CO2 Solutions Partners with Neumann Systems for U.S. Pilot Demonstration of
Carbon Capture Process
QUEBEC CITY AND COLORADO SPRINGS, CO, June 17, 2014
Outstanding Shares: 79,687,836
QUEBEC CITY AND COLORADO SPRINGS, CO, June 17, 2014 /PRNewswire/ - CO[2
]Solutions Inc. ("CO[2 ]Solutions" or "the Corporation") (TSX-V:CST), an
innovator in the field of enzyme-enabled carbon capture technology, today
announced that it has entered into a Collaboration Agreement with
Colorado-based Neumann Systems Group, Inc. ("NSG" or "Neumann Systems"), an
established emissions control solutions provider.
Under the terms of the agreement, CO[2 ]Solutions and NSG will demonstrate a
combination of their two proprietary technologies at pilot scale in what is
expected to be a significantly lower cost process for the capture of CO
from industrial effluent gases. Following this pilot, the companies anticipate
co-marketing a combined solution for profitable application in enhanced oil
recovery (EOR) and other existing and new CO sequestration and reuse
"This project with Neumann Systems has the potential to significantly
accelerate the commercialization of both our companies' carbon capture
technologies," said Evan Price, President and CEO of CO Solutions.
"Successful completion of the pilot will enable us to jointly pursue
commercial opportunities both companies have identified. This is also a
timely start to a relationship between CO Solutions and a U.S. partner
given the June 2, 2014 landmark announcement by the Obama administration of
carbon emissions regulations for the U.S. power sector."
The pilot combines CO[2 ]Solutions' enzyme-based technology with NSG's high
mass transfer gas-liquid contactor technology, known as NeuStream^®. NSG's
technology has a significantly smaller footprint than current technologies,
with development to date demonstrating the potential to reduce CO capture
equipment capital costs by up to 50 per cent.
CO[2 ]Solutions has demonstrated that, using conventional CO capture
equipment, its enzyme-based solution can generate cost savings in excess of 30
per cent compared to conventional solvent-based processes. Additionally, the
Corporation's solution enables the use of low-grade, nil-value heat from
industrial sources, dramatically reducing process energy costs.
Initial large bench-scale testing of CO[2 ]Solutions' enzyme-enabled carbon
capture solvent with NeuStream^® has already yielded very positive results.
The upcoming pilot demonstration will capture approximately 10 tonnes per day
of CO. The pilot is scheduled to run for one month, beginning in April
2015, at NSG's Colorado Springs facility. CO produced at the facility is
expected to be suitable for enhanced oil recovery (EOR) and other commercial
NSG has an on-going approximate US$9.5 million CO capture system
development project that is supported by a grant from the U.S. Department of
Energy's National Energy Technology Laboratory with over US$1.4 million of NSG
matching funding. Building on the NETL funded development project, CO[2
]Solutions will contribute an additional approximate US$450,000 toward the
April 2015 pilot for equipment modifications, operations changes and testing
for the optimized use of the Corporation's enzyme-based solvent technology
"We are looking forward to teaming up with CO Solutions to demonstrate this
potentially game-changing technology combination for carbon capture," said
Dave Neumann, President and CEO of NSG. "We anticipate realizing very
significant synergies from the collaboration, making this an important
opportunity to rapidly penetrate large existing markets for the profitable use
of CO[2, ]as well as provide a viable solution for carbon emissions reduction
for large emitters."
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. COSolutions' 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
About Neumann Systems Group, Inc.
Neumann Systems Group, Inc. designs and builds emissions control systems for
power plants and other industrial applications. NSG's principal product
line,NeuStream^®, is a suite of emissions control systems that removes
harmful pollutants from emissions sources like coal-fired power plants and
industrial sources that contribute to ozone, acid rain, respiratory diseases
and climate change. The NeuStream^® systems are based on an advanced
gas-liquid contacting device invented, developed and manufactured by NSG.
Founded in 1997, NSG has been consistently profitable in its operations.
Further information can be found at www.neumannsystemsgroup.com.
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 operation 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.
Investor Relations and Media Contact:
418-842-3456, ext. 223
416-815-0700, ext. 225
(416) 815 0700 ext. 248
Press spacebar to pause and continue. Press esc to stop.