Cytochrome Technologies Inc. is working on a new technology that offers a significant opportunity to meet decarbonization targets while strengthening Newfoundland and Labrador’s clean technology sector. The Honourable Andrew Parsons, KC, Minister of Industry, Energy and Technology, today announced $437,966 from the Business Growth Program for Cytochrome Technologies as it works to develop a new carbon sequestration method.
Cytochrome’s proprietary technology allows it to accelerate and scale up the naturally occurring carbon sequestration process known as mineral weathering in engineered reactors. The company’s goal is to implement the safe and effective application of large-scale enhanced weathering technologies to permanently store CO2, driving both environmental and economic progress.
Cytochrome’s method is environmentally sustainable and offers significant economic advantages due to the potential recovery of valuable byproducts like nickel, cobalt and chromium. By developing advanced carbon sequestration systems, the technology has the potential to create new jobs across mining, engineering, manufacturing, and technology sectors, thereby contributing to the economic revitalization of rural and coastal communities. Additionally, Newfoundland and Labrador’s offshore oil and gas infrastructure could be leveraged to support these systems, creating a possible path for decarbonization in the province’s resource-dependent sectors.
The Business Growth Program provides non-repayable contributions for projects or initiatives to assist businesses start, innovate, scale and improve sales locally, nationally or internationally. The Provincial Government’s investment will leverage funding from other sources totaling $836,578, for a total project investment of $1,274,544.
Quotes
“Newfoundland and Labrador continues to explore opportunities to seize the potential of carbon management technologies. Cytochrome’s project highlights the province’s geological potential and strengthens its competitiveness in the carbon removal sector. We’re pleased to support Cytochrome as it works to develop this promising technology.”
Honourable Andrew Parsons, KC
Minister of Industry, Energy and Technology
“Achieving net zero greenhouse gas emissions by 2050 will require the development of new carbon management technologies to remove and store carbon dioxide from the atmosphere. The innovative work of companies like Cytochrome will help us lower emissions while driving environmental sustainability and economic growth.”
Honourable Lisa Dempster
Minister of Environment and Climate Change
“We’re very grateful to the Department of Industry, Energy and Technology for supporting us as we scale-up towards our pilot plant. This Newfoundland and Labrador-grown technology will enable decarbonizing large-scale industries by providing permanent, safe and cost-effective carbon storage solution the world needs.”
Martin Van Der Berghe
CEO & Founder, Cytochrome Technologies Inc.
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Business Growth Program
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