In Canada, algae cultivation and processing technology developer Pond Technologies Holdings Inc (Pond) has announced that it has recently received a Purchase Order for an initial engineering study from compatriot CSV Midstream Solutions Corp. (CSV), a premier provider of midstream gas and liquid infrastructure solutions. The initial project engineering study is for the design and construction of an algae plant utilizing carbon dioxide (CO2) from an on-site natural gas plant in Alberta (AB).
With three operating plants in Alberta (AB), Calgary-based CSV is aiming to reduce its footprint in the Western Canadian natural gas industry. The initial engineering study follows an executed Letter of Intenet (LoI) for Pond to support the design, procurement, and construction of an algae plant utilizing emissions from one of CSV’s natural gas facilities near Grande Prairie, AB.
CSV was founded on the principles of advancing innovative and new technologies that we deploy to encourage sustainability throughout Alberta, with maximum impact and scalability. We selected Pond to continue to have a positive impact on the communities we work in and our natural environment. We are committed to being the premier provider of midstream solutions, creating shared value through sustainable business practices and this relationship with Pond reflects this sentiment, said Daniel Clarke, CEO at CSV.
Upon completion of the engineering study and a positive Final Investment Decision by CSV, the first stage of development would be an algae plant that would supply Pond with an enhanced supply of astaxanthin. Pond would provide engineering services, proprietary equipment, and operational support.
Pond and CSV anticipate further scale-up opportunities to absorb more carbon emissions upon successful completion of the first stage.
The execution of this LOI with CSV is another example of the importance of Pond’s vertically integrated platform. This proposed algae plant would provide us with an enhanced supply of Canadian-grown astaxanthin and would serve as an additional revenue stream for Pond Naturals. Our focus remains on sustainable revenue generation and validation of our model, and it is these types of agreements that do just that. Pond has the extensive technical expertise to ensure the execution in the construction, operation, and maintenance of this future algae plant, and we are thrilled to work alongside CSV. CSV, as a values-driven company, is the perfect partner to trial Pond’s technology in Alberta, and we believe this is the beginning of a milestone-filled relationship, said Grant Smith, President & CEO at Pond Technologies.