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QUEBEC CITY, Feb. 23 /PRNewswire-FirstCall/ – CO2 Solution Inc. (“CO2 Solution” or the “Company”) announced today that it commends the joint announcement of February 19, 2009 by Canadian Prime Minister Stephen Harper and United States President Barack Obama of the establishment of a high-level Canada-U.S. dialogue and collaboration on carbon capture and other clean energy technologies. CO2 Solution believes it is positioned to provide its innovative carbon capture technology in the future as a clean energy technology that would fulfill the mandates of governments and industry on both sides of the border for the continued utilization of abundant and secure domestic fossil fuels without these fuels contributing to climate change.
As described by Prime Minster Harper and President Obama, the agreement “commits senior officials from both countries to collaborate on the development of clean energy science and technologies that will reduce greenhouse gases and combat climate change… It will advance carbon reduction technologies.” The announcement follows the statement by President Obama made during an interview with the Canadian Broadcasting Corporation (CBC) on February 17, 2009 that “…the extent that Canada and the United States can collaborate on ways that we can sequester carbon, capture greenhouse gases before they’re emitted into the atmosphere, that’s going to be good for everybody. Because if we don’t, then we’re going to have a ceiling at some point in terms of our ability to expand our economies and maintain the standard of living that’s so important…”
The agreement also follows on the heels of significant government funding recently committed for carbon capture development and demonstration, including up to $1 Billion by the Canadian government as part of its 2009 Budget, and $3.4 billion by the United States as part of the American Recovery and Reinvestment Act of 2009.
Based in Quebec, Canada, CO2 Solution has developed a patented enzyme based technology for carbon dioxide (CO2) capture for carbon-intensive industries such as the U.S. coal fired power sector and the Canadian oil sands. The Company believes that its technology, when fully commercialized, will allow large producers of CO2 to capture their emissions in a cost effective manner and meet their requirements under developing carbon reduction legislation.
Commenting on the agreement, Glenn Kelly, President & CEO stated “We applaud both governments for their commitment to formal talks to jointly advance carbon capture technologies as a solution to address greenhouse gas emissions, while simultaneously enhancing the energy security position of both countries. As a technology provider, we look forward to supporting this dialogue in any way possible.”
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 bio-catalyst (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. Additional information is available at www.co2solution.com
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SOURCE CO2 SOLUTION INC.
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