CALGARY, Alberta, Oct. 31, 2023 (GLOBE NEWSWIRE) -- Computer Modelling Group Ltd. ("CMG" or the "Company") (TSX: CMG) is pleased to announce a partnership with global technology leader ABB to integrate CMG's subsurface simulation technology into ABB's digital twin platform for commercial carbon capture and storage (CCS) operations.
The partnership aims to develop a new product in which ABB will use its Ability OPTIMAX® energy management system to integrate above ground digital twin technology with CMG's subsurface modelling, providing a full 'source to storage' solution to support the successful operation of CCS projects.
"This partnership brings together two powerful technologies to develop a solution to support the intelligent, real-time operational decision making required to make carbon storage a success at scale," commented Pramod Jain, CMG CEO. "Advanced subsurface modelling is necessary to assess and monitor risks of CO2 injection against various operating scenarios and is critical to the safety, feasibility and scaling of carbon capture and storage projects. We are pleased to partner with ABB, a global leader in innovation, to provide our industry leading, subsurface simulation capabilities to their enhanced digital twin technology."
"Capturing and storing carbon dioxide underground is a highly technical and challenging process," said Brandon Spencer, President of ABB Energy Industries. "Without subsurface modelling, industry simply cannot calculate the cost or manage the risks, which is crucial if we are to scale the CCS market to the extent required to support decarbonization of industry and emissions reductions in line with the Paris Accord."
This technology is intended to bridge the gap between subsurface modelling and above ground digital twin technology, providing a comprehensive solution for real-time monitoring, risk assessment, and operational efficiency in CCS projects. This integrated approach has the potential to revolutionize the CCS industry by making it more scalable, cost-effective, and supportive of decarbonization efforts, which is essential in achieving environmental sustainability goals.
About CMG
CMG (TSX:CMG) is a global software and consulting company that combines science and technology with deep industry expertise to solve complex subsurface and surface challenges for the new energy industry around the world. CMG is headquartered in Calgary, AB, with offices in Houston, Oxford, Dubai, Bogota, Rio de Janeiro, Bengaluru, and Kuala Lumpur. For more information, please visit www.cmgl.ca.
About ABB
ABB is a technology leader in electrification and automation, enabling a more sustainable and resource-efficient future. The company's solutions connect engineering know-how and software to optimize how things are manufactured, moved, powered and operated. Building on more than 140 years of excellence, ABB's ~105,000 employees are committed to driving innovations that accelerate industrial transformation. For more information, please visit www.abb.com.
For investor inquiries, please contact:
Kim MacEachern
Manager, Investor Relations
cmg-investors@cmgl.ca
For media inquiries, please contact:
marketing@cmgl.ca
Cautionary Note Regarding Forward-Looking Statements
This press release contains "forward-looking statements". Forward-looking statements can be identified by words such as: "anticipate", "intend", "plan", "goal", "seek", "believe", "project", "estimate", "expect", "strategy", "future", "likely", "may", "should", "will", and similar references to future periods. Examples of forward-looking statements include, among others, statements we make regarding the ability to develop new products with ABB, the functionality or benefits of such products, the ability to integrate CMG products with any ABB technology and the ability to maintain uninterrupted operations of CCS projects.
Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations, and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements are detailed in the companies' public filings.
Any forward-looking statement made by us in this press release is based only on information currently available to us and speaks only as of the date on which it is made. Except as required by applicable securities laws, we undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.
