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Codexis Inc. (CDXS) Issues Update on Carbon Capturing Technology Development

|Includes: Codexis, Inc. (CDXS)

Clean technology company Codexis Inc. yesterday announced it has achieved significant progress toward developing large-scale, economical technology to reduce carbon dioxide emissions from coal-fired power plants.

The program is supported by an ARPA-E Recovery Act program grant. Alan Shaw, Ph.D., president and CEO of Codexis, noted how Codexis’ technology could eliminate the downsides of similar technologies that are currently being used to capture carbon.

“Current carbon capture technology is inefficient and costly, hindering large-scale deployment,” Shaw stated in the press release. “It can nearly double the cost of electricity produced by a coal-fired power plant, and decrease the amount of total plant electricity output. Using Codexis technology, power plant operators may be able to use more efficient capture methods to decrease the cost of carbon capture. This, in turn, could lead to wider adoption of this important technology solution.”

In May 2010, Codexis was chosen as the recipient of a $4.7 million ARPA-E Recovery Act program grant from the U.S. Department of Energy for development of innovative technology to remove carbon dioxide from coal-fired power plant emissions. As reported in the press release, the grant was one of 37 research projects that the DoE said “could fundamentally change the way the country uses and produces energy.”

The grant supports enzymes developed by Codexis that are designed to decrease the amount of energy needed to capture CO2 from coal-fired power plants. Codexis’ enzymes have proven to be functional and stable in relatively inexpensive and energy efficient solvents for 24 hours at temperatures up to 75 degrees Celsius, with the potential to reduce the energy needed to capture CO2 within the plant by 30%.

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