Kemira Oyj of Finland Becomes Mantra's Development Partner for Its (CCR)Carbon Capture Recycling Technology
SEATTLE, WA, Feb 07, 2011 (MARKETWIRE via COMTEX) -- Mantra Venture Group Ltd. ("Mantra") (OTCBB: MVTG) (FRANKFURT: 5MV) announces it has negotiated, through its wholly-owned subsidiary Mantra Energy Alternatives Inc. ("ME") a Memorandum of Understanding ("MOU") with Finland-based Kemira Oyj ("Kemira"), one of the world's foremost water chemistry companies. The MOU is very significant to Mantra as it completes a link in its processing and supply chain for the conversion of carbon dioxide ("CO2") emissions into the strongest of the organic acids, formic acid. The partnership is mutually beneficial as it both ensures a long-term and steady supply of formic acid to Kemira for their various chemical applications, while it concurrently assists ME in meeting the needs of its ERC industrial clients in resolving CO2 emission problems. Even more compelling to Mantra's business evolution is Kemira's intent and desire to co-partner in developing additional green products using formic acid as a base chemical component. This key partnership sets the platform for multiple future revenue streams for Mantra, Kemira and future industrial clients, all using formic acid derived from ME's novel ERC technology.
As an indication of Kemira's commitment to optimization of the processing and supply chain, they have agreed to build a key component of the ERC system: the back end process which improves the formic acid output up to market ready specification on site. When synergistically combined, the ERC commercial package will include technology from both parties that is scalable and turnkey for industrial clients such as cement plants, coal-fired power plants, refineries, and other large emitters. Optimization of ERC with Kemira's added partnership strength will facilitate the manufacturing of a steady long-term supply of formic acid at a lower cost than existing processes, which are based on fossil fuels, the cost of which are forecasted to increase in the future. Adding further benefit to the partnership opportunity, is Kemira's ability to handle worldwide sales and marketing of formic acid, alleviating any pressure on ME to independently develop a distribution chain.
Kemira is a global EUR two billion green chemicals company that is focused on serving customers in water-intensive industries. It is the second largest manufacturer of formic acid worldwide. Kemira ChemSolutions ("ChemSolutions"), a subsidiary of Kemira Oyj, is a leading producer of formic acid and organic acid salts. ChemSolutions is developing new formic acid recovery and concentration technologies in the TEKES-funded projects under Kemira's SWEET centre (centre for water excellence technologies).
Dr. Frank Wegener, Senior Vice President in charge of ChemSolutions, says that, "the cooperation with Mantra in the development of the formic acid recovery method for the ERC process is an important strategic move in securing a sustainable raw material source for formic acid."
Mr. Larry Kristof, CEO, had this to say:"The involvement of Kemira as a partner marks a major step forward in carrying the ME business plan to fruition. This is a key step and is the result of our last two years of consistent effort. We welcome Kemira, just as we recently welcomed Lafarge, and anticipate that commercialization of ERC will now be faster and more secure."
About Mantra Venture Group
Mantra, through its group of sustainable energy, carbon reduction and consumer product subsidiaries, is active in the green technology marketplace with an innovative, multi-faceted approach focused on profitability through sustainability. By aggressively seeking out new technologies and innovating solutions for a cleaner earth for everyone, Mantra intends to provide a highly profitable and environmentally responsible investment for its shareholders.
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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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.
