Funding from the Government of the Netherlands to advance global technology for efficient management of carbon pollution
Outstanding Shares: 79,187,836
QUEBEC CITY, Dec. 18, 2012 /PRNewswire/ - CO2 Solutions Inc. (TSX-V:CST), an innovator in the field of enzyme-enabled carbon capture technology, today announced that Procede Group B.V. ("Procede"), its process testing and development partner based in the Netherlands, was selected to receive up to the equivalent of C$975,000 in grant funding over three years.
The funding is made available under the Dutch Ministry of Economic Affairs' International Innovation Program, which fosters the development of new technologies involving collaboration with international partners. The funding will be used towards the further optimization of enzymatic carbon capture technology including advanced separation techniques for the efficient management of the enzyme used in the process. The work will complement CO2 Solution's commercialization efforts and industrial projects in Canada, the U.S. and abroad.
The work is being led by Procede, with CO2 Solutions as its international partner, governed by the recently announced renewed Consulting & Technology Transfer Agreement between the parties.
"Procede is excited to be involved in the ongoing development of this progressive carbon capture technology, which will be further advanced by this grant funding" stated Dr. Geert Versteeg, Director and Co-Founder of Procede. "The CO2 Solutions process can set a new standard of cost and environmental performance for post-combustion capture for industrial emitters."
"We congratulate Procede on its outstanding work in obtaining this funding, which is a direct result of its exceptional expertise in the gas treating process development domain," stated Glenn Kelly, President and CEO of CO2 Solutions. "The funding will further contribute to the timely commercialization of our technology and is another validation of its potential for the global mitigation of climate altering greenhouse gas emissions."
About Procede Group BV
Founded in 1993, Procede is a leading custom process development and engineering firm performing fundamental and applied R&D for global customers, including Shell, ALSTOM, Statoil and Exxon-Mobile amongst others. Procede's expertise encompasses significant work in custom engineering and re-engineering of gas treating processes and fundamental performance analysis of solvent absorption systems. Its team consists of 25 engineers and scientists with broad theoretical and practical experience. Procede is led scientifically by Dr. Geert Versteeg, a renowned international authority in the field of acid-gas treating. Further information can be found at www.procede.nl.
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.
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SOURCE CO2 SOLUTIONS INC.