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CALGARY – TransAlta Corp. has received a $5 million AU vote of confidence on its Pioneer carbon capture and storage project from Australia’s Global CCS Institute.
The project is one of the world’s largest carbon capture initiatives in the power generation industry and already has been the recipient of $779 million in federal and provincial funding.
The Canberra-based institute chose to back Pioneer as it covers all aspects of carbon capture and storage at a large scale.
“As such, any knowledge emerging from the early development and implementation of this project will help accelerate the deployment of other similar efforts worldwide, including Australia,” said Nick Otter, Global Institute chief executive, in a statement.
“Despite considerable ongoing research and the existence of operating demonstration projects, CCS is still an emerging technology. A key factor in its uptake will be the ability to use the knowledge now being developed to accelerate new and existing projects at the commercial scale required”.
TransAlta Corp., one of the largest industrial emitters of carbon dioxide in Alberta, plans to add technology to its soon-to-be-commissioned Keephills 3 coal-fired power plant. It will use ammonium to capture carbon emissions, which will then be transported via pipeline to underground storage and for use in oilfield recovery.
The power generator, Canada’s largest publicly traded utility, partnered with capital Power Corporation, Enbridge Inc. and Alston Canada on the project.
TransAlta Corp. shares fell 47 cents on Monday to settle at $21.08 per share on the Toronto Stock Exchange.
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