JUPITER, Fla., May 3, 2021 /PRNewswire/ — Leading aerospace and power-generation engineering firm, Parametric Solutions announced it had entered into a Global License Agreement with Canada’s equivalent to the US Department of Energy, Natural Resources Canada to commercialize a new low-cost, proprietary and patented G2 technology platform that 100% decarbonizes existing industrial, business and consumer electricity power generation sectors. New power plants and new mobile plants constructed in the future will also benefit from the decarbonization technology. Essentially eradicating the largest single obstacle to achieving global net zero emissions.
“Even with continued increase of green energy for many years to come,” said Joel Haas, CEO of Parametric Solutions. “It is extremely unrealistic – some would say utter insanity – not to anticipate that the current global level of fossil fuel electricity power generation will still be needed for the foreseeable future to meet the ever-increasing overall global demand for 24/7 affordable electricity.”
“New G2 technology is exciting, there is no other known technology with the practical scalability to maximize the impact on the quantity and cost of carbon capture,” said Haas. “Low-cost, efficient, and disruptive – with easy-to-understand rapid product scalability – we’ve developed and demonstrated a new critical technology item that combusts fossil fuels with oxygen under extreme high-pressure. This results in point source 100% carbon capture, the lowest-cost and most efficient way to carbon capture. The low-cost and no atmosphere emissions enables generation of 24/7 clean and affordable electricity. We have the expertise and infrastructure to commercialize G2 technology and to get it done quickly.”
In support of this critical technology, the U.S. Department of Energy recently awarded Parametric Solutions $16,000,000 to extend the critical combustor technology to accommodate syngas.
The initial G2 equipment system and critical technology is easily retrofitted within existing power plants currently using natural gas, coal, or oil (balance of plant remains as-is). For example, coal-based power plants can install the initial G2 equipment system to generate zero emission affordable electricity that can save thousands of jobs and avoid stranded assets.
The pipeline-ready or pure CO2 capture yield is then available for current and future marketplace uses, storage and sequestration. “Global oil and gas industry leaders already have the necessary infrastructure and expertise to effectively manage the captured CO2 transportation, storage and sequestration,” said Haas. “The world needs what G2 technology has delivered.”
Parametric Solutions is in the early process of securing a Funding Partner to commercialize and scale the initial G2 equipment system. This is the company’s first request for funding, and to-date, all development has been self-funded. Parametric Solutions anticipates scaled commercialization within 3 years.
For more information on decarbonization efforts and other engineering innovations from Parametric Solutions, go online to www.psnet.com.
About Parametric Solutions Inc
Founded in 1993, Parametric Solutions represents 200+ highly experienced engineers and analysts who work from 60,000SF offices to solve complex engineering problems – using truly sophisticated design solutions and analysis for global industries that include Aerospace, Defense, Power Generation and Aero Propulsion. In 2017, Parametric Solutions established PSI Manufacturing and currently manufactures for the Aerospace and Power industry, creating technical products that require complex manufacturing. PSI Manufacturing utilizes a 35,000SF facility that rapidly designs, builds, inspects, instruments, assembles, and tests new ideas and technologies. Learn more at: www.PSNet.com.
About Natural Resources Canada
Part of Natural Resources Canada’s CanmetENERGY is Canada’s leading research and technology organization in the field of clean energy. CanmetENERGY in Ottawa conducts research and development on a wide array of clean energy technologies, working to improve existing technologies and methods, while pioneering novel ones with the goal of reducing greenhouse gas emissions, improving energy efficiency, and making clean energy technologies economically competitive with traditional approaches. With over 200 scientists, engineers, technologists, managers, and support staff, CanmetENERGY Ottawa develops and directs S&T programs and services, providing scientific and technical expertise in eight core areas, including carbon capture, utilization, and storage. Learn more at: CanmetENERGY Ottawa.
Jeff Haas, Special Projects, Parametric Solutions Inc.
Cell (814) 280-2170
SOURCE Parametric Solutions Inc.