Mantra Energy Alternatives Signs Deal with Tekion to Accelerate Commercial Development of its ERC Technology
August 27 2012 - 9:15AM
Marketwired
Mantra Venture Group Ltd. (OTCBB:MVTG)(FRANKFURT:5MV) today
announced that its Mantra Energy Alternatives Ltd. subsidiary has
signed a technology development agreement with Tekion (Canada) Inc.
As a part of the agreement, Tekion will provide its development and
testing facilities and expertise to accelerate the timing for field
trials for Mantra's Electro-reduction of Carbon Dioxide (ERC)
process - a form carbon capture and recycling (CCR).
Mantra's ERC process aims to capture CO2 from industrial
activities, such as cement production, and convert it to marketable
chemicals like formate salts or formic acid. Mantra's ERC pilot
facility will be operated at Lafarge's cement plant in Richmond,
Canada. Lafarge Canada, Inc, is a subsidiary of Lafarge North
America, the largest diversified supplier of construction materials
on the continent.
In preparation for the Lafarge project, Tekion will be working
with Mantra to do the following:
-- Broaden Mantra's IP base by utilizing its 10 years of experience with
formic acid and electrochemical system development to accelerate the
final material selection and to improve electrode performance.
-- Explore alternative methods with the capability of going directly to
Formic Acid from CO2
-- Collaborate with Powertech on the creation of a conceptual design for
the Lafarge pilot plant that converts up to 100 kilograms of CO2 per day
to formate salts or formic acid, and that operates 24 hours per day.
"Tekion's deep experience with formic acid and electrochemical
systems will speed the development of our ERC technology, and help
us meet our aggressive timeline for commercial trials," said Larry
Kristof, Mantra's President and CEO.
"We pleased that Mantra recognized our industry-leading
knowledge in this space and brought us in to collaborate on this
exciting project. Together, we have the right set of experience and
IP to quickly bring ERC to the demo stage," said Neil Huff, CEO of
Tekion.
The project with Tekion is scheduled to be completed by the end
of 2012.
About Mantra Energy Alternatives:
Mantra Energy Alternatives Ltd. is a wholly owned subsidiary of
Mantra Venture Group Ltd. Its mission is to become the world leader
in production of high value, carbon negative chemicals and fuels.
Mantra's ERC system will reduce the problem greenhouse gas CO2 and
convert it into a series of valuable chemicals, a form of carbon
capture and recycling (CCR). There are currently 27 billion metric
tons of CO2 emitted annually from fossil fuel combustion, providing
an inexhaustible supply of feedstock. The first product is formic
acid (HCOOH), which commands a market of approximately USD $1
billion.
Mantra is a public company quoted on the OTC BB under the symbol
MVTG and on the Frankfurt Stock Exchange under the symbol 5MV.
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For more information go to: http://www.mantraenergy.com
About Tekion:
Tekion is the world's foremost authority on using formic acid as
a fuel for a Proton Exchange Membrane (PEM) fuel cell. With over 9
years and hundreds of man years of experience, Tekion has developed
a simple reformer technology utilizing the disassociation of formic
acid to provide hydrogen to PEM fuel cells for a range of products,
from portable electronics to large back-up power systems. Tekion
views formic acid as a simple way to carry hydrogen and is
committed to developing products with OEM's ranging from 5Watts to
40kW.
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.
Contacts: Sterling Communications, for Mantra Energy
Alternatives Chris Warfield Media Contact
206-388-5758mantra@sterlingpr.com Mantra Venture Group Company
Contact 604-560-1503info@mantraenergy.com www.mantraenergy.com