Business
Cenovus invests $2.5 million in Skyonic Corporation
CALGARY , June 25, 2013 /CNW/ - Cenovus Energy Inc. (TSX, NYSE: CVE) is investing $2.5 ...
About this update from Cenovus Energy Inc.
[{"type":"text","content":"\n\n\nCALGARY, June 25, 2013 /CNW/ - Cenovus Energy Inc. (TSX, NYSE: CVE) is\n investing $2.5 million in Skyonic Corporation, an Austin, Texas-based\n company developing technology to turn carbon dioxide (CO2) emissions into profitable products. The investment is through the\n Cenovus Environmental Opportunity Fund, which makes strategic\n investments in companies pursuing technological innovations for the\n energy industry.\n\n\n\"At Cenovus, we believe doing right by the environment is simply good\n business,\" said Harbir Chhina, Executive Vice-President of Oil Sands at\n Cenovus. \"Skyonic's technology is a good example of how creative\n thinking and technology can reduce the environmental impact of\n producing energy while creating valuable products.\"\n\n\nSkyonic has proven its technology in lab and field tests and is in the\n process of deploying it at a full-scale commercial facility. Skyonic\n transforms CO2 from industrial waste streams into solid carbonate and bicarbonate\n (essentially baking soda) which is used in the livestock and food\n industries. The cost of capture may be offset by selling these\n products. The process also produces chemicals such as hydrochloric\n acid, bleach, chlorine and hydrogen, which may also be sold, and\n removes air pollutants.\n\n\n\"We believe converting CO2 into valuable carbonates is the best strategy for carbon,\" said Joe\n Jones, President and Chief Executive Officer of Skyonic. \"We're\n essentially turning pollution into a valuable commodity. Recycling the\n flue gas into carbonates profitably is a win for emitters, a win for\n society, and a win for investors as well.\"\n\n\nCenovus's investment is part of Skyonic's latest funding round, which\n totaled $128 million. The funds raised will primarily be used to\n support construction costs for a carbon capture and utilization plant\n Skyonic is building in San Antonio, Texas. The facility, slated to be\n operational in 2014, is intended to prove the commercial viability of\n the technology.  More information is available at www.skyonic.com.\n\n\nThe Cenovus Environmental Opportunity Fund is a wholly-owned subsidiary\n of Cenovus that makes strategic investments in companies developing\n early-stage technology that could improve the environmental and\n economic performance of producing oil and gas...