Kiverdi joins CO2 Solutions and the VCQ Project to turn CO2 into valuable bio-based products
QUEBEC CITY, Sept. 14, 2017 /PRNewswire/ - CO2 Solutions Inc. is pleased to announce that Kiverdi Inc. ("Kiverdi") of Hayward, California, has joined the Valorisation Carbone Québec ("VCQ") Project as a carbon use partner. CO2 Solutions and Kiverdi will demonstrate carbon capture and utilization ("CCU") through the deployment of Kiverdi's proprietary bio-process to convert CO2 into bio-based products alongside CO2 Solutions' leading-edge enzymatic carbon capture technology at the Parachem site in Montreal, Quebec. This is the second CO2 utilization technology to be announced within the context of the VCQ Project, the first being CO2-to-acetic acid on May 18, 2017.
"CO2 Solutions is very pleased to welcome Kiverdi into the VCQ Project," stated Evan Price, President and Chief Executive Officer of CO2 Solutions. "CO2 is recognized as the most abundant greenhouse gas (GHG). The VCQ Project will demonstrate that CO2 can also be an important feedstock for many industrial processes," Mr. Price continued. "The pairing of CO2 Solutions' leading carbon capture technology with Kiverdi's bio-process will convert captured CO2 into valuable bio-based products while contributing to the reduction of GHG in the environment."
Under the terms of the agreement, CO2 Solutions, through the VCQ Project, will fund the construction of a Kiverdi CO2 conversion unit as well as fund the subsequent demonstration at the Parachem site. Specific financial terms of the collaboration agreement between CO2 Solutions and Kiverdi were not disclosed for competitive purposes.
"Kiverdi is excited to participate in the VCQ Project alongside CO2 Solutions." said Dr. Lisa Dyson, Chief Executive Officer of Kiverdi. She added: "Commercializing technologies that make the capture and conversion of carbon dioxide profitable is both good for the planet and good for business. Kiverdi is focused on this challenge and we are thrilled to join the visionary members of the VCQ Project in this endeavour."
It is expected that the Kiverdi unit will operate at the Parachem site following its construction as a participant of the VCQ Project, which will conclude in March 2019.
About the Valorisation Carbone Québec (VCQ) Project
The objective of the VCQ Project is to develop and demonstrate commercially viable end-to-end solutions to capture and utilize CO2 in various applications while at the same time reducing greenhouse gas (GHG) emissions. Under the leadership of CO2 Solutions, a world-class leader in this field, the VCQ Project also includes the participation of Laval University and the Quebec government. Joining the initial members are Parachem, a limited partnership jointly owned by Suncor Energy Inc. (51%) and Société Investissement Québec (49%), and Hatch Ltd., a global consulting and engineering firm specialized in the design and realization of major industrial engineering projects and services throughout the world and the supplier of engineering services to the VCQ Project. The VCQ Project is headed by Dr. Louis Fradette, former CTO at CO2 Solutions, as its Project Director. The demonstration phase of the VCQ Project includes the design, construction, installation and operation, at Parachem's industrial site in Montreal-East (Quebec), of a CO2 capture, unit using the Corporation's enzymatic process, and CO2 utilization units provided by utilization partners. The development phase aims to advance one or several second-generation CO2 utilization processes based on the work already initiated at various universities and public or private research centres. The VCQ Project is supported by a $15M grant from the Québec government and monetary investments and/or in-kind contributions by the partners.
Kiverdi, Inc., is a privately held biotech company developing beneficial uses of carbon dioxide with a mission to commercialize innovations that will help to sustainably power a growing world. Kiverdi's bio-process uses natural microorganisms to convert carbon dioxide into raw materials that can be used to manufacture everyday products. Similar to plants, Kiverdi's bio-process converts carbon dioxide, along with other simple mineral nutrients and gases, into bio-based raw materials for everyday products. The Kiverdi process requires 3-4 orders of magnitude less land than traditional agriculture and significantly less water, and can be fed a concentrated source of carbon dioxide as one might do with a greenhouse or a vertical farm. By recycling carbon dioxide, Kiverdi is addressing the growing demand for cost-competitive, sustainably sourced products that have a low-carbon footprint and do not rely upon diverted food crops. Kiverdi is bridging the gap between sustainability and profitability. Further information can be found at: http://www.kiverdi.com/.
About CO2 Solutions Inc.
CO2 Solutions is a Canadian company and leading 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, Utilization and Sequestration and (CCUS), 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
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SOURCE CO2 Solutions Inc.