(TSX: AAV)
CALGARY, AB, Oct. 12, 2021 /CNW/ - Entropy Inc. ("Entropy" or
the "Corporation", a subsidiary of Advantage Energy Ltd. or
"Advantage") is pleased to announce new Memoranda of Understanding
("MOUs") with four additional emitting corporations to develop
Carbon Capture and Storage ("CCS") projects, and with an industrial
equipment manufacturer to develop integrated CCS solutions for new
equipment. These MOUs represent further progress in the
commercial deployment of Entropy's patent-pending technology,
demonstrate versatility across a broad range of applications and
jurisdictions, and provide visibility to a growing pipeline of
opportunities.
Highlights of the Additional MOUs:
- A well-capitalized public midstream and royalty company and
Entropy have agreed to jointly evaluate the development of CCS
projects in multiple jurisdictions.
- A growth-oriented private energy company has engaged Entropy to
evaluate the development of a CCS project on an oil treatment and
storage facility in Alberta.
- Compass Energy Systems Ltd. and Entropy have agreed to jointly
develop innovative CCS solutions for compressors and industrial
process equipment that are integrated into the fabrication process,
to significantly reduce the total cost and energy required to
capture carbon from flue-gas. The first prototype for a
compressor with integrated CCS is currently undergoing engineering
design and development, funded by Entropy, with a possible
in-service date within 18 months.
- Nauticol Energy Limited ("Nauticol") and Entropy have agreed to
jointly evaluate the development of CCS for auxiliary boilers at
the proposed Blue Methanol plant near Grande Prairie, Alberta. With support
from Entropy, Nauticol intends to increase its total carbon capture
to over 90% for the facility, setting a global standard for
environmentally responsible methanol production. Since the
project is a greenfield development, Entropy plans to develop a
factory-integrated CCS design for boilers.
- A publicly traded, liquids-focused Canadian energy company has
engaged Entropy to evaluate the application of CCS to abate
emissions from a proposed gas-to-power project, also suitable for a
factory-integrated CCS design.
Entropy's pipeline of projects under MOU is now over 1.5 million
tons per annum. The five new MOUs are in addition to the
previously announced project at the Advantage Glacier Gas Plant
(183,000 TPA in two phases), and four earlier MOUs (please refer to
Entropy press release dated June 2,
2021). Scoping design, engineering, and subsurface
evaluations are underway for each of the identified projects.
Entropy continues to engage with numerous other third-party
emitters in a variety of industrial applications such as boilers,
compressors, cement production and power generation, with a
significant pipeline of additional potential projects in
development in multiple jurisdictions.
Update on Entropy's Glacier Project and Ongoing Research and
Development
Phase I of Entropy's modular CCS project at Glacier,
Alberta, remains on-time and
on-budget, with operations expected to begin in early second
quarter 2022. All major equipment has been purchased with
modules currently being fabricated in Alberta facilities. Entropy expects to
break ground at the Glacier plant in November 2021. Up to 200
people will be employed by the construction project.
At the University of Regina's Clean
Energy Technologies Research Institute ("CETRI"), the second
protocol of Entropy's research and development is underway.
During this phase, Entropy's patent-pending process design will be
run over 6 months using our patent-pending Entropy23TM
solvent, to demonstrate the combined energy efficiency gains and
the degradation-resistant properties of Entropy23TM when
applied to flue-gas. Prior to finalizing the optimized blend
of Entropy23TM, CETRI researchers have already achieved
industry-leading heat duty of approximately 2 GJ/tonne of carbon
dioxide in two separate pilot plants, compared to traditional MEA
processes at over 4 GJ/tonne.
Entropy is committed to commercial deployment of
state-of-the-art technologies in CCS and in other clean energy
opportunities, building on the combined strengths of Advantage,
Allardyce Bower Consulting and our advisors from CETRI. For
more details, Entropy has posted an updated version of the
corporate presentation at www.entropyinc.com/investors/.
About Entropy Inc:
Entropy is a privately-owned company, founded by Advantage to apply
sophisticated science and engineering to commercialize CCS.
Entropy's technology is expected to deliver commercial
profitability at a carbon price below CAN$50/tonne, using
proprietary modular carbon capture and storage technology. Entropy
intends to deploy this technology in the global effort to reduce
and eventually eliminate carbon emissions.
About Advantage Energy Ltd:
Advantage is a low-carbon energy producer focused on developing its
high-quality Montney resources.
Advantage's owned infrastructure, top-tier cost structure and
capital efficiency provide a strong foundation for sustainable,
disciplined production growth. With modern, low emissions-intensity
assets and the Glacier carbon capture and sequestration asset,
Advantage continues to proudly deliver clean, reliable and
sustainable energy, contributing to a reduction in global emissions
by displacing high-carbon fuels. Advantage's common shares trade on
the Toronto Stock Exchange under the symbol AAV with its head
office in Calgary, Alberta,
Canada.
