CST), the leading innovator in the field of enzyme-enabled carbon capture technology, and Neumann Systems Group, Inc. ("NSG"), an established emissions control solutions provider, today provide an update on the technical progress towards establishing a commercial ultra-low cost carbon dioxide (CO2) capture and reuse solution.
As announced on June 14, 2014, the companies signed a collaboration agreement to demonstrate a combination of their two proprietary technologies at pilot scale for the capture of CO2 from industrial effluent gases. Initial testing has demonstrated the compatibility and synergy resulting from the use of CO2 Solutions' enzyme-based technology with NSG`s NeuStream® compact and highly efficient absorber and stripper systems.
In more recent tests, the enzyme-based solvent operating in the NeuStream® system achieved CO2 capture efficiency comparable to some of the better amines. This kinetic performance when combined with the energy-efficient properties of the enzyme-based process, is expected to deliver substantially lower operating costs relative to the best amine-based CO2 capture systems. The enzyme-based solvent is also more environmentally sustainable compared to conventional amines by eliminating carcinogenic aerosols and other amine related pollutants. Additionally, through significantly reduced equipment sizing, the NeuStream® system provides low capital costs and a much smaller system footprint.
Because of these excellent results, CO2 Solutions and NSG have decided to accelerate preparations for the previously announced operation of a pilot facility in Colorado Springs to capture approximately 10 tonnes of CO2 per day. The pilot, originally expected to take place in April 2015 will now commence in October 2014.
Dave Neumann, President & CEO of NSG, stated, ""These results demonstrate how our two technologies complement each other and can deliver a truly low cost solution for CO2 capture and regeneration systems. Because of this, we have decided to accelerate our previously announced pilot project.""
Evan Price, President & CEO of CO2 Solutions, added, "We see a number of very significant business opportunities for CO2 capture and regeneration, such as Enhanced Oil Recovery, that we intend to pursue jointly with NSG once the pilot demonstration of the combined solution has been successfully concluded. Advancing the pilot start date by six months brings us even closer to providing our technology to these promising markets."
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.
About Neumann Systems Group, Inc.
Neumann Systems Group (NSG) designs and builds emissions control systems for power plants and other industrial applications. NSG's principal product line, NeuStream®, is a suite of emissions control systems that removes harmful pollutants from emissions sources like coal-fired power plants and industrial sources that contribute to ozone, acid rain, respiratory diseases and climate change. The NeuStream® systems are based on an advanced gas-liquid contacting device invented, developed and manufactured by NSG. Founded in 1997, NSG has been consistently profitable in its operations. Further information can be found at www.neumannsystemsgroup.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 operation 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.