CO2 Solutions and COAL21 Jointly Announce the Results of an Important Study on the Application of Enzymatic Technology to Coal-Fired Power Plants

QUEBEC CITY, July 2, 2019 /PRNewswire/ -- CO(2) Solutions Inc. (the "Corporation") a carbontech leader in the field of enzyme-enabled carbon capture and COAL21 Ltd. (COAL21), the foundation of a significant investment by the Australian black coal industry in the demonstration of low emission coal technologies, such as carbon capture and storage (CCS), are pleased to announce the results of a study examining the performance of the Corporation's enzymatic technology when applied to coal-fired power plants for post-combustion carbon capture. The study was conducted over the past 18 months by PROCOM Consultants (Brisbane, Australia) and funded by the COAL21 Fund.

The methodology applied by PROCOM in this in-depth study included the development of rate-based models for absorber/stripper, the validation of the enzymatic technology's heat/mass balance and the key performance parameters and model integration of the enzymatic technology in coal-fired power plants. The simulation software used was Aspen Plus. Two reference cases were modelled: i) US DoE SC reference case (B12B) and ii) supercritical (SC) power plant from Queensland, Australia. In both cases, the performance of the Corporation's enzymatic technology was compared to a known advanced amine technology (Cansolv). The Corporation provided two unoptimized process books of its enzymatic technology at different scales based on its ProTreat® models to the PROCOM study.

Following are the main study conclusions reached by PROCOM Consultants:

-- The enzymatic technology appears well suited to coal-based industrial
plants (e.g. iron and steel, cement) in particular for its tolerance to
the oxides in flue gas and appears to have significant environmental and
operational advantages over alternative post-combustion capture
technologies, such as advanced amine technology.
-- By using low-grade, residual thermal energy in the form of hot water,
the modelled unoptimized enzymatic solvent performance yields marginally
more electricity in the context of an existing coal-fired power plant in
Australia compared to the advanced amine process.
-- The enzymatic technology's tolerance to SOx and NOx contaminants in the
flue gas of low-sulphur coal-fired plants provides it with an estimated
30% capex advantage relative to the advanced amine technology since
there is no requirement to polish this flue gas down to single digit
parts per million (ppm) using Flue Gas Desulfurization (FGD) and
Selective Catalytic Reduction (SCR).
-- Modelling has confirmed that supercritical (SC) coal-fired power plants
in Australia have sufficient residual low-grade heat to give the
enzymatic technology a slight power efficiency advantage over the
advanced amine technology. Moreover, the likely further optimization of
the enzymatic technology would extend this advantage.
-- In addition to being able to use residual, low-grade heat in the form of
hot water as its thermal energy, the enzymatic technology could also tap
into renewable energy sources such as geothermal and solar thermal
sources for its energy requirements, options which are more challenging
to the advanced amine technology which requires steam. Tapping into
these sources of external renewable heat would potentially significantly
reduce the thermal parasitic load of carbon capture.
-- The PROCOM study confirmed the enzymatic process minimizes the
environmental footprint through the use of an ionic (non-volatile) and
environmentally benign solvent.
-- The enzymatic technology converts a portion of the oxide contaminants in
the flue gas (SOx and NOx) into high-value sulphates, sulphites,
nitrates and nitrites, which accumulate over time in the solvent. As a
result, the periodic bleed of this nontoxic solvent creates an
opportunity to recover valuable materials, such as potassium nitrate
fertilizer, which reduces the overall operating cost of the enzymatic
technology. This approach is not available to the advanced amine
-- Through expected optimization, the enzymatic technology could be more
favourable than amine-based processes regarding capex and overall energy
requirements, and very favourable to amine-based processes regarding
aspects related to management of oxide flue gas contaminants.
-- The enzymatic technology appears well suited to coal-based industrial
plants (e.g. iron and steel, cement) in particular for its tolerance to
the oxides in flue gas and appears to have significant environmental and
operational advantages over alternative post-combustion capture
technologies, such as advanced amine technology.
"We take this opportunity to recognize COAL21 and PROCOM Consultants for their thoroughness, attention to detail, hard work and diligence in carrying out this extensive study," stated Richard Surprenant, CO(2) Solutions' Chief Technology Officer. "The detailed report prepared by Procom Consultants highlights the low-cost and environmentally friendly qualities of our process. It further confirms the major paradigm shift that the enzymatic technology represents for the carbon capture industry. We strongly believe that the future of carbon capture rests on modern, innovative, low environmental footprint, and low-cost technologies. It's time to face today's carbon challenge with 21(st)-century technology."

"We thank CO(2) Solutions for their complete cooperation during the preparation of this study on the enzymatic technology" stated Mark McCallum, CEO of COAL21. "The enzymatic technology developed by CO(2) Solutions is an exciting process that holds the promise of lower-cost and environmentally friendly carbon capture. It has demonstrated that it is possible to reduce parasitic energy loads and the overall environmental footprint. It is through the broad application of technologies such as these that we can mitigate carbon emissions from any source, including coal."

About CO(2) Solutions Inc.
CO(2) Solutions is a carbontech leader in the field of enzyme-enabled carbon capture and has been actively working to develop and commercialize the technology for stationary sources of carbon pollution. CO(2) Solutions' technology lowers the cost barrier to Carbon Capture, Utilization and Sequestration (CCUS), positioning it as a viable CO(2) mitigation tool, as well as enabling industry to derive profitable new products from these emissions. CO(2) 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 []. Certain statements in this news release may be forward-looking. These statements relate to future events or CO(2) Solutions' 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. CO(2) 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.

About COAL21
COAL21 Ltd. (COAL21) operates the COAL21 Fund to support the pre-commercial demonstration of low emission coal technologies (such as carbon capture and geological storage).

About PROCOM Consultants
PROCOM Consultants Pty Ltd. (PROCOM) provides a range of engineering, commissioning and operation services to conventional oil and gas and non-conventional energy industries including rigorous process modelling.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. []

Investor Relations and Media Contact: CO2 Solutions, Jeremie Lavoie, +1-418-842-3456, ext. 223, []

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