Company's patented carbon capture technology exceeds operating cost reduction target
TSX-V: CST Outstanding Shares: 79,687,836
QUEBEC CITY, Aug. 29, 2013 /PRNewswire/ - CO 2 Solutions Inc. (TSX-V: CST), an innovator in the field of enzyme-enabled carbon capture technology, today announced that it has met and exceeded the first two technical performance milestones for its Alberta Oil Sands project. The Company demonstrated its patented carbon capture technology is at least one-third less expensive than existing carbon capture technology in terms of energy consumption, and can withstand the rigors of industrial application.
The project will now proceed to the large-bench scale (0.5 tonne/day CO 2 capture) testing phase for the remainder of 2013 where the same performance metrics will be validated under flue gas conditions. Following successful large-bench validation and, according to the current schedule, the project will move to field pilot-scale (approximately 15 t/d CO 2 capture) testing in 2014."Today's milestone demonstrates our Government's commitment to investments that bring innovative clean technologies from concept to demonstration," said the Honourable Joe Oliver, Canada's Minister of Natural Resources. "Through programs such as the ecoENERGY Innovation Initiative, our Government is supporting innovative clean energy technologies that create jobs, generate economic opportunities and protect the environment." "Confirming the cost-effectiveness and efficacy of our enzymatic carbon capture technology is an important step towards commercial deployment in the Oil Sands," said Evan Price, President and CEO of CO 2 Solutions. "The Company is well-positioned to move to the next stage of the technology's development." CO 2 Capture Performance CO 2 Solutions' enzymatic technology yielded an energy cost reduction of at least 33 per cent compared to existing carbon capture technologies when employed to capture 90 percent of the CO 2 emissions from natural gas combustion at a typical in-situ oil sands operation. Importantly, the 33 percent cost reduction was achieved without any process optimization, and further savings are expected to be achieved upon optimization and operational integration in later development phases. The project target was to demonstrate a cost reduction of 25 percent relative to existing carbon capture technologies. Additionally, the selected solvent is not only significantly less expensive than conventionally used ones, but is also far superior from an environmental and solvent-management standpoint.