CO2 Lock Corp. ("CO2 Lock") and Ionada Carbon Solutions LLC are pleased to announce the signing of a Memorandum of Understanding to pursue a variety of commercial arrangements relating to the capture and storage of carbon dioxide and the related sale of carbon credits into the commercial market. This MOU is designed to leverage the full value chain of the carbon dioxide removal sector, namely the capture, sequestration, and the sale of the carbon credit and related economics. The collaboration will integrate Ionada's proprietary carbon capture technology with CO2 Lock's permanent mineralization storage solutions, creating end-to-end carbon capture storage systems that are cost-effective and scalable.
"This MOU is very strategic and goes a long way towards securing the carbon dioxide that we need in order to get to our target of 1 million tons of CO2 stored per year from our first carbon storage project located near Prince George, British Columbia," said Scott Larson, CEO of CO2 Lock. "Ionada's patented, containerized, and modular carbon capture technology can remove up to 99% of the CO2 in certain industrial processes and is perfect for what we are looking to do."
"This MOU provides a significant piece of the value chain," said Edoardo Panziera, Ionada's CEO. "As we combine our proven technology, both from direct access capture as well as point source, with what CO2 Lock is building out, we have the ability to continue pushing climate technology and carbon dioxide removal throughout the BC ecosystem."
The joint efforts of CO2 Lock and Ionada, will position both companies as respective leaders in the carbon removal sector and both companies look forward to advancing their collaborative efforts to build out an innovative end-to-end capture and storage solution.