Carbon Recycling International (CRI) and Icelandic construction company ÍAV signed a contract for construction of the first plant for production of renewable fuel from CO2 emissions.
A press release from CRI says in part that construction work on the plant on an industrial site next to the HS Orka geothermal power plant at Svartsengi on the Reykjanes peninsula. Operations are expected to commence in March 2011.
“At full scale, production capacity of the CRI plant will be 5 million liters of Renewable Methanol per year,” the statement says in part. “The fuel will initially be introduced on the Icelandic market. Renewable Methanol can be blended with gasoline or biodiesel to make clean fuel for cars without requiring any change of engines or distribution methods. Benefits include lower pollution, better fuel efficiency and a sustainable domestic fuel supply made with electricity, CO2 emissions and water. This will make Iceland cleaner, less dependent on import of oil and potentially a net fuel exporter in the future.”
KC Tran, CEO of Carbon Recycling International, is quoted as saying, “I am looking forward to working with IAV on this project. They bring skill, knowledge and enthusiasm to bear, combined with experience and a high quality standard. This plant is a big step forward. It will help to lower air pollution in the Grindavik area and create new opportunities for members of the community as well as in Iceland as a whole.”
Karl Þráinsson, CEO of ÍAV added that, “We welcome the opportunity to work with CRI, which is an entrepreneurial and forward thinking clean technology company. We are also pleased to be part of putting together the first clean fuel production plant of its kind in the world based on Icelandic technology.”
Carbon Recycling International has been in operation since 2006 and is owned by Icelandic and American investors. For more on the company’s practices, and what creating renewable fuel from CO2 entails, visit CRI’s homepage.