Cenovus invests $2.5 million in Skyonic Corporation
CALGARY, June 25, 2013 /PRNewswire/ – Cenovus Energy Inc. (TSX, NYSE: CVE) is
investing $2.5 million in Skyonic Corporation, an Austin, Texas-based
company developing technology to turn carbon dioxide (CO(2)) emissions into profitable products. The investment is through the
Cenovus Environmental Opportunity Fund, which makes strategic
investments in companies pursuing technological innovations for the
“At Cenovus, we believe doing right by the environment is simply good
business,” said Harbir Chhina, Executive Vice-President of Oil Sands at
Cenovus. “Skyonic’s technology is a good example of how creative
thinking and technology can reduce the environmental impact of
producing energy while creating valuable products.”
Skyonic has proven its technology in lab and field tests and is in the
process of deploying it at a full-scale commercial facility. Skyonic
transforms CO(2) from industrial waste streams into solid carbonate and bicarbonate
(essentially baking soda) which is used in the livestock and food
industries. The cost of capture may be offset by selling these
products. The process also produces chemicals such as hydrochloric
acid, bleach, chlorine and hydrogen, which may also be sold, and
removes air pollutants.
“We believe converting CO(2) into valuable carbonates is the best strategy for carbon,” said Joe
Jones, President and Chief Executive Officer of Skyonic. ”We’re
essentially turning pollution into a valuable commodity. Recycling the
flue gas into carbonates profitably is a win for emitters, a win for
society, and a win for investors as well.”
Cenovus’s investment is part of Skyonic’s latest funding round, which
totaled $128 million. The funds raised will primarily be used to
support construction costs for a carbon capture and utilization plant
Skyonic is building in San Antonio, Texas. The facility, slated to be
operational in 2014, is intended to prove the commercial viability of
the technology. More information is available at www.skyonic.com.
The Cenovus Environmental Opportunity Fund is a wholly-owned subsidiary
of Cenovus that makes strategic investments in companies developing
early-stage technology that could improve the environmental and
economic performance of producing oil and gas. Since 2003, Cenovus has
committed about $25 million to support these initiatives.
Cenovus Energy Inc.
Cenovus Energy Inc. is a Canadian, integrated oil company. It is
committed to applying fresh, progressive thinking to safely and
responsibly unlock energy resources the world needs. Operations include
oil sands projects in northern Alberta, which use specialized methods
to drill and pump the oil to the surface, and established natural gas
and oil production in Alberta and Saskatchewan. The company also has
50% ownership in two U.S. refineries. Cenovus shares trade under the
symbol CVE, and are listed on the Toronto and New York stock exchanges.
Its enterprise value is approximately $27 billion. For more
information, visit www.cenovus.com.
SOURCE Cenovus Energy Inc.