- CARBONCO and Genesis Fertilizer Limited Partnership (“Genesis Fertilizer”) agree to negotiate formal Licensing and Process Design Package (PDP) Services
- CARBONCO Technology would Provide Post-Combustion Carbon Capture and Compression/Dehydration Solution for Genesis Fertilizers Project
Edmonton, AB, September 10, 2024 — CARBONCO Pte. Ltd., a leading provider of decarbonization technology solutions and a subsidiary of DL E&C (KRX: 375500), has been selected as the technology provider for a Genesis Fertilizers Carbon Capture and Storage (CCS) Project, subject to entering into formal agreements after exclusive negotiations. This collaboration marks a significant step toward the potential production of sustainable, low-carbon ammonia and urea nitrogen fertilizer for Genesis Fertilizers’ farming partners and the broader fertilizer industry in North America.
CARBONCO and Genesis Fertilizers are working toward integrating CARBONCO’s cutting-edge amine-based solvent technology for post-combustion carbon capture. CARBONCO would be responsible for implementing a solution capable of capturing approximately 1 million tonnes of CO2 annually from proposed Genesis Fertilizer facility, which would then be transported directly to a CO2 sequestration hub.
If implemented, the CCS Project would be constructed at the proposed Genesis Fertilizers production complex, to be constructed in Belle Plaine, Saskatchewan, Canada, which is designed to be at the forefront of sustainable agriculture practices, significantly reducing the environmental impact of grain production. Both companies are confident that this first-of-its-kind CCS project would play a pivotal role in supplying exceptionally clean grain to the market.
The letter of award ceremony took place at the Edmonton Convention Centre, Alberta, Canada, during the Carbon Capture Canada (CCC) 2024 event on September 10, 2024, at 14:00 PM (GMT-6), and confirmed the commitment of the parties to work together to explore this opportunity. The event was attended by Dr. Sang Min Lee, CEO of CARBONCO, Jason Mann, President and CEO of Genesis Fertilizers, and their respective teams.
Jason Mann, CEO of Genesis Fertilizers, stated, “In line with our ultimate low carbon intensity fertilizer goal, Genesis Fertilizers has been working with CARBONCO and is pleased to welcome them as our technology provider to explore an exciting opportunity to implement their carbon capture solution. We believe that CARBONCO is the most suitable partner for our project, offering a robust solution that meets our technical and commercial needs.”
Dr. Sang Min Lee, CEO of CARBONCO, said, “We are honoured to collaborate with Genesis Fertilizers on this groundbreaking project. Our state-of-the-art technology is ready to be applied at any facility worldwide that requires post-combustion carbon capture. CARBONCO has partnered with global leaders on various carbon capture projects, and we are committed to delivering 100% satisfaction to Genesis Fertilizers. This project will not only be our first venture in Canada but also a significant step in supporting Canada’s and the province’s decarbonization master plans. We look forward to achieving major milestones together.”
The Front-End Engineering Design (FEED) phase for Genesis Fertilizers production complex is expected to begin within the next few months. The final investment decision for the overall project will be made based on the results of the FEED work and other critical steps for the development of the facility. Genesis Fertilizers aims to commence commercial operations of the complex by 2029.
About Genesis Fertilizers
Genesis Fertilizers is proposing to finance, design and construct a new, highly efficient nitrogen fertilizer production and distribution system that serves today’s modern farmer. This will be comprised of a central production facility constructed near low-cost raw materials serving a Western Canadian network of strategically located farmer-centric distribution centres. Genesis Fertilizers’ is a privately held limited partnership and its securities do not trade on any exchange.
About CARBONCO
CARBONCO Pte. Ltd. is a total technology provider for post combustion carbon capture and compression & dehydration. CARBONCO is a spin-off company from its mother company, DL E&C (DL Engineering & Construction). Since its inception in 2022, CARBONCO has been actively expanding its international business, and it successfully covers a wide range of services, from consulting service to technology licensing services and business development. CARBONCO has standardized its capability to capture the carbon dioxide up to 3,000TPD per single train across various industries.
Contacts
CARBONCO Pte. Ltd
Lee, Sang-ho
+82-2-369-5812
sh@carbonco.com
Genesis Fertilizers
Breanne Baker
587-433-8177
bbaker@genesisfertilizers.com
Advisory Regarding Forward-Looking Statements
This release contains certain information and statements (“forward-looking statements”) that constitute forward-looking information within the meaning of applicable Canadian securities laws. Forward-looking statements relate to future results or events, are based upon internal plans, intentions, current expectations and reasonable beliefs, and are subject to risks and uncertainties that may cause actual results or events to differ materially from those indicated or suggested therein. All statements other than statements of current or historical fact constitute forward-looking statements. Forward-looking statements are typically, but not always, identified by words such as “anticipate”, “assume”, “estimate”, “expect”, “intend”, “forecast”, “continue”, “contemplate”, “propose”, “may”, “can”, “will”, “if”, “to be”, “aim”, “should”, “could”, “would”, “believe”, “plan”, “target”, “objective”, “project”, “potential”, “outlook”, “subject to”, “working toward” and similar or other expressions indicating or suggesting future results or events.
Forward-looking statements are not promises of future outcomes. There is no assurance that the results or events indicated or suggested by the forward-looking statements, or the plans, intentions, expectations or beliefs contained therein or upon which they are based, are correct or will in fact occur or be realized (or if they do, what benefits Genesis Fertilizers may derive therefrom). In particular, but without limiting the foregoing, this news release contains forward-looking statements pertaining to: the construction of the Genesis Fertilizer’s fertilizer plant and its location; design options and use of latest technologies available for the fertilizer plant; the fertilizer plant’s products; minimizing emissions from the fertilizer plant and sustainability; use of carbon capture and the amount of CO2 potentially sequestered, reducing the environmental impact of grain production; and the entering into of definitive agreements by Genesis Fertilizers and CARBONCO. With respect to the forward-looking statements contained in this news release, Genesis Fertilizers has assessed material factors and made assumptions regarding, among other things: the availability of equity capital; the availability of debt financing at acceptable rates; commodity prices and currency exchange rates; the ability to successfully construct the fertilizer plant and the distribution facilities and the availability of materials and service providers therefor; operational matters with respect to the proposed plant and distribution facilities, all of which are currently in the planning stage; the timely receipt of required regulatory approvals; the access, economic, regulatory and physical limitations to which Genesis Fertilizers may be subject from time to time; and the impact of industry competition.
The forward-looking statements contained herein reflect management’s current views, but the assessments and assumptions upon which they are based may prove to be incorrect. Although Genesis Fertilizers believes that its underlying assessments and assumptions are reasonable based on currently available information, undue reliance should not be placed on forward-looking statements, which are inherently uncertain, depend upon the accuracy of such assessments and assumptions, and are subject to known and unknown risks, uncertainties and other factors, both general and specific, many of which are beyond Genesis Fertilizers’ control, that may cause actual results or events to differ materially from those indicated or suggested in the forward-looking statements. As Genesis Fertilizers is currently in the capital raising phase of the project, such risks and uncertainties are numerous and include, but are not limited to, access to the significant amounts of required capital and debt financing for construction and initial operation of the fertilizer plant and distribution facilities; general economic, business and industry conditions; the state of the economy and the agricultural crop input business; business prospects and opportunities; variance of Genesis Fertilizers’ actual capital costs versus projections and estimates, operating costs and economic returns from those anticipated; and risks related to the sourcing of feedstock and the manufacturing of nitrogen fertilizer.
