The Globe and Mail

Go to the Globe and Mail homepage

Jump to main navigationJump to main content

Press release from Marketwire

Methanex and Carbon Recycling International Sign Landmark Investment Agreement for Advanced Renewable Fuel Production

Tuesday, July 30, 2013

Methanex and Carbon Recycling International Sign Landmark Investment Agreement for Advanced Renewable Fuel Production

07:30 EDT Tuesday, July 30, 2013

REYKJAVIK, ICELAND--(Marketwired - July 30, 2013) - 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/.

FOR FURTHER INFORMATION PLEASE CONTACT:

Contact Information:
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 Stefansson
press@cri.is

Products
  • Globe Unlimited

    Digital all access pass across devices. subscribe

  • The Globe and Mail Newspaper

    Newspaper delivered to your doorstep. subscribe

  • Globe2Go

    The digital replica of our newspaper. subscribe

  • Globe eBooks

    A collection of articles by the Globe. subscribe

See all Globe Products

Advertise with us

GlobeLink.ca

Your number one partner for reaching Canada's Influential Achievers. learn more

The Globe at your Workplace
Our Company
Customer Service
Globe Recognition
Mobile Apps
NEWS APP
INVESTING APP
Other Sections