Mantra to Target $1.5 Billion Steel Pickling Market in 2009
December 01 2008 - 9:15AM
PR Newswire (US)
Company will use patent pending, proprietary ERC technology to
optimize steel production. SEATTLE, Dec. 1 /PRNewswire-FirstCall/
-- Mantra Venture Group Ltd. ("Mantra", OTCBB: MVTG, FSE: 5MV)
announces that the company will launch an initiative in early 2009
to implement the use of their proprietary carbon reduction
technology (ERC) by steel manufacturers for the removal of rust and
oxidation (pickling) from their steel products. The ERC process
converts CO2, a harmful steel production byproduct, into valuable
formic acid that can replace the use of hydrochloric acid in steel
pickling. The steel industry currently spends $1.5 billion annually
on hydrochloric acid for this purpose. By adopting Mantra's ERC
technology, a steel producer can effectively reduce the release of
harmful CO2 while simultaneously generating organic acid that they
would otherwise have had to purchase. "This is a win/win/win for a
steel producer, the environment and perhaps, our shareholders,"
said Larry Kristof, CEO of Mantra Energy Group Ltd. "By using
Mantra's technology, steel producers can reduce a dangerous
emission that is the primary cause of global warming and are
immediately rewarded with biodegradable formic acid that replaces
yet another harmful chemical - hydrochloric acid - for which the
industry is spending $1.5 billion a year." "To make an illustrative
analogy to the automotive industry, this would be like capturing
car emissions, preventing them from ever entering the atmosphere,
and then turning that noxious waste into gasoline. Better yet, at
the end of the use of this new fuel, you would be left with a
biodegradable fluid that doesn't harm the environment," Kristof
added. Mantra's 2009 initiative comes on the heels of recent
announcements that separate the company from others in the
sustainability industry including invitations to a prestigious
Clean Technology summit and the creation of an elite management
team. Moreover, the company views the enormous steel industry as
but one profitable realm in their near future and expects to
implement ERC technology in a wide range of applications including
next generation fuel cells, feedstock preservatives, de-icing
solutions, baking soda and more. Mantra also believes they can be
competitive in the areas of stored power, such as batteries, and
will communicate any new developments as they occur. About ERC The
ERC process, defined as the Electrochemical Reduction of Carbon
dioxide, combines captured carbon dioxide with water to produce
high value materials, such as formic acid and formate salts, which
are conventionally obtained from the thermochemical processing of
fossil fuels. However, ERC has an advantage over the established
thermochemical methods for converting carbon dioxide to liquid
fuels. While thermochemical reactions must be driven at relatively
high temperatures that are normally obtained by burning fossil
fuels, ERC operates at near ambient conditions and is driven by
electric energy that can be taken from an electric power grid
supplied by hydro, wind, solar or nuclear energy. About Mantra:
Mantra, through its group of sustainable energy, carbon reduction
and consumer product subsidiaries, is active in the green
technology marketplace with an innovative, multi-faceted approach
focused on profitability through sustainability. By aggressively
seeking out new technologies and innovating solutions for a cleaner
earth for everyone, Mantra intends to provide a highly profitable
and, more importantly, socially and environmentally responsible
investment for its shareholders. Mantra is a public company quoted
on the OTC BB under the symbol MVTG and on the Frankfurt Stock
Exchange under the symbol EDV 5MV. Forward-Looking Statements:
Except for the historical information contained herein, the matters
discussed in this press release are forward-looking statements.
Actual results may differ materially from those described in
forward-looking statements and are subject to risks and
uncertainties. See Mantra Venture Group's filings with the
Securities and Exchange Commission which identify specific factors
that may cause actual results or events to differ materially from
those described in the forward-looking statements. Investor
Relations Terry Johnston 604-267-3022 http://www.mantraenergy.com/
DATASOURCE: Mantra Venture Group Ltd. CONTACT: Investor Relations,
Terry Johnston, (604) 267-3022, , http://www.mantraenergy.com/
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