About Allardyce Bower Consulting Inc:
ABC is a Calgary-based
engineering, procurement and construction management company with
leading expertise in several aspects of gas processing and
modularization. ABC's principals Brent
Allardyce and Rick Bower
provide over 75 years of related experience in designing,
troubleshooting, and operating gas processing facilities with
innovative professional services and unique capability.
About Clean Energy Technologies Research Institute (CETRI):
CETRI centralizes all low-carbon and carbon-free clean energy
research activities at the University of
Regina. Areas of research focus include decarbonization and
zero-emission hydrogen technologies, carbon capture and
utilization, and waste-to-renewable fuels and chemicals. Bringing
together one of the most dynamic teams of researchers, industry
leaders, innovators, and educators in the energy field, CETRI's
mission aligns with the Environment & Climate Action areas of
focus in the University of Regina's
Strategic Plan.
Advisory
The information in this press release contains certain
forward-looking statements, including within the meaning of
applicable securities laws. These statements relate to future
events or our future intentions or performance. All statements
other than statements of historical fact may be forward-looking
statements. Forward-looking statements are often, but not always,
identified by the use of words such as "anticipate", "continue",
"demonstrate", "expect", "may", "can", "will", "believe", "would"
and similar expressions and include statements relating to, among
other things, the benefits to be derived from the MOUs and the
expectation that they will result in completed CCS projects;
expectation that the potential CCS projects as described will
capture carbon dioxide TPA as disclosed; expectation that there is
a significant pipeline of additional potential projects in
development; expected benefits of Entropy's technology; Entropy's
strategies and plans for its technology and Entropy's focus; and
Advantage's strategy and focus. Advantage's and Entropy's actual
decisions, activities, results, performance or achievement could
differ materially from those expressed in, or implied by, such
forward-looking statements and accordingly, no assurances can be
given that any of the events anticipated by the forward-looking
statements will transpire or occur or, if any of them do, what
benefits that Advantage or Entropy will derive from them.
These statements involve substantial known and unknown risks
and uncertainties, certain of which are beyond Advantage's and
Entropy's control, including, but not limited to: changes in
general economic, market and business conditions; industry
conditions; actions by governmental or regulatory authorities
including increasing taxes and changes in investment or other
regulations; changes in tax laws and incentive programs; changes in
carbon tax and credit regimes; competition from other producers;
the lack of availability of qualified personnel or management;
intellectual property and patent risks; credit risk; changes in
laws and regulations including the adoption of new environmental
laws and regulations and changes in how they are interpreted and
enforced; ability to comply with current and future environmental
or other laws; stock market volatility and market valuations;
failure to achieve the anticipated benefits and results of
Entropy's technology; failure to achieve the anticipated benefits
of Entropy's relationships with third parties; ability to obtain
required approvals of regulatory authorities; and ability to access
sufficient capital from internal and external sources.
With respect to forward-looking statements contained in this
press release, Advantage and Entropy have made assumptions
regarding, but not limited to: conditions in general economic and
financial markets; effects of regulation by governmental agencies;
current and future commodity prices and royalty regimes; future
exchange rates; royalty rates; future operating costs; availability
of skilled labor; timing and amount of net capital expenditures;
the impact of increasing competition; that Advantage and Entropy
will have sufficient cash flow, debt or equity sources or other
financial resources required to fund its capital and operating
expenditures and requirements as needed; that Entropy's conduct and
results of operations will be consistent with expectations; that
Entropy will have the ability to develop its technology in the
manner currently contemplated; current or, where applicable,
proposed assumed industry conditions, laws and regulations will
continue in effect or as anticipated; and the anticipated benefits
and results from Entropy's technology are accurate in all material
respects. Readers are cautioned that the foregoing lists of factors
are not exhaustive.
Management has included the above summary of assumptions and
risks related to forward-looking information above in order to
provide shareholders with a more complete perspective on Entropy's
future operations and such information may not be appropriate for
other purposes. Entropy's actual results, performance or
achievement could differ materially from those expressed in, or
implied by, these forward-looking statements and, accordingly, no
assurance can be given that any of the events anticipated by the
forward-looking statements will transpire or occur, or if any of
them do so, what benefits that Advantage and Entropy will derive
there from. Readers are cautioned that the foregoing lists of
factors are not exhaustive. These forward-looking statements are
made as of the date of this news release and neither Advantage or
Entropy disclaims any intent or obligation to update publicly any
forward-looking statements, whether as a result of new information,
future events or results or otherwise, other than as required by
applicable securities laws.
SOURCE Advantage Energy Ltd.