|By PR Newswire||
|April 15, 2014 07:00 AM EDT||
QUEBEC CITY, April 15, 2014 /PRNewswire/ - CO2 Solutions Inc. (TSX-V:CST), an innovator in the field of enzyme-enabled carbon capture technology, today announced that it has entered into a Collaboration Agreement (the "Agreement") with Husky Energy.
Under the terms of the Agreement, CO2 Solutions will install and operate a pilot unit capturing approximately 15 tonnes of CO2 per day at Husky's Pikes Peak South, Saskatchewan heavy oil site on a once-through steam generator. Operation of the pilot unit is expected to commence in early 2015 with completion of testing expected in the third quarter of 2015. Subject to a positive review by Husky of the results of the pilot test, the Agreement provides for Husky to consider the use of CO2 Solutions' technology for commercial carbon capture projects.
The project will be funded in part by the Government of Canada's ecoENERGY Innovation Initiative (ecoEII) program, as previously announced on January 24, 2013.
"The pilot demonstration of our technology is a significant milestone towards the commercial deployment of our technology for CO2 capture and beneficial utilization applications such as enhanced oil recovery," said Evan Price, President and CEO of CO2 Solutions. "Husky is a recognized leader in the energy industry and will provide valuable expertise to this project."
"Through the ecoENERGY Innovation Initiative, our Government is investing in projects that drive energy innovation, create jobs and generate new economic opportunities that protect the environment," said the Honourable Greg Rickford, Minister of Natural Resources and Minister for the Federal Economic Development for Northern Ontario. "Today's announcement demonstrates that these investments are successfully bringing innovative clean technologies from concept to reality."
The pilot test is expected to confirm the positive techno-economics of CO2 Solutions' carbon capture process and will provide an operational basis to compare the process against other new and conventional technologies in terms of performance and cost. A successful project will pave the way for the CO2 Solutions technology to be applied broadly for cost-effective carbon emissions mitigation in heavy oil and oil sands operations in Western Canada and other industrial applications.
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 operation 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.
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