VANCOUVER, Oct. 18, 2016 /PRNewswire/ - Terra CO2 Technologies, "Terra is developing technologies and processes to address two major environmental problems: excess atmospheric CO2 and acid rock drainage (ARD). Terra is 1 of 27 groups advancing to the semi-final round for the $7.5 million USD Carbon XPRIZE.
By converting CO2 and reactive mine wastes to stable compounds, Terra's technology may reduce or eliminate the long-term stewardship costs associated with ARD, providing major cost savings for mines. The technology will also capture CO2 which would cut costs related to carbon taxes or cap and trade policies. Although, Terra's preliminary target is the Canadian mining industry, scaling globally for multiple industries is a core goal. Other target industries include hydrocarbon-fueled electrical generators, cement plants, and fertilizer manufacturers.
Terra's CEO Dylan Jones stated, "As British Columbia's only entrant into the Carbon XPRIZE we are proud to be one of the few companies locally working to solve two of the most important environmental issues facing Western Canada and the world. Our hardworking researchers and engineers are currently moving the technology from bench-scale to pilot-scale and we are looking forward to more exciting announcements in the near future."
About the NRG COSIA Carbon XPRIZE:
Launched in September 2015, the competition addresses global CO2 emissions by incentivizing innovative solutions to convert CO2 from a liability into an asset. The four-and-a-half-year competition includes the demonstrations by finalist technologies at either a coal or a natural gas power plant. Terra is enrolled in track B, natural gas power plant.
For more information on the Carbon XPRIZE: http://carbon.xprize.org/
SOURCE Terra CO2 Technologies Ltd.