Reconciliation Energy Transition Inc. ("RETI") and Sumitomo Corporation of Americas, a subsidiary of Sumitomo Corporation, (together "Sumitomo") (collectively the "Parties") are pleased to announce they have entered into an agreement whereby RETI has granted to Sumitomo the exclusive right to acquire a significant equity interest in the East Calgary Carbon Transportation & Sequestration Project (the "CTS Hub").
The CTS Hub is a proposed CO2 transportation and sequestration development project that is expected to involve constructing compression capacity, a CO2 pipeline network, and injection and monitoring wells to support permanent sequestration of CO2 in deep saline aquifers at a location east of Calgary, with an estimated first phase targeted CO2 storage volume of 3.0 million tonnes per annum.
"We are pleased to welcome Sumitomo to our East Calgary CTS Hub. They are one of the world's leading trading and business investment companies and we are excited to work with their dedicated CCUS team. This partnership, with our commitment to Indigenous ownership, is a pivotal step to bring the CTS project to fruition." said Stephen Mason, Chairman & CEO of RETI.
"We are delighted to partner with RETI and its commitment to meaningful Indigenous ownership on the development of the CTS Hub. The mitigation of climate change is one of our key areas of focus and we recognize that CCUS is a key technology in that battle," said Shinichi "Sandro" Hasegawa, General Manager of Energy Innovation Initiative Americas at Sumitomo Corporation of Americas.
