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CO2 Solution Provides Made-in-Canada Biomimetic Technology Solution for
Carbon Capture
Trading symbol: CST
Outstanding shares: 50,261,136
QUEBEC CITY, Feb. 2 /PRNewswire-FirstCall/ - CO2 Solution Inc. (”CO2 Solution” or the “Company”) announced today that it applauds the Government of Canada’s funding commitment to carbon capture as part of its Budget 2009 program entitled “Canada’s Economic Action Plan” (the “Plan”) released January 27, 2009. As part of the Plan, the government announced $1 Billion in new funding to support clean energy technologies over the next five years, including $150 Million for research and $850 Million for the “development and demonstration of promising technologies, including large-scale carbon capture and storage projects.”
Described in the Plan as “Transformation to a Green Energy Economy”, this funding supports the government’s commitment to reducing Canada’s total greenhouse gas (GHG) emissions by 20% by 2020. The Plan further stated that “Clean-energy technologies have the potential to make a significant contribution by reducing emissions from the production and use of energy, and creating new opportunities as Canada transitions toward a greener global economy. This is particularly the case for technologies that capture carbon dioxide, one of the most important greenhouse gases, at the point of production in industrial facilities and safely store it underground.”
Based in Quebec City, Quebec, CO2 Solution has developed a patented enzyme based technology for carbon dioxide (CO2) capture for carbon-intensive industries. The Company believes that its technology will allow for the capture of CO2 with significantly greater efficiency than with conventional technology and, when fully commercialized, will allow large emitters to meet the requirements of climate change legislation in a cost effective manner. CO2 Solution intends to provide its technology to the power generation and industrial sectors in Canada, the United States and abroad.
Commenting on the government’s action, Glenn Kelly, President & CEO stated “We are very pleased to see this expanded commitment to carbon capture by the Government of Canada, and its view that deployment of the technology is important to Canada meeting its greenhouse gas reduction goals, while benefiting the economy by fostering the growth of the Canadian clean- tech industry.”
About CO2 Solution
CO2 Solution Inc. has developed a proprietary bio-technological platform for the efficient capture of carbon dioxide (CO2), the most important greenhouse gas (GHG), from power plants and other large stationary sources of emissions. The Company’s technology platform exploits the natural power of a biocatalyst (enzyme), carbonic anhydrase, which functions within humans and other mammals to manage CO2 during respiration. CO2 Solution has successfully adapted the enzyme to function within an industrial environment, and thus has taken advantage of a biomimetic approach to CO2 capture based on millions of years of evolution. The Company is commercializing its technology for coal fired power generation, the oil sands and other CO2- intensive industries where a low-cost capture solution is key to meeting climate change legislation in a cost effective manner. News releases and additional information are available at www.co2solution.com
The TSX Venture Exchange has neither approved nor disapproved the information contained herein and accepts no responsibility for it.
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