Acquisition of Co2 technology patents
SIRIUS EXPLORATION Plc
(“Sirius” or “the Company”)
Acquisition of Co2 technology patents
Sirius Exploration Plc, (AIM: SXX,
OTC: SRUXY), the diversified mining
and exploration holding company focused on North America and Australia, announces that it has acquired 100%
of the ordinary shares in and rights to patent applications of Co2 Energy
Storage Pty Ltd (Queensland), Bicarb Sequestration Pty and Co2 Energy Storage
Ltd (Nevada) USA (together “the Companies”) for the issue of options granted by
the Company over 2,550,000 Ordinary Shares which are exercisable at any time
within the three years of issue at 17.5p per share. The acquisition includes a patent
application put in place by the Companies owner, Walter Doyle, relating to the
use of Co2 in energy storage.
Information on the
Companies
The Companies are privately held in Queensland Australia and Nevada USA. The Companies
have commenced initiatives in two main areas:
1.
Storage or sequestration of Co2
The
Companies are currently working on a range of innovative approaches for both the
storage of Co2 in salt caverns, as created by solution mining, and the
sequestration of Co2 – whereby Co2 is effectively rendered inert - by directly injecting
it into certain types of salt beds. This work is being undertaken with various
Universities and research organisations in Australia and the USA.
2.
CAES revised to use Co2
The Companies
are also working on an innovative new technology which takes the concept of
CAES (Compressed Air Energy Storage) and revises it to use compressed Co2
rather than compressed air. Part of the acquisition includes a patent filed by
Co2 Energy Storage Pty Ltd naming Walter Doyle as the inventor for the concept
of using sequestrated Co2 in a dual salt cavern model for the storage of
electricity.
This not only provides greater
power storage than conventional CAES but would also qualify for carbon credits
for the sequestrated Co2.
Reasons for the
Acquisition
The transaction provides Sirius with a new technology which can be used to
expand the economic benefits of Sirius’ salt deposits in Australia and North
America.
The Directors of Sirius
believe that Co2 sequestration and storage is going to be one of the most
important industries of the future. These acquisitions place Sirius firmly in
the forefront of research in these industries and provide an important
expansion route for the use of Sirius’ existing assets.
Background on Sirius
Sirius is quoted on the AIM market of the London Stock Exchange in London and
its shares are also traded in North America through the use of an ADR
facility. Sirius currently has interests in potash and salt caverns
through its subsidiaries Dakota Salts LLC and Auspotash Limited.
Richard Poulden, the Chairman of Sirius, commented:
“By 2050 carbon emissions must be cut by half yet energy demands are likely to
increase. Salt caverns and salt beds offer the potential to provide a natural,
and geologically sound, way for removing harmful carbon emissions from the earth’s
atmosphere. The acquisition of this group of companies not only provides us
with an important technology base that will allow us potentially to extend
significantly the commercial life-cycle of our own salt and potash properties,
it also provides us with a technology that potentially can be licensed to third
parties. We see this as a key strategic acquisition in the development of
Sirius as a significant player in the salt and potash market.”
ENDS
Further Information:
Richard Poulden
Chairman, Sirius Exploration Plc. Tel: +971 556 232 672
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Jonathan Harrison (Financial Director) Mobile: + 44 78
7988 7755
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Beaumont Cornish
Roland Cornish
Tel: +44 (0)20
7628 3396
Gth media relations
Toby Hall Tel: +44 (0)20 7153 8039
Christian Pickel Tel: +44 (0)20 7153 8036
Website: www.siriusexploration.com