Methanex and CRI sign investment agreement
July 30, 2013
By Canadian Biomass
July 30, 2013, Reykjavik, Iceland - Methanex Corporation announced an initial $5 million investment in Carbon Recycling International (CRI), a privately held company with headquarters in Iceland.
Methanex will also evaluate additional investments to
support CRI's growth. CRI operates the world's first renewable methanol plant
in Iceland, which utilizes its emissions-to- liquids (ETL) technology,
converting renewable energy and recycled CO2 emissions to renewable methanol.
As a result of this investment, Methanex will become one of the key
shareholders of CRI, with Board representation.
CRI markets its renewable methanol in Europe, under the
registered brand name Vulcanol, where it is blended with gasoline and used for
production of biodiesel. Vulcanol is certified by the International
Sustainability and Carbon Certification system (ISCC) as an ultra-low carbon
advanced renewable transport fuel with no biogenic footprint. Methanex and CRI
intend to collaborate on large-scale projects based on CRI's ETL technology by
leveraging Methanex's operational experience and global reach and CRI's unique
expertise in the production of ultra-low carbon renewable methanol. The
companies are targeting to expand the use of methanol blended fuels in Europe.
"The fastest growing markets for methanol are in the
energy sector and we believe renewable methanol will play an important role in
future applications," John Floren, president and CEO of Methanex. "The CRI team
has demonstrated the ability to develop this technology, operate a production
plant and successfully market renewable methanol, which further reinforces the
value of this investment."
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