– New York City’s Local Law 97 puts 60,000 existing residential and commercial buildings on a pathway to reducing carbon emissions –MONTREAL, Aug. 10, 2020 (GLOBE NEWSWIRE) — Xebec Adsorption Inc. (TSXV: XBC) (“Xebec”), a global provider of clean energy solutions is pleased to announce it has signed an exclusive partnership agreement with CarbonQuest to reduce carbon emissions in New York City buildings. Xebec’s CO2 separation technology, specifically designed for this application, will be integrated into CarbonQuest’s Building Carbon CaptureTM system. CarbonQuest has developed a patent pending “4-Step Carbon Capture Process” which enables the separation and liquefaction of CO2 from natural gas. The captured Sustainable CO2TM will be sequestered or used in manufacturing or other industry. This partnership will bring a timely and cost-effective solution for property owners looking to meet their sustainability goals and reduce their exposure to the new Local Law 97 regulation. As a result, the partnership opens significant market opportunities for Xebec’s advanced CO2 capture technologies through CarbonQuest’s process.In April 2019, the New York City Council passed the Climate Mobilization Act, which included a provision (Intro 1253) that limits greenhouse gas emissions from buildings over 25,000 square feet. Intro 1253 became Local Law 97 in May 2019, and now covers approximately 60,000 NYC buildings. Emissions reduction goals are 40% by 2030 and 80% by 2050, benchmarked against 2005 levels. The limits have been set in three phases for 2024-2029 (Phase 1), 2030-2034 (Phase 2) and 2035-2050 (Phase 3) and are measured in kilograms of CO2 equivalent per square foot. Any emissions above the limits will result in penalties which are set to progress in severity over time.CarbonQuest’s initial project with Xebec is focused on the decarbonization of a multi-family property in New York CityThe first Carbon Capture unit will be installed at a multifamily property in Manhattan with a well-respected property owner. The project is expected to cut 60-70% of CO2 emissions from natural gas usage. The estimated reduction in overall annual CO2 emissions will be 25% and is based on the combined carbon intensity of the building’s annual natural gas and electricity usage. The carbon capture process is expected to reduce the building’s carbon emissions such that the building is expected to be below the annual emissions limit.“We’re excited to be collaborating with Xebec on our quest to decarbonize buildings. In urban cities, buildings are by far the number one source of carbon emissions. Our mission is simple: to enable these urban building owners to decarbonize now; thereby directly addressing the biggest source of emissions and decreasing environmental impact.In New York City, buildings are responsible for over 70% of the city’s carbon emissions (NYC Mayor’s Office of Sustainability). New York City’s adoption of Local Law 97 is a leading example of how cities can address carbon emissions and meet their sustainability goals. Approximately 60,000 buildings will respond, resulting in what Urban Green Council estimates to be a $20 billion retrofit market for decarbonization solutions. The majority of these buildings consume natural gas and our “Building Carbon Capture” systems help building owners reduce up to 70% of their natural gas emissions before they are emitted into the atmosphere. Our initial system will remove an estimated 700 tons of C02 emissions annually and enable an overall 25% reduction in carbon emissions. This groundbreaking project will enable our first forward-thinking customer to meet the city’s sustainability goals and avoid millions of dollars of penalties over the lifecycle of the project.We believe that Distributed Carbon Capture and UtilizationTM (DCCUTM) is a critical segment of the overall Carbon Capture and Storage ecosystem and that Building Carbon Capture is one of the most important Distributed Carbon Capture and Utilization technologies to immediately address climate change and advance urban building decarbonization. Applied at scale, we have a real opportunity to make a measurable impact in the battle against climate change,” says Shane Johnson, President and Chief Executive Officer, CarbonQuest.“It’s a privilege for Xebec to work with CarbonQuest, a pioneer in the field, on this first of a kind project. Their carbon capture process opens a significant market opportunity for our compact and reliable equipment for CO2 separation applications.The new regulations in NYC present a large-scale opportunity for Xebec to work with CarbonQuest to move forward our mission of decarbonizing the future. The new regulation appropriately incentivizes solutions such as ours and will help drive the implementation of new clean technologies.Due to the unique nature of our products, we have been able to design a modular and compact unit which can be installed in the basements of these buildings. Building owners will hopefully recognize the benefits and cost savings of this novel carbon capture solution as they look to reduce their emissions instead of paying a pollution penalty,” says Dr. Prabhu Rao, Chief Operating Officer, Xebec Adsorption Inc.Related links:
https://www.xebecinc.com
https://www.carbonquest.com
https://www1.nyc.gov/site/sustainability/codes/energy-benchmarking.page
https://www.urbangreencouncil.org/content/projects/all-about-nycs-historic-building-emissions-law
https://www.urbangreencouncil.org/sites/default/files/19.04.18_new_building_emissions_law_-_urban_green_council.pdf
https://www.urbangreencouncil.org/sites/default/files/urban_green_retrofit_market_analysis.pdfFor more information:
Xebec Adsorption Inc.
