Québec City /PRNewswire/ - CO2 Solutions Inc. (or the "Corporation") (TSXV: CST) and TerraCOH, Inc. (or TerraCOH), a privately held company located in Minneapolis, Minnesota, are pleased to announce that both parties will partner in the NRG COSIA Carbon XPRIZE competition.
On October 17, 2016, the organizers of the competition announced that CO2 Solutions and TerraCOH had been selected to participate in the second round of the prestigious NRG COSIA Carbon XPRIZE. CO2 Solutions has been authorized to partner with other semi-finalists offering a CO2 utilization technology and is the only provider of a CO2 capture technology in the Carbon XPRIZE to have publicly announced such synergistic partnerships. TerraCOH and CO2Solutions will propose the CO2 Solutions carbon capture technology with the TerraCOH's CO2 utilization technology, the Earth Battery™. CO2 Solutions and TerraCOH would share equally any prize money that maybe awarded to this joint entry.
For the NRG COSIA Carbon XPRIZE competition, TerraCOH is introducing to the market their Earth Battery™ technology, which is the first to use CO2 as a geologic working fluid for geologic energy storage. The Earth Battery™ delivers a high efficiency, affordable, small to grid-scale energy storage platform, while making use of vast quantities of CO2.
John P. Griffin, the CEO of TerraCOH, stated "CO2 emissions are a global problem, which requires an innovative approach that can scale to the size of this problem. TerraCOH looks forward to working with CO2 Solutions in the second round of the Carbon XPRIZE competition; jointly creating a solution that capable of uniquely consuming vast quantities of CO2while storing the CO2 safely and securely below ground. Later, the Earth Battery™ can deliver power that can be dispatched on demand to serve various power requirements."
Dr. Louis Fradette, the Director, Valorisation Carbone Quebec, stated "CO2 Solutions innovative enzyme-enabled carbon capture technology is ideal to economically capture large quantities of CO2 cost effectively and deliver this CO2 to TerraCOH's novel Earth Battery™ solution. The scale of TerraCOH and CO2 Solutions joint approach has the potential of making a significant impact on the CO2 emission challenge of the Carbon XPRIZE competition and the world."
About The NRG COSIA Carbon XPRIZE Competition
Few challenges are greater and more critical than ensuring access to clean, affordable and abundant energy. As the global energy supply remains primarily derived from fossil fuels – the leading contributor to climate change – the $20MNRG COSIA Carbon XPRIZE will challenge the world to reimagine what we can do with CO2 emissions by incentivizing and accelerating the development of technologies that convert CO2 from a liability into valuable products. For more information, visit: https://carbon.xprize.org.
About TerraCOH, Inc.
TerraCOH, Inc. is a geothermal energy company based in Minneapolis, MN. TerraCOH's mission is to deliver its Earth Battery and CO2 Plume Geothermal (CPG™) technologies to provide emission-free, baseload (24/7) electricity and grid-scale energy storage, at the lowest cost of all alternatives, while storing CO2 permanently underground. For more information, visit: www.terracoh-age.com.
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 emissions. CO2 Solutions' technology lowers the cost barrier to Carbon Capture, Utilization and Sequestration (CCUS), 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 CO2Solutions' future economic performance and reflect the current assumptions and expectations of management. Certain unknown factors may affect the events, economic performance and results of operation 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.
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