MONMOUTH JUNCTION, NJ--(Marketwired - Apr 15, 2014) - Liquid Light announced it has received a CAD$500,000 seed grant in the first round of Alberta's Grand Challenge, organized by the Climate Change and Emission Management Corporation (CCEMC). The purpose of the CCEMC Grand Challenge is to identify new technologies that will lead to the creation of new products and markets, while providing a one million ton net reduction in greenhouse gas (GHG) emissions.
The first round of the competition drew global interest and Liquid Light was selected from 344 submissions from 37 countries on six continents. Liquid Light was chosen for its proposal to design and build a pilot plant to convert carbon dioxide (CO2) into chemicals and polymer precursors using clean sources of energy, in conjunction with a major chemical industry partner. The pilot plant located in Canada would produce a ton of products per day and further validate the technical and economic feasibility of Liquid Light's approach. As winner of a seed grant, Liquid Light now qualifies for the following rounds of the Challenge, which include the potential for up to CAD$13 million in additional funding.
The process that Liquid Light has developed has the potential to be a commercially attractive approach for Alberta to meet its GHG reduction targets. Through the deployment of Liquid Light's electro-catalytic carbon conversion technology, CO2 can be used as a low-cost feedstock for the creation of widely-used chemicals with significant market value. CCEMC's investment recognizes the commercial potential for Liquid Light's process as an economically viable, scalable and replicable CO2 utilization platform.
"We appreciate the support from Alberta, CCEMC and the Grand Challenge," said Kyle Teamey, CEO of Liquid Light. "In addition to the support for our R&D, we're getting connected to a wide range of motivated potential partners that want to put promising technologies -- like Liquid Light's -- into commercial use."
CCEMC provides ongoing, dedicated funds to support the discovery, development and deployment of transformative technology that will reduce greenhouse gas emissions (GHGs). Its funding is sourced from Alberta's Climate Change and Emissions Management Fund and is collected by the Government of Alberta.
About Liquid Light
Liquid Light develops and licenses process technology to make major chemicals from low-cost, globally-abundant carbon dioxide (CO2). Customers profit from a lower cost of production, while harnessing their current waste stream; reduce their dependence on cyclically-priced petroleum feedstocks; and can reduce their carbon footprint.
Liquid Light's first process is for the production of ethylene glycol (MEG), with a $27 billion annual market. Results consistent with cost-advantaged production have been validated at lab scale for key parts of our process; and the process scales in a predictable manner, akin to world-scale chlor-alkali plants.
Liquid Light's core technology is centered on low-energy catalytic electrochemistry to convert CO2 to multi-carbon chemicals. It is backed by more than 100 patents and applications, and extends to multiple chemicals with large existing markets, including ethylene glycol, propylene, isopropanol, methyl-methacrylate and acetic acid.
Liquid Light's investors include VantagePoint Capital Partners, BP Ventures, Chrysalix Energy Venture Capital, and Osage University Partners.