TSX-V: CST
Outstanding Shares: 100,494,626
QUEBEC CITY, Sept. 30, 2014 /PRNewswire/ - CO2
Solutions Inc. (TSX-V: CST), the leader in the field of
enzyme-enabled carbon capture technology, today provides an update
on progress of its pilot project with Husky Energy for the capture
of CO2 in the oil industry.
As announced in April
2014, CO2 Solutions entered into a Collaboration
Agreement with Husky Energy to install and operate a pilot unit at
Husky's Pikes Peak South heavy oil site in Saskatchewan. To accommodate operating
parameters within the project budget, the facility will now be
sized to capture up to 10 tonnes of CO2 per day. The
project is funded in part by the Government of Canada's ecoENERGY Innovation Initiative
(ecoEII) program, as previously announced on January 24, 2013.
In line with its earlier communicated schedule,
CO2 Solutions has now completed the design review and
detailed engineering phase for the pilot installation in
collaboration with Montreal-based
consulting engineering firm Seneca. A rendering of the pilot plant
can be viewed at
www.co2solutions.com/uploads/file/Husky_Carbon_Capture_Pilot_Plant.pdf.
Procurement has started and construction is planned to be completed
in early calendar Q1 2015, with commissioning of the pilot plant
also scheduled for calendar Q1 2015. Operation of the pilot unit is
expected to conclude in calendar Q3 of 2015 which would represent
over 2,500 hours of field operation of the technology.
"We are progressing well and according to plan
with this key project towards the commercialization of our
technology," said Evan Price,
President and CEO of CO2 Solutions. "Seneca is a
first-class engineering firm with proven track record at building
pilot units, and we are pleased to have them as a member of our
team. Successful completion of the project will significantly
enhance our position towards becoming a key low-cost provider of
CO2, and will allow us to pursue the many opportunities
we have identified for the commercial application of our
technology, such as in Enhanced Oil Recovery."
In April of 2014, the Company announced it had
exceeded the second set of technical performance milestones in
large bench-scale testing, validating the technology's ability to
realistically lower the cost of CO2 capture to
significantly below that associated with current carbon capture
technologies.
About Seneca
Seneca is a, Montreal-based
private consulting engineering company, active in the highly
specialized field of industrial processes, supporting Canadian and
international industrial corporations by providing professional
services for capital investment projects, the introduction of new
technology, and technological innovation projects. Further
information can be found at www.seneca.ca.
About CO2 Solutions Inc.
CO2 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. CO2 Solutions' technology
lowers the cost barrier to Carbon Capture, Sequestration and
Utilization (CCSU), positioning it as a viable CO2
mitigation tool, as well as enabling industry to derive profitable
new products from these emissions. CO2 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.
CO2 Solutions Forward-looking
Statements
Certain statements in this news release may be forward-looking.
These statements relate to future events or CO2
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
operation described herein. CO2 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.