CO2 Solutions’ Process Engineering Partner, Procede Group, to Receive up to $975,000 Grant for Enzyme-Based Carbon Capture
Funding from the Government of the Netherlands to advance global
technology for efficient management of carbon pollution
TSX-V: CST
Outstanding Shares: 79,187,836
QUEBEC CITY, Dec. 18, 2012 /PRNewswire/ – CO(2) Solutions Inc. (TSX-V:CST), an innovator in the field of enzyme-enabled
carbon capture technology, today announced that Procede Group B.V.
(“Procede”), its process testing and development partner based in the
Netherlands, was selected to receive up to the equivalent of C$975,000
in grant funding over three years.
The funding is made available under the Dutch Ministry of Economic
Affairs’ International Innovation Program, which fosters the
development of new technologies involving collaboration with
international partners. The funding will be used towards the further
optimization of enzymatic carbon capture technology including advanced
separation techniques for the efficient management of the enzyme used
in the process. The work will complement CO(2) Solution’s commercialization efforts and industrial projects in Canada,
the U.S. and abroad.
The work is being led by Procede, with CO(2) Solutions as its international partner, governed by the recently
announced renewed Consulting & Technology Transfer Agreement between
the parties.
“Procede is excited to be involved in the ongoing development of this
progressive carbon capture technology, which will be further advanced
by this grant funding” stated Dr. Geert Versteeg, Director and
Co-Founder of Procede. “The CO(2) Solutions process can set a new standard of cost and environmental
performance for post-combustion capture for industrial emitters.”
“We congratulate Procede on its outstanding work in obtaining this
funding, which is a direct result of its exceptional expertise in the
gas treating process development domain,” stated Glenn Kelly, President
and CEO of CO(2) Solutions. “The funding will further contribute to the timely
commercialization of our technology and is another validation of its
potential for the global mitigation of climate altering greenhouse gas
emissions.”
About Procede Group BV
Founded in 1993, Procede is a leading custom process development and
engineering firm performing fundamental and applied R&D for global
customers, including Shell, ALSTOM, Statoil and Exxon-Mobile amongst
others. Procede’s expertise encompasses significant work in custom
engineering and re-engineering of gas treating processes and
fundamental performance analysis of solvent absorption systems. Its
team consists of 25 engineers and scientists with broad theoretical and
practical experience. Procede is led scientifically by Dr. Geert
Versteeg, a renowned international authority in the field of acid-gas
treating. Further information can be found at www.procede.nl.
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
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.