Brandon Chow, Investor Relations Manager
bchow@xebecinc.com
+1 450.979.8700 ext 5762About CarbonQuest
CarbonQuest is leading the QUEST for decarbonization by providing urban building owners advanced technologies and solutions that ENABLE acceleration of global carbon reduction NOW. CarbonQuest is comprised of a team of seasoned environmental technology entrepreneurs focused on solving large problems. Prior to CarbonQuest, the team has collectively built several technology firms in the renewable energy, telecommunications and financial technology industries. CarbonQuest is a big believer in building strong and lasting partnerships with all stakeholders – customers, companies, employees, and cities.About Xebec Adsorption Inc.
Xebec is a global provider of gas generation, purification and filtration solutions for the industrial, energy and renewables marketplace. Well-positioned in the energy transition space with proprietary technologies that transform raw gases into clean sources of renewable energy, Xebec’s 1500+ customers range from small to multi-national corporations, governments and municipalities looking to reduce their carbon footprints. Headquartered in Montréal, Quebec, Canada, Xebec has several Sales and Support offices in North America and Europe, as well as two manufacturing facilities in Montréal and Shanghai. Xebec trades on the TSX Venture Exchange under the symbol XBC. For more information, www.xebecinc.com.Cautionary Statement
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This news release contains forward-looking statements and forward-looking information (together, “forward-looking statements”) within the meaning of applicable securities laws. All statements, other than statements of historical facts, are forward-looking statements, and subject to risks and uncertainties. Generally, forward-looking statements can be identified by the use of terminology such as “plans”, “seeks”, “expects”, “estimates”, “intends”, “anticipates”, “believes”, “could”, “might”, “likely” or variations of such words, or statements that certain actions, events or results “may”, “will”, “could”, “would”, “might”, “will be taken”, “occur”, “be achieved” or other similar expressions. Forward-looking statements, including statements concerning future capital expenditures, revenues, expenses, earnings, economic performance, indebtedness, financial condition, losses and future prospects as well as the expectations of management of Xebec with respect to information regarding the business and the expansion and growth of Xebec operations, involve risks, uncertainties and other factors that could cause actual results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking statements. Forward-looking statements are subject to business and economic factors and uncertainties, and other factors that could cause actual results to differ materially from these forward-looking statements, including the relevant assumptions and risks factors set out in Xebec’s public documents, including in the most recent annual management discussion and analysis and annual information form, filed on SEDAR at www.sedar.com. Furthermore, should one or more of the risks, uncertainties or other factors materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements or information. These risks, uncertainties and other factors include, among others, the uncertain and unpredictable condition of global economy, notably as a consequence of the Covid-19 pandemic, Xebec’s capacity to generate revenue growth, the availability to Xebec of financing and credit alternatives and access to capital, Xebec’s capacity to meet all its other commitments and business plans, Xebec’s limited number of customers, the potential loss of key employees, changes in the use of proceeds relating to the loan, share price volatility, and other factors. Although Xebec believes that the assumptions and factors used in preparing the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which only apply as of the date of this news release, and no assurance can be given that such events will occur in the disclosed times frames or at all. Except where required by applicable law, Xebec disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
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