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Canadian Methanex invests in Iceland

The Vancouver-based Methanex has announced an initial USD 5 million investment in Icelandic Carbon Recycling International (CRI), a privately held company with headquarters in Reykjavik, Iceland. Methanex becomes one of the key shareholders of CRI, with Board representation.

Methanex-CRI-investment-2013In Iceland, CRI operates the world’s first renewable methanol plant, which utilizes CRI’s emissions-to- liquids (ETL) technology, utilizing renewable energy to convert carbon dioxide emissions to methanol. CRI markets this product in Europe as renewable methanol, under the registered brand name Vulcanol. The Vulcanol can be blended with gasoline and can also be 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.

According to press announcements, 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 say they are targeting to expand the use of methanol blended fuels in Europe.

Methanex-logoMethanex is the world’s largest supplier of methanol to major international markets. It is a publicly traded company; 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 USA under the trading symbol “MEOH“.

Mr. John Floren, President and CEO of Methanex, says that the fastest growing markets for methanol are in the energy sector and that Methanex believes renewable methanol will play an important role in future applications. Mr. Floren has also pointed out that the team at CRI 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 by Methanex.

The investment of Methanex in CRI shows that the Icelandic energy- and technology sectors are becoming increasingly interesting for foreign investors. Currently, several other foreign companies are considering investments in for example oil exploration on the Icelandic continental shelf and in silicon production in Northeast Iceland.