CO2 Lock Corp. and Ionada Carbon Solutions LLC Sign Memorandum of Understanding to Pursue Carbon Capture and Storage Opportunities in British Columbia

Vancouver, British Columbia–(Newsfile Corp. – September 18, 2024) – 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.

About CO₂ Lock Corp.

CO₂ Lock Corp. is an emerging leader in the carbon mineralization storage and sequestration sector and is targeting commercialization for the permanent and safe storage of CO₂ underground and in geological formations. The Company has developed a set of patent pending processes, trade secrets and capabilities that allow it to store carbon underground, permanently and at scale and as such has identified up to 300 sites around the world where it can build out storage sites. As CO₂ Lock expands globally, it has the potential to be able to permanently sequester many mega-tonnes of CO₂ per year. With this focus on sustainability and innovation, the Company is committed to advancing large-scale carbon mineralization underground (in-situ CO₂ mineralization).

About SAM

Located approximately 50 kilometers southwest of Prince George, BC, the 5080 hectare SAM project was staked in 2022, and hosts a large, serpentinized ultramafic body containing significant concentrations of brucite and other minerals capable of carbon mineralization. CO₂ Lock has completed successful injection of CO₂ at depth to confirm the effectiveness of its groundbreaking technology as well as completed geological analysis that confirms the deposit has an exceptionally promising mineralogy for CO₂ mineralization and permanent storage.

About Ionada

Ionada is a global climate technology company committed to reducing greenhouse gas emissions and creating a sustainable future. The company develops innovative post-combustion carbon capture systems to capture CO₂ emissions from various industrial processes in oil & gas, thermal power generation, waste-to-energy, hydrogen, steel, cement, and maritime industries.

The highly skilled team of scientists, engineers, and technicians at Ionada have developed breakthrough technology to reduce carbon emissions. They are dedicated to developing and manufacturing cutting-edge solutions that enable their clients to reduce their environmental impact while providing financial benefits.

Ionada is passionate about driving disruptive sustainability by delivering innovative solutions that help keep the air and water clean for future generations. The company aims to provide emission abatement technology that reduces emissions and delivers economic value to its clients.

For more information about Ionada’s sustainable solutions, visit ionada.com or e-mail info@ionada.com.

Forward-Looking Statements

Certain of the statements made and information contained herein are considered “forward-looking information” within the meaning of applicable Canadian securities laws. These statements address future events and conditions and so involve inherent risks and uncertainties, as disclosed in the Company’s periodic filings with Canadian securities regulators. Actual results could differ from those currently projected. The Company does not assume the obligation to update any forward-looking statement.

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