FPX Nickel Subsidiary Company CO2 Lock Corp. Announces Appointment of CTO and Acceptance Into Prestigious Climate Technology Accelerator Program
VANCOUVER, Nov. 8, 2022 - FPX Nickel Corp. (TSXV: FPX) (OTCQB: FPOCF) ("FPX" or the "Company") is pleased to announce the appointment of Dr. Nader Mosavat as the Chief Technical Officer of its carbon capture and storage ("CCS") subsidiary company, CO2 Lock Corp ("CO2 Lock"). The Company is further pleased to report that CO2 Lock has been accepted into the Climate Stream at Creative Destruction Lab, ("CDL") a prestigious global technology accelerator program focused on massively scaleable science and technology companies, located at the University of British Columbia ("UBC"). "We are very pleased to welcome Dr. Mosavat aboard as CO2 Lock's new Chief Technical Officer, who will leverage his extensive academic and practical experience in geological storage of carbon dioxide to lead CO2 Lock's technical programs and team," commented CO2 Lock's CEO, Cooper Quinn. "As well, CO2 Lock's acceptance into CDL - one of the climate technology industry's most prominent startup accelerator programs - signifies a major validation of our technology approach, and serves as an ideal springboard to rapidly push CO2 Lock towards achieving gigaton-scale carbon mineralization utilizing our unique approach to CCS in ultramafic rocks around the planet. We expect the importance of CCS to be highlighted at the ongoing COP 27 climate summit and believe CO2 Lock can contribute to developing scalable technologies to address climate change."
On March 30, FPX announced the formation of CO2 Lock to pursue geoscience-related CCS opportunities. Building on five years of laboratory and field research conducted with partners including UBC and Natural Resources Canada, CO2 Lock is focused on developing CCS operations in geological settings worldwide with similarities to FPX's Decar Nickel District. CO2 Lock has established ownership interests in prospective mineral tenures and is developing intellectual property associated with the operation of CCS sites worldwide.
Dr. Nader Mosavat has a combined technical background and leadership experience of over 12 years in academia and industry. He has led diverse teams of scientists and engineers using process modeling, techno-economic analysis, and lifecycle assessment to scale up a variety of innovative technologies in the fields of CCUS, Energy, and Environment. Most recently, he served as Muscat University's Faculty Director, where he oversaw several programs in Engineering and Technology, led numerous industrial R&D projects, and served as chair of various committees and boards in the areas of research, industry engagement, strategic R&D, and commercialization. Dr. Mosavat received his PhD from the University of Regina in Petroleum Systems Engineering. He holds two BSc degrees in Mechanical Engineering and Oil and Gas Engineering and an MSc in Chemical Engineering.
Creative Destruction Lab is a non-profit organization that delivers an objectives-based program for massively scalable science- and technology-based companies. CDL operates 12 locations globally, including at UBC's Sauder School of Business. Since CDL's founding in 2012, the successful commercialization of cutting-edge science and technology achieved through the program has led to the creation of over $19 billion in equity value.
CO2 Lock has been admitted to the CDL Vancouver's Climate Stream, which has been designed for technical founders developing high impact, scalable solutions that tackle climate change and environmental degradation, and to help preserve and protect our natural world.
CO2 Lock will work with CDL's experienced entrepreneurs and investors to sharpen objectives, prioritize time and resources, raise capital, and engage with experts working on the frontiers of climate research. With the benefit of CDL's process and structure, CO2 Lock aims to accelerate the commercialization trajectory of its technology approach to large-scale, low-cost carbon mineralization.
CO2 Lock's vision is to commercialize the CCS potential of ultramafic brucite-rich serpentinized peridotite host rocks, with a mission to license or construct and operate commercial CCS projects capable of permanently and profitably locking away hundreds of millions of tonnes of CO2 per year at scale. In pursuit of this objective, CO2 Lock will execute exploration and engineering activities to advance the development of large-scale carbon operations capable of mineralizing carbon dioxide in these rocks and associated carbon-depleted waters both at-surface (ex-situ mineralization) and underground (in-situ mineralization). CO2 Lock's website is accessible at www.co2lockcorp.com.
FPX Nickel Corp. is focused on the exploration and development of the Decar Nickel District, located in central British Columbia, and other occurrences of the same unique style of naturally occurring nickel-iron alloy mineralization known as awaruite. For more information, please view the Company's website at www.fpxnickel.com or contact Martin Turenne, President and CEO, at (604) 681-8600 or ceo@fpxnickel.com.
On behalf of FPX Nickel Corp.
"Martin Turenne"
Martin Turenne, President, CEO and Director
Certain of the statements made and information contained herein is considered "forward-looking information" within the meaning of applicable Canadian securities laws. These statements address future events and conditions and so involve inherent risks and uncertainties, as disclosed in the Company's periodic filings with Canadian securities regulators. Actual results could differ from those currently projected. The Company does not assume the obligation to update any forward-looking statement.
Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.
SOURCE FPX Nickel Corp.
Contact
Please view the Company's website at www.fpxnickel.com or contact Martin Turenne, President and CEO, at (604) 681-8600 or ceo@fpxnickel.com.