Methanex and Carbon Recycling International Sign Landmark Investment Agreement for Advanced Renewable Fuel Production
July 30 2013 - 7:30AM
Marketwired
Methanex Corporation (TSX:MX)(NASDAQ:MEOH) announced today an
initial $5 million investment in Carbon Recycling International
(CRI), a privately held company with headquarters in Reykjavik,
Iceland. Methanex will also evaluate further 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.
"As a leader of renewable methanol production, we are proud to
be investing in CRI and facilitate the next stage of growth," said
John Floren, President and CEO of Methanex. "The fastest growing
markets for methanol are in the energy sector and we believe
renewable methanol will play an important role in future
applications. 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."
"It's a great pleasure to have Methanex join our team of
shareholders and Board of Directors. Methanex's leadership position
in operations, sales and in growing the use of methanol within
energy applications is an asset," said KC Tran, Chief Executive of
CRI. "Based on our experience of building and operating the first
emission-to-liquids fuel plant in Iceland and the increasing
world-wide demand for ultra-low carbon automotive fuels, CRI is
well positioned to grow larger production plants based on our
relationship with providers of Icelandic hydro and geothermal
energy. Methanex's investment is a validation of our approach and
will strengthen our ability to execute our growth plan
successfully."
Methanex is a Vancouver-based, publicly traded company and is
the world's largest supplier of methanol to major international
markets. Methanex shares are listed for trading on the Toronto
Stock Exchange in Canada under the trading symbol "MX" and on the
NASDAQ Global Market in the United States under the trading symbol
"MEOH". For further information, visit www.methanex.com.
Carbon Recycling International (CRI) is a privately held
Icelandic limited liability company with headquarters in Reykjavik,
Iceland and production plant in Svartsengi, near Grindavik Iceland.
CRI captures carbon dioxide from industrial emissions and renewable
energy into ultra-low carbon liquid automobile fuel, renewable
methanol, marketed under the Vulcanol® brand. For further
information, visit www.carbonrecycling.is/.
Contacts: Methanex Corporation Marc Dupont Director, Government
and Public Affairs 604-661-2600 or Toll Free: 1 800 661-8851
www.methanex.com Methanex Corporation Sandra Daycock Director,
Investor Relations 604-661-2600 or Toll Free: 1 800 661-8851
www.methanex.com Carbon Recycling International Benedikt
Stefanssonpress@cri.is
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