1.1.0001 14.05.08

Exclusive agreement signed with Carbon Recycling International

The plant, GCM-010 has a capacity of 4.5 million liters of methanol per year. The blend of methanol and gasoline provides enhancement of octane, efficiency and cleaner combustion in existing and new automobiles. The blend of renewable methanol at 5 % of gasoline or RM-5 fuel requires no modification of engines. The supply of 4.5 million liters can service all cars in the greater Reykjavik area with higher octane gasoline.

Under the agreement, Mannvit will provide project management, technical services for chemical, mechanical structural, civil and architectural engineering as well as permitting support.

KC Tran, CEO of Carbon Recycling International says: "The long term engineering services agreement signed with Mannvit is the basis for optimism in successfully implementing the fast track engineering, procurement, and construction of the first geothermal and carbon dioxide to liquid fuel plant."

Runolfur Maack, Deputy CEO of Mannvit says: "We have the engineering skills, experience base and  organizational scale to join hands with Carbon Recycling International to accelerate the commercialization of geothermal to liquids technology, cost effectively and safely.

Carbon Recycling International develops, markets and deploys technology for synthesizing renewal transport liquid fuel from recycling carbon dioxide.

The technology is an integrated emission-free process which yields high octane gasoline or diesel of quality superior to imported fuel, suitable to drive existing combustion engines.

The commercial success promises strategic oil independence to Iceland, reduction of industrial emissions and monetization of geothermal energy on a national scale. It also provides a viable pathways as the nation transitions to a hydrogen economy.