Titanium receives $50 M to further oil sands clean tech development
March 15, 2019
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Titanium Corporation has been selected as a successful applicant for $50 million from Ottawa and Alberta for the next phase of its Creating Value from Waste (CVW) Horizon project.
“This significant funding commitment from the governments of Canada and Alberta is a critical step in advancing the first implementation of our Creating Value from Waste clean technology,” said Scott Nelson, Titanium’s president and CEO. “Government and industry support and collaboration has been invaluable in moving our project forward and developing this made-in-Canada solution for the benefit of all stakeholders.”
Under the Government of Canada’s Low Carbon Economy Fund Challenge (LCEF) and NRCan’s Clean Growth Program (CGP) and Emission Reduction Alberta’s (ERA’s) Partnership Intake Program, the LCEF, CGP and ERA’s clean technology programs are aimed at improving environmental performance in Alberta’s oil and gas sector.
Environment and Climate Change Canada, through its LCEF has committed to investing $40 million and NRCan’s CGP has committed to investing $5 million in Titanium’s first of a kind sustainable technology designed to remediate oil sands froth treatment tailings. ERA have also committed an additional $5 million through its Partnership Intake Program bringing its total investment to $10 million for the project.
The proposed project would be jointly conducted with Canadian Natural Resources Limited at its Horizon oil sands site and has the potential to create a new high-value minerals industry for Canada through tailings recovery of up to 100,000 tonnes per year of valuable minerals.
“Canadians across the country are coming up with innovative and affordable solutions to increase energy efficiency and reduce emissions, saving people money and creating good jobs along the way,” said Catherine McKenna, Minister of Environment and Climate Change. “By investing in these projects, from coast to coast to coast, the Government of Canada is making sure we are positioned to succeed in the $26 trillion global market for clean solutions and to create good middle-class jobs today and for the future.”
“These projects provide Alberta’s oil and gas sector with solutions that will help reduce pollution, drive clean innovation, and create good jobs,” said Amarjeet Sohi, Minister of Natural Resources. “Accelerating clean technology development is a key component of our government’s approach to promoting sustainable economic growth and as Canada moves toward a low-carbon economy.”