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/ - CO2 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 CO2 Solution's commercialization
efforts and industrial projects in Canada, the U.S. and abroad.
The work is being led by Procede, with
CO2 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 CO2 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 CO2 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 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
operations 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.