Carbonco., a provider of decarbonization technology solutions, has entered into a License Agreement as the carbon capture technology licensor with Genesis Fertilizers. The agreement allows for the integration of Carbonco’s carbon capture technology into Genesis Fertilizers’ planned carbon capture and storage (CCS) project. This marks a step forward in the development of Genesis Fertilizers’ proposed facility in Belle Plaine, Saskatchewan, Canada, which aims to be the country’s first low-carbon urea nitrogen fertilizer production site.
Details of the Proposed Fertilizer Facility
The proposed facility, which is set to begin operations by 2029, will capture around 800,000 tons of CO2 annually, cutting down 95% of the plant’s carbon emissions. The captured CO2 will be compressed and dehydrated before being transported via pipeline to a storage hub located 10 miles from the facility. The project is designed to contribute to a steady and clean supply of fertilizer for farming partners in North America.
The formal signing of the License Agreement took place at the Canadian Embassy in Seoul, South Korea, in Schofield Hall. The event was attended by Jason Mann, President and CEO of Genesis Fertilizers, Dr. Sangmin Lee, CEO of Carbonco, and other key representatives from both companies. The ceremony was hosted by Ms. Tamara Mawhinney, the Ambassador of Canada to Korea, who also delivered a congratulatory speech marking the occasion.
Commitment to a Sustainable Agricultural Supply Chain
Dr. Sangmin Lee, CEO of Carbonco, expressed the company’s commitment to supporting Genesis Fertilizers in achieving the goals of the proposed project. He highlighted Carbonco’s experience in collaborating with global players on carbon capture initiatives, emphasizing that the company would dedicate its full resources to ensuring the project’s success.
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Mr. Jason Mann, CEO of Genesis Fertilizers, shared the company’s vision of creating one of the cleanest ammonia plants globally. He emphasized that capturing 95% of CO2 emissions would not only contribute to environmental sustainability but also provide financial benefits for farmers. By using low-carbon fertilizer, farmers could potentially secure premium prices for crops like wheat and corn, which aligns with food companies’ environmental, social, and governance (ESG) objectives.
Genesis Fertilizers also offers a unique model where farmer-investors can purchase fertilizer at market prices and benefit from annual partnership distributions. This approach is aimed at fostering a sustainable and profitable agricultural supply chain, benefiting both farmers and the broader agricultural industry.