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CO2 Solutions to receive US$2.4 million SDTC grant

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Hydrocarbon Engineering,

CO2 Solutions Inc. (the corporation), a leader in the field of enzyme-enabled carbon capture technology, has announced that the Minister of Innovation, Science and Economic Development, the Hon. Navdeep Bains, confirmed CO2 Solutions has been selected by Sustainable Development Technology Canada (SDTC) to receive US$2.4 million in the form of a non-refundable grant (the grant).

The grant is expected to be used towards the deployment of CO2 Solutions' technology in Quebec at approximately the 30 tpd of CO2 captured scale, incorporating rotating packed bed (RPB) equipment (the project). The intention is for the corporation to install a unit capturing carbon from a Quebec pulp mill, with the CO2 being reused in a neighbouring commercial greenhouse operation. The reuse of the captured CO2 will improve project economics, while at the same time achieving a net greenhouse gas reduction.

The project is budgeted at approximately US$7.4 million, and the corporation is currently pursuing non-dilutive financing to fund the balance of the project not covered by the grant. Receipt of the grant is subject to entering into a Contribution Agreement with SDTC, confirmation that all other funding sources are in place, and definitive agreements with the project partners.

"Sustainable Development Technology Canada is incredibly proud to support CO2 Solutions", said Leah Lawrence, SDTC President and Chief Executive Officer. "Our mission is to help Canadian cleantech entrepreneurs move their ground breaking technologies to commercialisation by bridging the funding gap between research and market entry. This carbon capture and reuse project is the kind of technology that has the potential to generate jobs, growth and export opportunities, and to bring lasting economic, environmental and health benefits to Canadians and the world."

"This project would both provide us with our first installation in the pulp and paper and greenhouse industries, where we see numerous opportunities, and enable us to demonstrate the new RPB technology in a commercial setting," stated Evan Price, President and Chief Executive Officer of CO2 Solutions. "We are grateful to SDTC for their continued support in enabling us to upscale this new lower cost, smaller footprint solution."

Adapted from press release by Francesca Brindle

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