- CVW CleanTech (CVW) has been awarded a C$5M grant from Clean Resources Innovation Network (CRIN)
- The company will use the funds for detailed engineering and procurement of key equipment for its CVW Tailings Distillation Units
- It will carry out the work alongside project partner Canadian Natural Resources Limited
- CVW CleanTech, formerly Titanium Corporation, develops technologies to reduce the environmental footprint of the oil sands industry
- CVW CleanTech (CVW) is down by 2.92 per cent trading at $1.66 per share
CVW CleanTech (CVW) has been awarded a C$5M grant from Clean Resources Innovation Network.
The company will use the funds for detailed engineering and procurement of key equipment for its CVW Tailings Distillation Units, which recover bitumen, solvents, valuable minerals and water from oil sands froth treatment tailings. It will carry out the work alongside project partner Canadian Natural Resources Limited.
The award was made under CRIN’s Reducing Environmental Footprint competition.
CRIN’s competitions aim to accelerate solutions to environmental and economic challenges faced by Canada’s oil and gas industry.
“Our company’s technologies will help the oil sands industry meet its ESG goals,” stated Darren Morcombe, CVW CleanTech’s Executive Chairman. “Our TDU technology could realize net emissions abatement of over 500,000 tonnes of CO2e, largely methane, annually at Canadian Natural’s Horizon site.”
“This potential grows significantly,” he added, “if CVW is implemented throughout the Alberta oil sands industry, while creating a new world leading zircon, ilmenite and rare earths industry in Alberta.”
CVW CleanTech, formerly Titanium Corporation, develops technologies to reduce the environmental footprint of the oil sands industry.
CVW CleanTech (CVW) is down by 2.92 per cent trading at $1.66 per share as of 10:56 am EST.
