CO2 Solutions offered $3-million grant from Quebec
2016-12-14 17:43 ET - News Release
Mr. Evan Price reports
CO2 SOLUTIONS RECEIVES $3 MILLION GRANT FROM TECHNOCLIMAT TOWARDS FIRST COMMERCIAL PROJECT
CO2 Solutions Inc. confirms that, as announced today by the Quebec Energie et Ressources naturelles Minister Pierre Arcand, the corporation has been selected by the Bureau de l'efficacite et de l'innovation energetiques (Technoclimat) to receive $3-million in the form of a non-refundable grant.
The grant will be used toward the deployment of CO2 Solutions' technology for a carbon capture plant at the Fibrek General Partnership pulp mill, a subsidiary of Resolute Forest Products (TSX: RFP), in the Saint-Felicien region of Quebec (Canada). The captured CO2 will then be provided, on a commercial basis, to the adjacent, state-of-the-art vegetable greenhouse operated by Serres Toundra. The reuse of the captured CO2 will improve the greenhouse economics through increased yield, while at the same time achieving a net greenhouse gas reduction for the pulp mill. This grant, along with earlier secured and announced funds, completes the required project financing commitments. It is expected that the carbon capture plant will be in operation and generating revenues in 2018.
"With the funding complete, we can now advance towards realization of our first commercial project, deploying our breakthrough technology in the pulp and paper and greenhouse industry, where we see numerous additional opportunities," stated Evan Price, president and chief executive officer of CO2 Solutions. "We are grateful to Technoclimat and the Quebec government for their support of our technology. This plant, and others that will follow, will enable industry to cost-effectively reduce their CO2 footprint and help governments meet their Paris agreement commitments on greenhouse gas (GHG) emission reductions."
The objective of the Technoclimat program is to reduce greenhouse gas emissions and promote the development of new technologies or innovative processes in energy efficiency or emerging energies. The program offers financial support to project promoters at various stages of development.
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.
We seek Safe Harbor.