Progressive Planet Solutions Inc (CVE:PLAN) says subsidiary Progressive Planet Alberta Inc will collaborate with ZS2 Technologies Ltd to accelerate the development of eco-friendly products for the cement, concrete, and building products industries.
ZS2 is a Calgary-based developer of innovative building technologies, which are safer, healthier, stronger, more resilient, and sustainable versus conventional building products, materials and coatings.
Progressive Planet is developing technologies and materials to reduce the carbon footprint of Portland Cement and create stronger and more sustainable concrete. Its applied research efforts since January 2021 have focused on sequestering CO2 in concrete applications.
READ: Progressive Planet receives positive results for its PozGlass SCM testing
Under the Letter of Intent (LOI) between the subsidiary and ZS2, the highlights include:
- Progressive Planet will commence supplying commercial amounts in the fourth quarter of 2021, ramping up to 10,000 tons annually of Z1 Natural Pozzolan from its Z1 Natural Pozzolan Quarry.
- Combine applied research efforts to permanently sequester CO2 in magnesium-based cements.
In addition, Progressive Planet has agreed to invest up to $300,000 in units of a private placement in ZS2. Each unit consists of one share at a price of $1 each and a full warrant to purchase an additional share at $2 for period of 18 months from date of closing. The private placement is for up to $1 million and multiple accredited investors will also participate in this private placement.
Progressive Planet said its investment will be used for accelerated collaborative R&D investment by ZS2.
In conjunction with this LOI, Progressive Planet has established a concrete research lab at the ZS2 TechCenter in Calgary, which will be run by Dr Roger Mah, the company’s contracted scientific advisor.
"The technical collaboration between PLAN and ZS2 continues to grow," said Scott Jenkins, CEO of ZS2 and director of Progessive Planet.
"The potential to reduce the carbon footprint of innovative cement products is significant with the combination of our mutual research and commercialization to date. ZS2's growing portfolio of high performance, fire-resistant and sustainable building technologies will be greatly enhanced by our expanding partnership, and we are extremely excited about our shared future potential."
Contact the author: patrick@proactiveinvestors.com
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