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Inventys Signs R&D Agreement With Suncor Energy to Develop the VeloxoTherm™ CO₂ Capture Technology

VANCOUVER, British Columbia (PRWEB)—November 15, 2011—Inventys Thermal Technologies Inc. (“Inventys”) announced today that it has signed a Research and Development Agreement (“Agreement”) with Suncor Energy to develop theVeloxoTherm™ CO2 Capture Technology for deployment in carbon capture and storage projects and CO₂ enhanced oil recovery projects ventures.

“This new agreement with Suncor represents a significant milestone for us, as we advance our commercialization strategy,” said Andre Boulet, President and CEO of Inventys. “Suncor has provided us with valuable support in the current commercialization work plan funded in part by the Government of Canada Industrial Research Assistance Program.”

“We look forward to working with Suncor on the development of our VeloxoTherm™ CO₂ capture technology and working towards the deployment of strategically located commercial scale facilities,” said Boulet.

CO₂ is a greenhouse gas that is produced by the combustion of fossil fuels. In recent years, climate change has been increasingly attributed to rising CO₂ concentrations in the atmosphere. CO2 capture and storage (CCS) is considered a leading mitigation strategy for the reduction of greenhouse gas emissions. Governments around the world are planning for the mandatory reduction of CO₂ emissions as part of their environmental strategies.

As part of the capture and storage process,  CO₂ can also be used for Enhanced Oil Recovery (EOR). EOR is a 40-year-old commercially proven process where CO₂ is injected into mature oil fields to push the stranded oil to the surface. The United States alone has a potential of 50 billion barrels ($3.5 trillion dollars) of incremental oil production using CO₂ EOR.

About Inventys

Inventys is commercializing the lowest cost and most energy efficient technology for capturing post-combustion CO2 from industrial flue gas streams. The proprietary VeloxoTherm™ process is less than one-third the cost of existing capture technologies and uniquely enables CO₂  capture at a price point that unlocks an enormous and lucrative opportunity – CO₂ Enhanced Oil Recovery (EOR). Inventys’ goal is to rapidly create enterprise value by securing a significant share of the CO₂  EOR value chain and become a global technology supplier for the reduction of greenhouse gas emissions. Inventys is currently working on several pilot plant demonstration projects and partnering with some of the world’s largest energy and manufacturing companies to rapidly deploy the technology. For more information about Inventys, please visit the website at www.inventysinc.com.

Caution concerning forward-looking statements: Certain statements contained in this news release may constitute “forward-looking statements”. When used in this news release, the words “may”, “would”, “could”, “will”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “expect”, “investigate”, ”looking at” and similar expressions, as they relate to Inventys or its management, are intended to identify forward-looking statements or information. Such statements or information reflect Inventys’ current views with respect to future events and are subject to certain risks, uncertainties and assumptions. Many factors could cause Inventys’ actual results, performance or achievements to be materially different from any future results, performance or achievements that may be expressed or implied by such forward-looking statements or information. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements or information prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. Inventys does not intend, and does not assume any obligation, to update such forward-looking statements or information.

For further information, contact:

Inventys Thermal Technologies Inc.
Andre Boulet: Chief Executive Officer
Tel: 604.456.0504
Email: [email protected]

© 2011 Inventys Thermal Technologies Inc. All Rights Reserved

Government of Canada Announces Investment to Promote Clean Technology Projects and Help Support Job Creation

Calgary, Alberta, July 7, 2010 – Eighteen clean technology projects from across Canada that will help green Canada’s economy today received $40 million in funding to help move innovative technology solutions to the market. The announcement, confirming the decision of the Board of Directors of Sustainable Development Technology Canada (SDTC), was made today by the Honourable Jim Prentice, Minister of the Environment, and Dr. Vicky Sharpe, SDTC’s President and CEO.

“Our government continues to invest in projects that reflect our balanced approach to reducing emissions,” said the Honourable Jim Prentice, Minister of the Environment.  “These projects will create high-quality jobs for Canadians now, and provide us with a healthier environment and sustainable prosperity in the future.”

“SDTC and the Government of Canada are providing industry the tools they need to become more productive, competitive and efficient,” said SDTC Chairman Juergen Puetter. “When these companies bring their technologies to businesses and consumers, they create jobs, provide Canada a technological edge and contribute to improving the quality of Canada’s air, water and soil”.

These innovative clean technologies involve many of Canada’s main economic sectors. Some highlights of this round include:

  • Technologies that will help the oil and gas sector to reduce its environmental impacts by reducing its energy and clean water use as well as the risk of  pipeline failures
  • Technologies that could be used by the automotive, industrial freight and aviation sectors to become more environmentally friendly while remaining economically sustainable
  • Technologies that will increase the efficiency and safety of wastewater treatment

These new investments bring SDTC’s total portfolio value to over $1.6B. SDTC’s SD Tech Fund™ has completed sixteen funding rounds, committing $478 million to 195 clean technology projects. These figures include adjustments made to the portfolio.

SDTC’s investments to date are creating Canadian green jobs, have attracted additional private sector investment of over $2.5 billion and are expected to deliver an overall reduction of greenhouse gas emissions of between 7 and 17 Megatonnes – the equivalent of taking up to 1.9 million homes off the grid.

“The convergence of clean technologies promises to revolutionize our existing industries, marrying environmental stewardship with economic prosperity,” said Vicky Sharpe, SDTC President and CEO. “These clean technologies allow our key industries, such as agriculture, transportation and oil and gas, to reduce waste, conserve power, minimize pollution and create new, value-added products all at once.”

The newly funded projects are representative of the investment priorities established in the SD Business Cases™, a series of six reports published by SDTC and which provide strategic insights into specific economic sectors (available in the Knowledge Centre section of the SDTC website at www.sdtc.ca). The latest report on industrial freight transportation was released on December 2, 2009. Other sectors previously studied include clean conventional fuels, renewable electricity and commercial buildings.

About SDTC

SDTC is an arm’s-length foundation created by the Government of Canada which has received $1.05 billion as part of the Government’s commitment to create a healthy environment and a high quality of life for all Canadians.

SDTC operates two funds aimed at the development and demonstration of innovative technological solutions.  The $550 million SD Tech Fund supports projects that address climate change, air quality, clean water, and clean soil.  The $500 million NextGen Biofuels Fund supports the establishment of first-of-kind large demonstration-scale facilities for the production of next-generation renewable fuels.

SDTC operates as a not-for-profit corporation and has been working with the public and private sector including industry, academia, non-governmental organizations (NGOs), the financial community and all levels of government to achieve this mandate.

Detailed information on the 18 projects, including their descriptions, can be found here.

 

For more information, please contact:

Media Relations:

Patrice Breton

Director, Communications

SDTC

Tel: 613-234-6313 ext 295

[email protected]

Richard Walker

Office of the Minister

Natural Resources Canada

Ottawa

613-996-2007