FPX Nickel’s subsidiary company, CO2 Lock Corp, recently concluded a $1.1 million financing agreement and has issued a technical update on their “standing alone” Carbon Capture and Storage project in British Columbia.
The CO2 Lock Corp project will capture over 65,000 tons of CO2 from industrial operations through direct capture technology and then store it securely into the subsurface rock formations of the province.
This project is part of an effort to combat the effects of climate change, by reducing the amount of greenhouse gas emissions and carbon dioxide in the atmosphere. It is expected that the project will also help in mitigating local air pollution, as a result of the reduced burning of coal and other fossil fuels.
The project is being backed by several investors and government agencies, including Vancouver-based FPX Nickel, the Canadian government, and several other organizations. The funding is expected to cover the expenses of the first stage of the project, which will include the purchase of specialized equipment for the capture and storage of the carbon dioxide.
The project is a significant achievement for FPX Nickel and the other involved parties, as it is one of the largest of its kind in Canada. The company believes this is a great milestone, as they show their commitment to reducing climate change and fostering innovation in the industry.
In addition to the funding, the CO2 Lock Corp project has received a technical update. The project is expected to be completed during the 2021 fiscal year, and the CO2 stored will remain stored in the subsurface, for at least 35 years. This is part of the company’s commitment to developing innovative solutions to climate change and reducing emissions in Canada.
The project aims to be an example to the world, demonstrating how advanced Carbon Capture and Storage technology can provide a secure storage of carbon dioxide and help mitigate climate change. FPX Nickel’s commitment to this project and reducing emissions has been made clear, and this update is a further indication of their dedication to a greener and more sustainable future.