CO2 Solutions Announces Extension of its Agreement with Procede Group B.V.
Leading gas absorption technology company confirms exclusivity with CO(2) Solutions for enzyme-based carbon capture
Outstanding shares: 79,187,836
QUEBEC CITY, QC, Dec. 17, 2012 /PRNewswire/ – CO(2) Solutions Inc. (TSX-V:CST), an innovator in the field of enzyme-enabled
carbon capture technology, today announced it has extended its
Consulting and Technology Transfer Agreement with Procede Group B.V.
(“Procede”) for the continued development of CO(2) Solutions’ proprietary enzyme-based carbon capture technology.
Under the terms of the extended Agreement, Procede will remain exclusive
to CO(2) Solutions for all work in the field of enzyme-enhanced carbon capture,
including the execution of the Company’s recently announced project in
the Alberta oil sands. CO(2) Solutions will also continue to benefit from a license to all of
Procede’s intellectual property pertaining to carbon capture using
carbonic anhydrase or any variants.
“We are excited to continue our relationship with Procede to support the
technology development, scale up and commercialization of our carbon
capture technology,” said Glenn Kelly, President and CEO of CO(2) Solutions. “Procede is well-known throughout the industry for its
advisory work in gas scrubbing. Jointly we can leverage each other’s
expertise and industry contacts to help advance CO(2) Solution’s enzymatic carbon capture technology in North America and in
“Procede is pleased to continue this exclusive arrangement with CO(2) Solutions, the leading company in the field of enzyme-enhanced carbon
capture,” said Dr. Geert Versteeg, Procede’s co-founder. “We look
forward to working closely with CO(2) Solutions to help commercialize its technology, which I believe can be
seen as a promising breakthrough technology for low-cost carbon capture
from large industrial sources of carbon dioxide.”
As partial consideration for previously supplied business development
services provided by the two principals of Procede, each of their
holding companies will receive 250,000 common shares of CO(2) Solutions Inc. at a value of $0.20 per share. These shares will be
subject to a four (4) month and one (1) day statutory hold period from
the date of issuance.
The Agreement also provides for the continued technology transfer of
certain of Procede’s proprietary testing processes and methods to CO(2) Solutions’ facility in Quebec. Any new intellectual property developed
under the Agreement by Procede and any associated rights will be the
sole property of CO(2) Solutions.
Procede will apply its expertise in gas absorption processes to continue
to assist CO(2) Solutions in the commercialization of its patented enzyme-based
technology for carbon dioxide capture, including lab testing, process
modelling and simulation, process development and design. Procede will
also be a partner with CO(2) Solutions in the execution of its recently announced project in the
Alberta oil sands to optimize CO(2) Solutions’ technology for the efficient capture of CO(2) emissions from oil sands production – the single fastest growing source
of carbon emissions in Canada.
Based in The Netherlands, Procede Group is a developer of custom
processes requiring advanced chemical-engineering knowledge. A spin-off
of Twente University of Technology, Procede employs a research,
development and design staff of about 25 engineers and other scientific
personnel and has performed work for numerous organizations in the oil
and gas industry including Shell, Exxon-Mobil, Alstom, and Sulzer and
has collaborated with CO(2) Solutions on major projects with Alcoa and a global leader in energy
The technical effort under the Agreement will be supervised in part by
Dr. Versteeg, in addition to his ongoing role as a member of CO(2) Solution’s Scientific Advisory Board. As Director and Co-Founder of
Procede, Dr. Versteeg brings more than 30 years of professional
experience in applied scientific research, including significant
expertise in CO(2) capture processes which the Company believes will be an important asset
in its efforts to scale up and optimize its enzymatic carbon capture
technology for commercial application.
About CO(2) Solutions Inc.
CO(2) 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(2) Solutions’ technology lowers the cost barrier to Carbon Capture,
Sequestration and Utilization (CCSU), positioning it as a viable CO(2) mitigation tool, as well as enabling industry to derive profitable new
products from these emissions. CO(2) 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.
CO(2) Solutions Forward-looking Statements
Certain statements in this news release may be forward-looking. These
statements relate to future events or CO(2) 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(2) 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
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.