CMG Announces Partnership with ABB to Deliver Powerful New Technology for Carbon Capture and Storage (CCS)
31 Octobre 2023 - 12:00PM
Computer Modelling Group Ltd. (“CMG” or the “Company”) (TSX: CMG)
is pleased to announce a partnership with global technology leader
ABB to integrate CMG’s subsurface simulation technology into ABB’s
digital twin platform for commercial carbon capture and storage
(CCS) operations.
The partnership aims to develop a new product in
which ABB will use its Ability™ OPTIMAX® energy management
system to integrate above ground digital twin technology with CMG’s
subsurface modelling, providing a full ‘source to storage’ solution
to support the successful operation of CCS projects.
“This partnership brings together two powerful
technologies to develop a solution to support the intelligent,
real-time operational decision making required to make carbon
storage a success at scale,” commented Pramod Jain, CMG CEO.
“Advanced subsurface modelling is necessary to assess and monitor
risks of CO2 injection against various operating scenarios and is
critical to the safety, feasibility and scaling of carbon capture
and storage projects. We are pleased to partner with ABB, a global
leader in innovation, to provide our industry leading, subsurface
simulation capabilities to their enhanced digital twin
technology.”
“Capturing and storing carbon dioxide
underground is a highly technical and challenging process,” said
Brandon Spencer, President of ABB Energy Industries. “Without
subsurface modelling, industry simply cannot calculate the cost or
manage the risks, which is crucial if we are to scale the CCS
market to the extent required to support decarbonization of
industry and emissions reductions in line with the Paris
Accord.”
This technology is intended to bridge the gap
between subsurface modelling and above ground digital twin
technology, providing a comprehensive solution for real-time
monitoring, risk assessment, and operational efficiency in CCS
projects. This integrated approach has the potential to
revolutionize the CCS industry by making it more scalable,
cost-effective, and supportive of decarbonization efforts, which is
essential in achieving environmental sustainability goals.
About CMG
CMG (TSX:CMG) is a global software and
consulting company that combines science and technology with deep
industry expertise to solve complex subsurface and surface
challenges for the new energy industry around the world. CMG is
headquartered in Calgary, AB, with offices in Houston, Oxford,
Dubai, Bogota, Rio de Janeiro, Bengaluru, and Kuala Lumpur. For
more information, please visit www.cmgl.ca.
About ABB
ABB is a technology leader in electrification
and automation, enabling a more sustainable and resource-efficient
future. The company’s solutions connect engineering know-how and
software to optimize how things are manufactured, moved, powered
and operated. Building on more than 140 years of excellence, ABB’s
~105,000 employees are committed to driving innovations that
accelerate industrial transformation. For more information, please
visit www.abb.com.
For investor inquiries, please contact:Kim
MacEachernManager, Investor Relationscmg-investors@cmgl.ca
For media inquiries, please
contact:marketing@cmgl.ca
Cautionary Note Regarding Forward-Looking
Statements
This press release contains "forward-looking
statements". Forward-looking statements can be identified by words
such as: "anticipate", "intend", "plan", "goal", "seek", "believe",
"project", "estimate", "expect", "strategy", "future", "likely",
"may", "should", "will", and similar references to future periods.
Examples of forward-looking statements include, among others,
statements we make regarding the ability to develop new products
with ABB, the functionality or benefits of such products, the
ability to integrate CMG products with any ABB technology and the
ability to maintain uninterrupted operations of CCS projects.
Forward-looking statements are neither
historical facts nor assurances of future performance. Instead,
they are based only on our current beliefs, expectations, and
assumptions regarding the future of our business, future plans and
strategies, projections, anticipated events and trends, the economy
and other future conditions. Because forward-looking statements
relate to the future, they are subject to inherent uncertainties,
risks and changes in circumstances that are difficult to predict
and many of which are outside of our control. Our actual results
and financial condition may differ materially from those indicated
in the forward-looking statements. Therefore, you should not rely
on any of these forward-looking statements. Important factors that
could cause our actual results and financial condition to differ
materially from those indicated in the forward-looking statements
are detailed in the companies’ public filings.
Any forward-looking statement made by us in this
press release is based only on information currently available to
us and speaks only as of the date on which it is made. Except as
required by applicable securities laws, we undertake no obligation
to publicly update any forward-looking statement, whether written
or oral, that may be made from time to time, whether as a result of
new information, future developments or otherwise.
Computer Modelling (TSX:CMG)
Graphique Historique de l'Action
De Nov 2024 à Déc 2024
Computer Modelling (TSX:CMG)
Graphique Historique de l'Action
De Déc 2023 à Déc 2024