Leading gas absorption technology company confirms
exclusivity with CO2 Solutions for enzyme-based carbon
capture
TSXV: CST
Outstanding shares: 79,187,836
QUEBEC CITY,
QC, Dec. 17, 2012 /PRNewswire/
- CO2 Solutions Inc. (TSX-V:CST), an innovator in the
field of enzyme-enabled carbon capture technology, today announced
it has extended its Consulting and Technology Transfer Agreement
with Procede Group B.V. ("Procede") for the continued development
of CO2 Solutions' proprietary enzyme-based carbon
capture technology.
Under the terms of the extended Agreement,
Procede will remain exclusive to CO2 Solutions for all
work in the field of enzyme-enhanced carbon capture, including the
execution of the Company's recently announced project in the
Alberta oil sands. CO2
Solutions will also continue to benefit from a license to all of
Procede's intellectual property pertaining to carbon capture using
carbonic anhydrase or any variants.
"We are excited to continue our relationship
with Procede to support the technology development, scale up and
commercialization of our carbon capture technology," said
Glenn Kelly, President and CEO of
CO2 Solutions. "Procede is well-known throughout the
industry for its advisory work in gas scrubbing. Jointly we can
leverage each other's expertise and industry contacts to help
advance CO2 Solution's enzymatic carbon capture
technology in North America and in
Europe."
"Procede is pleased to continue this exclusive
arrangement with CO2 Solutions, the leading company in
the field of enzyme-enhanced carbon capture," said Dr. Geert Versteeg, Procede's co-founder. "We look
forward to working closely with CO2 Solutions to help
commercialize its technology, which I believe can be seen as a
promising breakthrough technology for low-cost carbon capture from
large industrial sources of carbon dioxide."
As partial consideration for previously supplied
business development services provided by the two principals of
Procede, each of their holding companies will receive 250,000
common shares of CO2 Solutions Inc. at a value of
$0.20 per share. These shares will be
subject to a four (4) month and one (1) day statutory hold period
from the date of issuance.
The Agreement also provides for the continued
technology transfer of certain of Procede's proprietary testing
processes and methods to CO2 Solutions' facility in
Quebec. Any new intellectual
property developed under the Agreement by Procede and any
associated rights will be the sole property of CO2
Solutions.
Procede will apply its expertise in gas
absorption processes to continue to assist CO2 Solutions
in the commercialization of its patented enzyme-based technology
for carbon dioxide capture, including lab testing, process
modelling and simulation, process development and design.
Procede will also be a partner with CO2 Solutions in the
execution of its recently announced project in the Alberta oil sands to optimize CO2
Solutions' technology for the efficient capture of CO2
emissions from oil sands production - the single fastest growing
source of carbon emissions in Canada.
Based in The
Netherlands, Procede Group is a developer of custom
processes requiring advanced chemical-engineering knowledge. A
spin-off of Twente University of
Technology, Procede employs a research, development and design
staff of about 25 engineers and other scientific personnel and has
performed work for numerous organizations in the oil and gas
industry including Shell, Exxon-Mobil, Alstom, and Sulzer and has
collaborated with CO2 Solutions on major projects with
Alcoa and a global leader in energy infrastructure.
The technical effort under the Agreement will be
supervised in part by Dr. Versteeg, in addition to his ongoing role
as a member of CO2 Solution's Scientific Advisory Board.
As Director and Co-Founder of Procede, Dr. Versteeg brings more
than 30 years of professional experience in applied scientific
research, including significant expertise in CO2 capture
processes which the Company believes will be an important asset in
its efforts to scale up and optimize its enzymatic carbon capture
technology for commercial application.
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.