CARBONCO Signed a License Agreement with Genesis Fertilizers, marking a significant milestone in advancing Genesis Fertilizers' carbon capture project

Tue, 03 Dec 2024 22:00:00 +0800

• CARBONCO and Genesis Fertilizers Limited Partnership ("Genesis Fertilizers") achieves a final agreement for the integration of CARBONCO's cutting-edge carbon capture technology
• CARBONCO's technology will provide post-combustion carbon capture and compression/dehydration solution for Genesis Fertilizers' CCS Project

SEOUL, South Korea, Dec. 3, 2024 /PRNewswire/ -- CARBONCO Pte. Ltd., a leading provider of decarbonization technology solutions, has officially entered into a License Agreement as the carbon capture technology licensor with Genesis Fertilizers, making a significant step toward the development of Canada's proposed first low-carbon urea nitrogen fertilizer facility. This state-of-the-art proposed project will ensure a reliable and stable supply of clean fertilizer for Genesis Fertilizers' farming partners and the broader North America agriculture industry.

The proposed facility will capture approximately 800,000 tons of CO₂ annually, eliminating 95% of the carbon emissions generated by the plant. Captured CO₂ will be delivered via pipeline in a compressed and dehydrated form to a storage hub located 10 miles from the facility for permanent sequestration. Genesis Fertilizers' production complex is set to be constructed in Belle Plaine, Saskatchewan, Canada, and is targeted to commence its commercial operations by 2029.

The License Agreement signing ceremony was held in Schofield Hall at the Embassy of Canada to Korea on November 20, 2024, at 14:00 (UTC+9). The ceremony marked the commitment of both parties to collaborate on developing the world's lowest carbon foot-print nitrogen facility, utilizing cutting-edge amine-based carbon capture technology. Distinguished attendees included Mr. Jason Mann, President and CEO of Genesis Fertilizers, Dr. Sangmin Lee, CEO of CARBONCO, and their respective teams. Notably, the ceremony was hosted by the Embassy of Canada to Korea with Ms. Tamara Mawhinney, Ambassador of Canada to Korea gracing the occasion with her presence and delivering a congratulatory speech to commemorate the license agreement.

Dr. Sangmin Lee, CEO of CARBONCO, said "CARBONCO has been collaborating with top global players on carbon capture projects. As always, CARBONCO's team will give its full commitment to realizing Genesis Fertilizers' ultimate goal. CARBONCO is confident that our efforts will bolster Genesis Fertilizers' proposed facility in achieving smooth commercialization. CARBONCO will do its best to strengthen this valuable partnership."

Mr. Jason Mann, CEO of Genesis Fertilizers, said "By capturing 95 percent of the CO₂ emissions, we plan to establish one of the world's cleanest ammonia plants powered by the Haber-Bosch process. Our unique model allows farmer-investors to pay market price for the fertilizer and benefit from year-end partnership distributions. Additionally, low carbon fertilizer could further yield premium prices for crops like wheat and corn, aligning with food companies' ESG goals. This fosters a sustainable and profitable agricultural supply chain."

About CARBONCO

CARBONCO Pte. Ltd. is a total technology provider for post combustion carbon capture and compression & dehydration. 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 carbon dioxide up to 3,000TPD per single train across various industries.

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 centers. Genesis Fertilizers is a privately held limited partnership and its securities do not trade on any exchange.

Contacts
CARBONCO Pte. Ltd
Sangho Lee
+82-2-369-5812
sh@carbonco.com

Genesis Fertilizers
Breanne Baker
(587) 433-8177
bbaker@genesisfertilizers.com