Dec. 3 (Bloomberg) -- A unit of Alstom SA, the world’s third-largest power-equipment maker, is funding a joint research effort by Codexis Inc. and CO2 Solution Inc. to develop technology for reducing greenhouse gas emissions from coal-fired power plants.
Codexis, a Redwood City, California-based producer of enzymes used to make biofuels and pharmaceuticals, announced the 16-month partnership in a filing.
CO2 Solution said today in a statement that it had completed “validation efforts” for the enzyme with Codexis in the first half of this year.
Codexis did not say how much financial backing it would receive from Alstom Power Inc. Alstom can extend or cancel the agreement if certain conditions are met.
Quebec City, Quebec-based CO2 Solution said it would receive as much as $3.4 million under the partnership from “a global leader in energy and infrastructure projects.” Its statement did not name Alstom.
The companies will focus on processes using carbonic anhydrase enzymes, which have the potential to increase the efficiency and “significantly decrease” the cost of capturing carbon from flue gases at power plants, CO2 Solution said.
Codexis and CO2 Solution announced a technology partnership in December 2009. As part of that agreement, Codexis paid C$2 million ($1.99 million) for a 16.6 percent stake in the company.
Codexis has fallen 24 percent through yesterday since its initial public offering on April 21.
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