The repayable loan will be used to optimize the company's carbon capture process and bring new enzyme production up to an industrial scale
QUEBEC CITY, Que.—Carbon capture technology company CO2 Solutions Inc. has received $400,000 from Canada Economic Development for Quebec Regions (CED).
The repayable loan will be used to optimize the company’s carbon capture process and bring new enzyme production up to an industrial scale.
CO2 Solutions will be required to pay back the contribution over a period of 60 monthly payments with the first payment due 36 months from the project completion date. The company expects to complete the work by June 30, 2015.
The Honourable Denis Lebel, Minister of Infrastructure, Communities and Intergovernmental Affairs and Minister of the Economic Development Agency of Canada for the Regions of Quebec, stated, “By investing in the development by CO2 Solutions of an innovative process, our government is showing once again that it is determined to take the measures needed to increase the growth potential of our economy.”
“This low cost solution to reducing carbon emissions…is a very compelling offering for a number of commercial applications in which potential customers are both emitters and consumers of CO2, such as enhanced oil recovery, greenhouse operations, beverage carbonation, and others,” said Evan Price, president and CEO of CO2 Solutions.
CO2 Solutions develops enzyme-enabled carbon capture technology that enables users to derive profitable new products from these C02 emissions.