Vancouver, British Columbia--(Newsfile Corp. - September 25, 2024) - CO2 Lock Corp. and Cielo Carbon Solutions along with American-based technology partner CarbonQuest, are pleased to announce the signing of a Letter of Intent that outlines the framework for capturing and sequestering 100,000 tonnes of CO2 per year, scaling up to a target of 1 million tonnes per year.
This agreement paves the way for securing CO2 captured from the industrial source with integrated sequestration and permanent storage solutions which together form a critical component of Canada's decarbonization pathway. The need to decarbonize as well as permanently sequester associated emissions is more critical than ever and this collaboration between Cielo Carbon Solutions, CarbonQuest, and CO2 Lock will facilitate these efforts, ensuring a sustainable and environmentally responsible approach to energy use.
"This strategic relationship that combines a technology and deployment solution from CarbonQuest and Cielo that can capture up to 95% of CO2 from emitters and the permanent carbon storage that CO2 Lock offers is a significant step forward," said Scott Larson, CEO of CO2 Lock. "Cielo's cost-effective, end-to-end turnkey solution that utilizes cutting-edge technology to offset carbon emissions without disrupting site operations is a perfect fit for what we offer."
"This LOI completes the value chain and ties in directly with our business model," commented Johnathon Sipos, Cielo's CEO. "As we combine our point source carbon capture technology that is scalable and purpose built for industrial and commercial sectors with storage from CO2 we have an offering that is incredibly compelling."
About CO2 Lock Corp.
CO2 Lock Corp. is an emerging leader in the carbon mineralization storage and sequestration sector and is targeting commercialization for the permanent and safe storage of CO2 underground and in geological formations. The Company has developed a set of patent pending processes, trade secrets and capabilities that allow it to store carbon underground, permanently and at scale and as such has identified up to 300 sites around the world where it can build out storage sites. As CO2 Lock expands globally, it has the potential to be able to permanently sequester many mega-tonnes of CO2 per year. With this focus on sustainability and innovation, the Company is committed to advancing large-scale carbon mineralization underground (in-situ CO2 mineralization).
About SAM
Located approximately 50 kilometers southwest of Prince George, BC, the 5080 hectare SAM project was staked in 2022, and hosts a large, serpentinized ultramafic body containing significant concentrations of brucite and other minerals capable of carbon mineralization. CO2 Lock has completed successful injection of CO2 at depth to confirm the effectiveness of its groundbreaking technology as well as completed geological analysis that confirms the deposit has an exceptionally promising mineralogy for CO2 mineralization and permanent storage.
For more information or media inquiries, please view the Company's website at www.co2lockcorp.com, or contact us at info@co2lockcorp.com.
About Cielo Carbon Solutions
Cielo Carbon Solutions is a leader in the field of Point Source Carbon Capture deployment across Canada. Our mission is to provide innovative, comprehensive carbon management solutions that significantly reduce CO2 emissions. By leveraging cutting-edge technology, Cielo offers scalable and effective solutions tailored to meet the needs of diverse industries, all while maintaining seamless integration into existing energy infrastructures.
Cielo Carbon Solutions, in partnership with CarbonQuest, is elevating standard carbon capture and sequestration solutions, combining trusted technologies with an innovative, expert approach to point source carbon capture for fuel cells, combined heat and power systems and boilers across multiple applications.
Forward-Looking Statements
Certain of the statements made and information contained herein are considered "forward-looking information" within the meaning of applicable Canadian securities laws. These statements address future events and conditions and so involve inherent risks and uncertainties, as disclosed in the Company's periodic filings with Canadian securities regulators. Actual results could differ from those currently projected. The Company does not assume the obligation to update any forward-looking statement.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/224541
SOURCE: CO2 Lock Corp.
