QUEBEC CITY, March 4, 2016 /PRNewswire/ - CO2 Solutions Inc. (the "Corporation") (TSX-V: CST), the leader in the field of enzyme-enabled carbon capture technology, is pleased to confirm that as announced earlier today by the Minister of Innovation, Science and Economic Development, the Hon. Navdeep Bains, CO2 Solutions has been selected by Sustainable Development Technology Canada (SDTC) to receive $2.4 Million in the form of a non-refundable grant (the "Grant").
The Grant is expected to be used towards the deployment of CO2 Solutions' technology in Quebec at approximately the 30 tonnes of CO2 captured/day scale, incorporating rotating packed bed (RPB) equipment (the "Project"). The intention is for the Corporation to install a unit capturing carbon from a Quebec pulp mill, with the CO2 being reused in a neighbouring commercial greenhouse operation. The reuse of the captured CO2 will improve project economics, while at the same time achieving a net greenhouse gas reduction.
The Project is budgeted at approximately $7.4 million, and the Corporation is currently pursuing non-dilutive financing to fund the balance of the project not covered by the Grant. Receipt of the Grant is subject to entering into a Contribution Agreement with SDTC, confirmation that all other funding sources are in place, and definitive agreements with the project partners.
"Sustainable Development Technology Canada is incredibly proud to support CO2 Solutions", said Leah Lawrence, SDTC President and Chief Executive Officer. "Our mission is to help Canadian cleantech entrepreneurs move their ground-breaking technologies to commercialization by bridging the funding gap between research and market entry. This carbon capture and reuse project is the kind of technology that has the potential to generate jobs, growth and export opportunities, and to bring lasting economic, environmental and health benefits to Canadians and the world."
"This project would both provide us with our first installation in the pulp & paper and greenhouse industries, where we see numerous opportunities, and enable us to demonstrate the new RPB technology in a commercial setting," stated Evan Price, President and Chief Executive Officer of CO2 Solutions. "We are grateful to SDTC for their continued support in enabling us to upscale this new lower cost, smaller footprint solution."
About the SDTC
Sustainable Development Technology Canada (SDTC) acts as a primary catalyst in building a sustainable development technology industry in Canada, funding and supporting Canadian cleantech projects across a number of sectors. SDTC invests in Canadian companies that through their innovative technologies bring positive contributions to Canada: creating quality jobs, driving economic growth, and preserving our environment. SDTC is a foundation funded by the Government of Canada. For more information, please visit sdtc.ca
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 lowenergy 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.