Vancouver-based Methanex Corp. (TSX:MX) is investing in an Icelandic company that has developed a process for creating methanol from renewable energy sources, including geothermal – of which Iceland has an abundance – as well as wind, solar and hydro power.
Methanex is making an initial investment of $5 million in Carbon Recycling International (CRI), a private company headquartered in Reykjavik, and may make additional investments.
CRI has developed what Methanex calls the world's first renewable methanol plant. Its emissions-to-liquids technology use electricity from renewable energy sources to split water into hydrogen and oxygen, which is then combined with carbon dioxide to create methanol.
Methanex and CRI plan to collaborate on large-scale projects using CRI's technology.
"As a leader of renewable methanol production, we are proud to be investing in CRI and facilitate the next stage of growth," said Methanex CEO John Floren. "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."
