Quebec Government to Invest $15 M to Enhance Carbon Capture Technology Developed by CO2 Solutions
07:30 EDT Friday, March 18, 2016
TSX-V: CST
QUEBEC CITY, March 18, 2016 /PRNewswire/ - CO2 Solutions Inc. (the "Corporation") (TSX-V: CST), the leader in the field of enzyme-enabled carbon capture technology, is pleased to announce that its technology has been selected by the government of Quebec in the framework of its Stratgie gouvernementale de dveloppement durable 2015-2020 (2015-2020 Government Strategy for Sustainable Development).
In its 2016-2017 Budget, released yesterday afternoon, March 17, 2016, the provincial government announced that it has allocated a budget of $15 million over the next three years to support the creation of a consortium to promote adoption of CO2 Solutions' patented enzyme-enabled carbon capture technology. Effectiveness and robustness of this technology were recently successfully confirmed during an extensive demonstration project at Valleyfield in Quebec. The project's results, validated through an independent third party engineering firm, were conclusive and the process is now ready for commercialization.
The consortium "Valorisation carbone Qubec" will be composed of CO2 Solutions, Laval University and other organizations from the private and public sectors. Its mandate will be to develop and implement concrete solutions that will make a positive contribution to the Quebec economy through the creation of a new value-add carbon life cycle. This life cycle is envisaged to include the capture of CO2 and its subsequent conversion into value-added goods, such as biofuels.
Quebec recently established a goal to reduce its GHG emissions by 20% below 1990 levels by 2020, and 37.5% below this same level by 2030. The government sees its contribution to the new consortium as a strategic contribution towards helping industry reduce GHG emissions without damaging its ability to compete on economic terms.
CO2 Solutions will disclose further information regarding the structure and objectives of the consortium "Valorisation carbone Qubec" as those details become more developed.
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 StatementsCertain 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.
For further information: Investor Relations and Media Contact: TACT Intelligence-conseil (Quebec Media), Marie-Christine St-Pierre, 418-803-0152, mcstpierre@tactconseil.ca; or NATIONAL Equicom, Marc Lakmaaker, 416-848-1397, mlakmaaker@national.ca; CO2 Solutions: Thom Skinner, 418-842-3456, ext. 223, thom.skinner@co2solutions.com, www.co2solutions.com