CO2 Solutions Announces Agreement with Statoil
Outstanding Shares: 79,687,836
QUEBEC CITY, March 12, 2013 /PRNewswire/ - CO2 Solutions Inc. (TSX-V: CST), an innovator in the field of enzyme-enabled carbon capture technology, announced today that it has entered into an agreement with Statoil to provide certain project data and reports to the Norwegian-based international energy company. The data and reports are related to the pre-pilot phase of CO2 Solutions' Alberta oil sands project.
The value of this agreement is not being disclosed for competitive reasons and will be included in CO2 Solutions' calendar 2013 revenue.
CO2 Solutions is developing carbon capture technology for use in oil sands production, including in-situ methods such as Steam Assisted Gravity Drainage, and bitumen upgrading. Results from the project will also support the broader application of the Company's technology in other natural gas combustion sources, such as gas-fired power plants.
The Alberta oil sands project, previously announced by CO2 Solutions in January, 2013, is being partially funded via investments of $4.7 million from the Harper Government's ecoENERGY Innovation Initiative and $500,000 from Alberta's Climate Change and Emissions Management Corporation (CCEMC).
Carbon capture and storage (CCS) represents a key technology for reducing CO2 emissions. Statoil has become a world-leader in its development and application as evidenced by its significant participation in the Technology Center Mongstad (TCM), Norway where Statoil is participating in a venture to create a global centre for the development and testing of carbon capture technology.
Additionally, Statoil was the first company in the world to implement CCS on a commercial basis in its Sleipner gas field, where more than 12 million tonnes of CO2 from treated natural gas has been stored below the North Sea bed since 1996.
Statoil is an international energy company with operations in 36 countries. Building on 40 years of experience from oil and gas production on the Norwegian continental shelf, the company is committed to accommodating the world's energy needs in a responsible manner, applying technology and creating innovative business solutions. The company is headquartered in Norway with approximately 21,000 employees worldwide, and is listed on the New York and Oslo stock exchanges.
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.