CO2 Solution Signs Carbon Capture Collaboration with Global Leader in Energy Infrastructure
Cost Effective Technology Targets Major Source of Greenhouse Gases, Air
Pollution from Coal-Fired Power Plants
Outstanding shares: 60,261,136
QUEBEC CITY, Dec. 3 /PRNewswire/ – CO(2) Solution Inc. is pleased to announce that it has entered into an
exclusive Collaboration Agreement (the “Agreement”) covering the
development and pilot scale testing of its carbon capture technology to
reduce carbon dioxide pollution from coal-fired power plants, one of
the world’s largest sources of greenhouse gas emissions.
The parties to the Agreement include a global leader in energy and
infrastructure projects with over 5 billion dollars in annual sales
(the “Company”), and Codexis, Inc., CO(2) Solution’s exclusive enzyme development and production partner.
Under the terms of the Agreement, CO(2) Solution, Codexis and the Company will collaborate over a period of up
to 16 months on a pilot phase program to develop and test customized
carbon capture enzymes and related processes for use in power plants to
reduce greenhouse gas emissions. The Company will fund research
activities under the collaboration, which may be expanded to a
long-term development and commercialization agreement if milestones are
met and subject to negotiation of such an agreement between the
The Agreement is a result of a laboratory scale validation effort
undertaken with the Company in the first half of 2010 which
demonstrated that the enzyme technology has the potential to
significantly increase the efficiency of certain carbon capture
technologies for application to power plants.
CO(2) Solution will receive up to US $3.4 million for its activities under
the Collaboration Agreement. During the term of this collaboration, CO(2) Solution and Codexis will provide the Company with exclusive access to
their respective technologies for use with specific systems in power
generation and industrial applications. Correspondingly, the Company
will work exclusively with CO(2) Solution and Codexis related to carbonic anhydrase (CA) enzymes in
CO(2) Solution and Codexis have collaborated on the development of customized
carbonic anhydrase biocatalysts and processes that could significantly
decrease the energy and capital costs associated with the capture of CO(2 )from power plant flue gases. Program results to date have shown that
combined CO(2) Solution / Codexis proprietary technologies can be used to create and
deploy CA biocatalysts with substantially improved stability and
performance under harsh industrial conditions.
Glenn Kelly, President & CEO of CO(2) Solution stated, “We are delighted to be partnering with a world leader
in power generation and carbon capture systems to advance our
technology towards commercialization. It represents the culmination of
years of work on the part of CO(2) Solution, and recently in collaboration with Codexis, in moving
enzymatic technology forward to improve the cost performance of CO(2) capture systems. We also believe this agreement represents a strong
validation of our leading patent position in this field. ”
About the CO(2) Solution-Codexis Collaboration
A technology development collaboration between Codexis, Inc. (www.codexis.com) and CO(2) Solution Inc. was announced in December 2009. The technology is based
on the use of customized CA biocatalysts that have the potential to
enable cost-effective, energy-efficient processes for the capture of
carbon dioxide. Carbonic anhydrase is an enzyme that efficiently
catalyzes CO(2) in living systems. As part of the collaboration, Codexis completed a
CDN$2 million equity investment in CO(2) Solution and holds 16.6% of CO(2) Solution’s issued and outstanding common shares.
About CO(2) Solution
Based in Quebec City, CO(2) Solution is an innovator in the field of enzyme enabled carbon capture
and has been actively working to develop and commercialize the
technology for power plants and other large stationary sources of
carbon pollution. In the process, CO(2) Solution has built an extensive patent portfolio covering the use of
carbonic anhydrase for the efficient post-combustion capture of carbon
dioxide. Further information can be found at www.co2solution.com.
Forward Looking Statements
Certain statements in this news release may be forward-looking. These
statements relate to future events or CO(2) Solution’s 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. CO(2) Solution 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 SOLUTION INC.