TSX-V: CST
Outstanding Shares: 79,687,836
QUEBEC CITY,
March 12, 2013 /PRNewswire/ -
CO2 Solutions Inc. (TSX-V: CST), an innovator in the
field of enzyme-enabled carbon capture technology, announced today
that it has entered into an agreement with Statoil to provide
certain project data and reports to the Norwegian-based
international energy company. The data and reports are
related to the pre-pilot phase of CO2 Solutions'
Alberta oil sands project.
The value of this agreement is not being disclosed
for competitive reasons and will be included in
CO2 Solutions' calendar 2013 revenue.
CO2 Solutions is developing carbon
capture technology for use in oil sands production, including
in-situ methods such as Steam Assisted Gravity Drainage, and
bitumen upgrading. Results from the project will also support the
broader application of the Company's technology in other natural
gas combustion sources, such as gas-fired power plants.
The Alberta oil
sands project, previously announced by CO2 Solutions in
January, 2013, is being partially funded via investments of
$4.7 million from the Harper
Government's ecoENERGY Innovation Initiative and $500,000 from Alberta's Climate Change and Emissions
Management Corporation (CCEMC).
Carbon capture and
storage (CCS) represents a key technology for reducing
CO2 emissions. Statoil has become a world-leader in its
development and application as evidenced by its significant
participation in the Technology Center Mongstad (TCM), Norway where Statoil is participating in a
venture to create a global centre for the development and testing
of carbon capture technology.
Additionally, Statoil was the first company in the
world to implement CCS on a commercial basis in its Sleipner gas
field, where more than 12 million tonnes of CO2 from
treated natural gas has been stored below the North Sea bed since
1996.
About Statoil
Statoil is an international energy company with operations in 36
countries. Building on 40 years of experience from oil and gas
production on the Norwegian continental shelf, the company is
committed to accommodating the world's energy needs in a
responsible manner, applying technology and creating innovative
business solutions. The company is headquartered in Norway with approximately 21,000 employees
worldwide, and is listed on the New
York and Oslo stock
exchanges.
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.