The Bloomberg Energy unit is a joint venture between a French-Canadian energy company and an Israeli oil company.
Bloomberg is an oil and gas exploration company and owns about 2,000 acres of oil and natural gas fields in Quebec.
Bloomquist said it would build a natural gas turbine that would generate power by burning natural gas and carbon dioxide.
Bloomenberg’s business model is to use the carbon dioxide in the atmosphere to produce electricity.
It would have to produce at least 1 million tons of carbon dioxide annually, Bloomquist explained.
It has invested about $200 million in the project.
Bloomenburg said it expects the carbon-neutral power to produce about $300 million a year, depending on the demand for the power.
Bloomber’s carbon-free electricity would be produced from natural gas.
The company said it has the technology to produce up to 1,500 megawatts of power in the next 30 years.
The project would create about 700 jobs.
Bloomerge also said it will invest in solar power, wind power and energy storage, as well as to develop a natural resource park in Canada and elsewhere.