(TSX: AAV)
CALGARY, AB, June 2, 2021 /CNW/ - Entropy Inc. ("Entropy"
or the "Corporation", a subsidiary of Advantage Energy Ltd.) is
pleased to announce Memoranda of Understanding ("MOUs") with four
separate emitting corporations to develop Carbon Capture and
Storage ("CCS") projects totaling approximately 1 million tonnes
per annum ("TPA"). These MOUs represent an important step in
commercial deployment of Entropy technology, demonstrate
versatility across a broad range of applications and jurisdictions,
and provide visibility to a significant pipeline of growth
opportunities.
Additionally, Entropy is pleased to announce that Brent Allardyce and Jill
Angevine will join the Entropy board as directors, and
Rick Bower has been appointed to the
Entropy executive team as Chief Technology Officer.
Highlights of the Third-Party Industrial Emitter MOUs
- Athabasca Oil Corp. and Entropy have agreed to jointly evaluate
the development of the first net-zero oil sands production by
deploying Entropy CCS technology at Leismer, Alberta. The Leismer facility is expected to
capture up to 520,000 TPA.
- Black Swan Energy Ltd. and Entropy have agreed to jointly
evaluate the development of modular CCS at the Aiken Creek
Processing Facility in British
Columbia. The initial application will be modular, intended
to capture approximately 9,000 TPA, with the end target of
capturing up to 150,000 TPA.
- A Northeast British Columbia
focused midstream company and Entropy have agreed to jointly
evaluate the development of CCS projects at two separate gas
processing plants in British
Columbia. The projects have the potential to capture
approximately 185,000 TPA.
- A well-capitalized public midstream company has engaged Entropy
to jointly evaluate the development of two separate CCS projects on
gas processing facilities in Alberta totaling approximately 102,000
TPA.
Scoping design, engineering, and subsurface evaluations are
underway for each of the projects under MOU, with varying degrees
of advancement. These four MOUs are in addition to the previously
announced project at the Advantage Glacier Gas Plant (182,000 TPA
in two phases), where all major equipment for phase 1 has been
purchased and preparations for construction are underway.
Entropy continues to engage with numerous other third-party
emitters in a variety of industrial sectors and commercial
applications such as boilers, compressors and power generation,
with a significant pipeline of additional potential projects in
development.
Entropy Board of Directors and Executive Additions
- Jill Angevine has joined
Entropy's board effective immediately. Ms. Angevine is an
accomplished financial professional and currently serves on the
board of Advantage.
- Brent Allardyce (P. Eng.) has
joined Entropy's board effective immediately. Mr. Allardyce is a
principal and founder of Allardyce Bower Consulting Inc. ("ABC")
and has played a critical role in the development of Entropy
modular CCS technology, with direct involvement in the project
since its inception.
- Rick Bower (P. Eng.) has been
appointed as Chief Technology Officer of Entropy. Mr. Bower is a
principal and founder of ABC and has been a key driver of
innovation and technology behind Entropy's modular CCS technology,
including the integration of state-of-the-art research derived from
Clean Energy Technologies Research Institute ("CETRI")
research.
While Messrs. Allardyce and Bower will continue in their current
roles at ABC, the two companies have agreed to an exclusive
relationship in CCS whereby Entropy owns all CCS technology,
patents and intellectual property, develops and finances commercial
projects, licenses technology and provides regulatory services. ABC
will provide all engineering, procurement and construction
management for Entropy CCS projects in addition to supporting the
development of CCS projects, while striving to continuously advance
the science of carbon capture.
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, ABC
and our advisors from CETRI.
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 Oil & Gas Ltd.