(TSX: AAV)
CALGARY,
AB, Oct. 24, 2022 /CNW/ - Entropy Inc.
("Entropy" or the "Corporation"), a subsidiary of Advantage Energy
Ltd. ("Advantage"), is pleased to provide an operational and
commercial update as carbon capture and storage ("CCS") operations
continue at the Glacier Gas Plant ("Glacier") in Alberta, Canada.
Operational Update
Following the commissioning and initial operations at the
Glacier CCS project (see news releases dated July 5, 2022, and September 28, 2022), Entropy has completed a
14-day steady-state benchmarking trial using MEA (monoethanolamine,
the industry-standard solvent). Entropy's proprietary Modular
Carbon CaptureTM process achieved a heat duty of 3.3
GJ/tonne, significantly lower than expectations for MEA with no
additives or catalysts. Capture efficiency during the trial
was approximately 90% from 5.6% CO2 flue gas, with a
reboiler temperature of 126 degrees Celsius and a runtime of 100%.
This result was independently verified by researchers at the
University of Regina's Clean Energy
Technologies Research Institute ("CETRI").
Entropy has now purged MEA from the Glacier CCS plant and
introduced Entropy23TM, with the full suite of process
configuration testing planned for the coming weeks and long-term
results to be shared as major milestones are reached.
Alberta Carbon Sequestration
Hubs
As announced by the Government of Alberta on October 4,
2022, Entropy has been awarded the opportunity to secure and
evaluate certain carbon sequestration tenure rights for two highly
prospective areas within the province.
The first project is located west of Calgary (the "Bow River Hub"), where Entropy
and Inter Pipeline Ltd. ("IPL") plan to develop a carbon storage
hub using extensive deep saline aquifers ideal for CO2
sequestration in an area with several large emitters.
Entropy's internal estimates suggest that emissions within the
catchment area for the Bow River Hub exceed 5 Mtpa.
The second project is located north of the City of Grande Prairie (the "Grande Prairie
Net Zero Gateway"), where Entropy, NorthRiver Midstream Inc. and
Keyera Corp. plan to develop a carbon storage hub with a high
permeability regional aquifer suitable for large-scale carbon
storage. This hub is strategically located in proximity to major
pipeline infrastructure and numerous mid-sized emitters.
Once the regulatory framework is completed, these strategic
storage hubs will provide Entropy with the certainty required to
develop several additional carbon capture projects in Alberta. Entropy continues to develop
numerous projects in Alberta, some
of which will utilize the awarded hubs and others that will be
governed by existing industrial waste disposal regulations like the
Glacier CCS project.
2022 Hydrocarbon Processing Award
for Sustainability
Entropy is pleased to announce that our Modular Carbon Capture
and StorageTM ("MCCSTM") technology received
the 2022 Hydrocarbon Processing Award for Sustainability, from
Hydrocarbon Processing magazine. Hydrocarbon Processing is a
respected, global, industrial publication that has covered
technical advances, processes, and optimization developments
throughout the hydrocarbon processing industry for decades.
Over 100 nominations were submitted from more than eighteen
countries and fourteen honorees were selected by an independent
advisory board. This award reflects the hard work of numerous
Entropy contributors, including solvent research and development at
the University of Regina's CETRI,
innovative process engineering and execution by the Allardyce Bower
Consulting Inc. team and a wide range of technical and operational
contributions from Advantage and Entropy staff. Entropy is
honoured by the recognition from Hydrocarbon Processing and is
pleased to join this prestigious group of recipients.
About Entropy Inc.:
Entropy is a privately-owned company, founded by Advantage and
financed by the Brookfield Global Transition Fund, applying
sophisticated science and engineering to develop commercial CCS
projects. Entropy's technology is expected to deliver commercial
profitability with an industry-leading cost structure 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. Further
information is available at www.entropyinc.com.
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 anticipated timing of when the full suite of
process configuration testing will occur at Glacier and Entropy's
expectations that long-term results will be shared as major
milestones are reached; the estimated emissions within the
catchment area for the Bow River Hub; Entropy's expectations that
once the regulatory framework is completed, these strategic storage
hubs will provide Entropy with the certainty required to develop
several additional carbon capture projects in Alberta; Entropy's expectations that its
technology will deliver commercial profitability with an
industry-leading cost structure using proprietary MCCSTM
technology; and that Entropy will deploy its technology in the
global effort to reduce and eventually eliminate carbon emissions.
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 Entropy or Advantage will derive from
them.
With respect to forward-looking statements contained in this
press release, Entropy has made assumptions regarding, but not
limited to: that the Glacier CCS project will successfully capture
and sequester carbon from the combustion of natural gas; that the
long-term operating costs of Glacier will not be greater than
anticipated; that Entropy will achieve its anticipated Glacier
performance milestones; that Entropy's existing engagements will
lead to completed projects; that Entropy's CCS projects will reach
final investment decision; 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; the impact of increasing competition; that
Entropy will have sufficient cash flow, working capital, 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.
These statements involve substantial known and unknown risks
and uncertainties, certain of which are beyond Entropy's control,
including, but not limited to: the risk that the full suite of
process configuration testing may not occur at Glacier when
anticipated, or at all; the risk that Entropy may not achieve major
milestones at Glacier; the risk that Entropy's strategic storage
hubs may not provide Entropy with the certainty required to develop
several additional carbon capture projects in Alberta; the risk that Entropy's technology
may not deliver commercial profitability with an industry-leading
cost structure using proprietary MCCSTM technology; the
risk that Entropy's engagements may not lead to completed projects;
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 the
ability to access sufficient capital from internal and external
sources.
Management has included the above summary of assumptions and
risks related to forward-looking information above in order to
provide readers 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 Entropy or Advantage will derive
therefrom. 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 Entropy and Advantage
disclaim 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 Energy Ltd.