CO2 Solutions Announces Agreement with Statoil
Outstanding Shares: 79,687,836
QUEBEC CITY, March 12, 2013 /PRNewswire/ – CO(2) Solutions Inc. (TSX-V: CST), an innovator in the field of
enzyme-enabled carbon capture technology, announced today that it has
entered into an agreement with Statoil to provide certain project data
and reports to the Norwegian-based international energy company. The
data and reports are related to the pre-pilot phase of CO(2) Solutions’ Alberta oil sands project.
The value of this agreement is not being disclosed for competitive
reasons and will be included in CO(2 )Solutions’ calendar 2013 revenue.
CO(2) Solutions is developing carbon capture technology for use in oil sands
production, including in-situ methods such as Steam Assisted Gravity
Drainage, and bitumen upgrading. Results from the project will also
support the broader application of the Company’s technology in other
natural gas combustion sources, such as gas-fired power plants.
The Alberta oil sands project, previously announced by CO(2) Solutions in January, 2013, is being partially funded via investments
of $4.7 million from the Harper Government’s ecoENERGY Innovation
Initiative and $500,000 from Alberta’s Climate Change and Emissions
Management Corporation (CCEMC).
Carbon capture and storage (CCS) represents a key technology for
reducing CO(2) emissions. Statoil has become a world-leader in its development and
application as evidenced by its significant participation in the
Technology Center Mongstad (TCM), Norway where Statoil is participating
in a venture to create a global centre for the development and testing
of carbon capture technology.
Additionally, Statoil was the first company in the world to implement
CCS on a commercial basis in its Sleipner gas field, where more than 12
million tonnes of CO(2) from treated natural gas has been stored below the North Sea bed since
Statoil is an international energy company with operations in 36
countries. Building on 40 years of experience from oil and gas
production on the Norwegian continental shelf, the company is committed
to accommodating the world’s energy needs in a responsible manner,
applying technology and creating innovative business solutions. The
company is headquartered in Norway with approximately 21,000 employees
worldwide, and is listed on the New York and Oslo stock exchanges.
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.