(TSX: AAV)
CALGARY,
AB, Aug. 28, 2024 /CNW/ - Entropy Inc.
("Entropy" or the "Corporation"), a subsidiary of Advantage Energy
Ltd. ("Advantage"), is pleased to announce the appointment of
Mr. Sanjay Bishnoi as Chief Executive Officer. Mr. Bishnoi
will start in his new role on September 23,
2024. After founding and leading Entropy since 2020, Mr.
Michael Belenkie will step down from
Entropy's President and CEO responsibilities but will remain as
Chairman of the Board of Directors ("Board") providing continued
leadership and a seamless transition.
"We are thrilled to welcome Sanjay to Entropy as we enter a new
phase of growth in commercial carbon capture and storage ("CCS").
Sanjay brings a wealth of experience and a proven track record of
generating innovation and growth," said Mr. Belenkie. "Like all of
us at Entropy, he understands that CCS is a vital technology in the
global path to reducing emissions and that success is driven by a
combination of advanced technology, sophisticated commercial
partnerships and an innovative, experienced team. Our Board
believes he will be a transformative leader for our company, our
people, and the rapidly evolving global CCS industry."
Mr. Bishnoi's background is uniquely suited to Entropy. An
engineer by training, he received his Ph.D. in carbon capture from
the University of Texas at Austin. His
broad background includes successful forays in conventional
resource and infrastructure development, management consulting, and
project finance. Since 2014, he has served in chief financial
officer roles, but always preserving a deep involvement in
technical aspects of his companies while offering strong leadership
and a focus on corporate values.
"I'm honoured to be joining Entropy and I'm excited to help
extend the team's accomplishments in CCS technology, business model
innovation and infrastructure development," said Mr. Bishnoi. "My
background in carbon capture goes back over 25 years and, as a
co-founder of a successful midstream company, I've also experienced
what it takes to manage fast growth in large infrastructure. I look
forward to working with the Entropy team and Board to manage the
Corporation through an exciting phase of growth and beyond."
About Entropy
Entropy is a privately-owned company applying sophisticated
science and engineering to develop commercial CCS projects. Entropy
entered a strategic $300 million
investment agreement with Brookfield in 2022. In 2023, Entropy entered a
strategic investment with the Canada Growth Fund which includes a
$200 million strategic investment and
a Carbon Credit Offtake agreement for up to one million tpa of
carbon credits for 15 years. These transactions have been
undertaken to scale up the deployment of Entropy's CCS technology
globally. Entropy's technology is expected to deliver commercial
profitability with an industry-leading cost structure using
proprietary modular carbon capture and storage technology. Entropy
intends to deploy this technology in the global effort to reduce
and eventually eliminate carbon emissions. Further information is
available at www.entropyinc.com.
Forward-Looking Information and Advisory
The information in this press release contains certain
forward-looking statements, including within the meaning of
applicable securities laws. These statements relate to future
events or our future intentions or performance. All statements
other than statements of historical fact may be forward-looking
statements. Forward-looking statements are often, but not always,
identified by the use of words such as "anticipate", "continue",
"demonstrate", "expect", "may", "can", "will", "believe", "would"
and similar expressions and include statements relating to, among
other things: Entropy's position, strategy and development plans
and the benefits to be derived therefrom; the anticipated benefits
to be derived from Entropy's strategic investment agreements with
Brookfield and Canada Growth Fund;
Entropy's expected commercial profitability; and that Entropy will
deploy its technology in the global effort to reduce and eventually
eliminate carbon emissions. Entropy's actual decisions, activities,
results, performance or achievement could differ materially from
those expressed in, or implied by, such forward-looking statements
and accordingly, no assurances can be given that any of the events
anticipated by the forward-looking statements will transpire or
occur or, if any of them do, what benefits that Entropy or
Advantage will derive from them.
Readers are cautioned that the foregoing lists of factors are
not exhaustive. These forward-looking statements are made as of the
date of this news release and Entropy and Advantage disclaim any
intent or obligation to update publicly any forward-looking
statements, whether as a result of new information, future events
or results or otherwise, other than as required by applicable
securities laws.
The following abbreviation used in this press release
has the meaning set forth below:
SOURCE Advantage Energy Ltd.