CO2 Solutions Successfully Completes Second Oil Sands Project Milestones
QUEBEC CITY, April 10, 2014
Company's carbon capture technology performance significantly exceeds
conventional technology in industrial testing; project ready for field pilot
Outstanding Shares: 79,687,836
QUEBEC CITY, April 10, 2014 /CNW/ - CO Solutions Inc. (TSX-V: CST), a
leading innovator in the field of enzyme-enabled carbon capture technology,
today announced that it has exceeded the second set of technical performance
milestones for its oil sands project. CO Solutions patented process
operated at the 0.5 ton/day scale and demonstrated that it can realistically
lower the cost of CO capture to well below that associated with current
carbon capture technology on the basis of cost per tonne captured.
These excellent results position CO Solutions' technology as an important
platform for carbon emissions reductions as well as for the beneficial reuse
of CO such as in Enhanced Oil Recovery (EOR) in the oil industry. The oil
sands project will now proceed to the pilot demonstration phase of testing at
approximately 15 tonne-CO/day scale where process performance will be
validated in the field towards commercial deployment. To this end, CO
Solutions is in advanced discussions with a major Canadian energy company to
host this pilot installation.
These milestones are included in the Contribution Agreements for the
Government of Canada's ecoENERGY Innovation Initiative (ecoEII) and Alberta's
Climate Change and Emissions Management (CCEMC) Corporation grants funding the
"This significant milestone further confirms the cost-effectiveness of our
enzymatic carbon capture technology in the largest-ever scale test of a
biocatalytic process for carbon capture," said Evan Price, President and CEO
of CO Solutions. "Our focus is to advance to the pilot stage of the project
and pursue initial commercial deployment opportunities of the technology
including those for the beneficial utilization of CO."
"The Climate Change and Emissions Management Corporation is pleased to see the
innovative carbon capture technology developed by CO Solutions move forward
to the pilot stage," said CCEMC Chair Eric Newell. "Enzyme-enabled carbon
capture is a transformative technology that can help Alberta to reduce GHG
emissions and transition to a lower carbon economy."
Industry and government are focused on ways to reduce emissions from the oil
sands, with carbon capture and storage (CCS) being a mitigation option of
significant interest. However, the cost of conventional CCS technologies is
prohibitive to broad commercial deployment. Results from the testing are in
line with the previously announced improvement of a least 33% in energy
consumption compared to the existing carbon capture technologies for the
capture of 90 percent of the CO2 emissions from a typical once-through steam
generator in in-situ oil sands operations.
One major improvement over conventional processing is that nil-value energy
from the operation is used as the main heat source thus decreasing further the
operating costs. Industrially optimized enzyme catalysts employed in the
testing demonstrated robust performance both in absorption and solvent
regeneration. The solvent employed is less expensive, extremely stable, and
environmentally benign compared to conventionally-used solvents. Moreover, it
reduces emissions of dangerous by-products to zero.
About CO Solutions Inc.
CO 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. CO Solutions' technology lowers
the cost barrier to Carbon Capture, Sequestration and Utilization (CCSU),
positioning it as a viable CO mitigation tool, as well as enabling industry
to derive profitable new products from these emissions. CO 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
CO Solutions Forward-looking Statements
Certain statements in this news release may be forward-looking. These
statements relate to future events or CO 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. CO 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.
Contact: Investor Relations and Media Contact: CO2 Solutions: Thom Skinner,
418-842-3456, ext. 223, firstname.lastname@example.org, www.co2solutions.com Or
TMX Equicom: Fil Marinkovic, (416) 815-0700 ext. 289,
email@example.com; TMX Equicom: Adam Peeler, (416) 815-0700 ext. 225,
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