SEATTLE, WASHINGTON--(Marketwire - Aug. 24, 2012) - Mantra Venture Group Ltd. (OTCBB:MVTG)(FRANKFURT:5MV) today announced that its Mantra Energy Alternatives Ltd. subsidiary has signed a technology development agreement with Tekion (Canada) Inc. As a part of the agreement, Tekion will provide its development and testing facilities and expertise to accelerate the timing for field trials for Mantra's Electro-reduction of Carbon Dioxide (ERC) process - a form carbon capture and recycling (CCR).
Mantra's ERC process aims to capture CO2 from industrial activities, such as cement production, and convert it to marketable chemicals like formate salts or formic acid. Mantra's ERC pilot facility will be operated at Lafarge's cement plant in Richmond, Canada. Lafarge Canada, Inc, is a subsidiary of Lafarge North America, the largest diversified supplier of construction materials on the continent.
In preparation for the Lafarge project, Tekion will be working with Mantra to do the following:
- Broaden Mantra's IP base by utilizing its 10 years of experience with formic acid and electrochemical system development to accelerate the final material selection and to improve electrode performance.
- Explore alternative methods with the capability of going directly to Formic Acid from CO2
- Collaborate with Powertech on the creation of a conceptual design for the Lafarge pilot plant that converts up to 100 kilograms of CO2 per day to formate salts or formic acid, and that operates 24 hours per day.
"Tekion's deep experience with formic acid and electrochemical systems will speed the development of our ERC technology, and help us meet our aggressive timeline for commercial trials," said Larry Kristof, Mantra's President and CEO.
"We pleased that Mantra recognized our industry-leading knowledge in this space and brought us in to collaborate on this exciting project. Together, we have the right set of experience and IP to quickly bring ERC to the demo stage," said Neil Huff, CEO of Tekion.
The project with Tekion is scheduled to be completed by the end of 2012.
About Mantra Energy Alternatives:
Mantra Energy Alternatives Ltd. is a wholly owned subsidiary of Mantra Venture Group Ltd. Its mission is to become the world leader in production of high value, carbon negative chemicals and fuels. Mantra's ERC system will reduce the problem greenhouse gas CO2 and convert it into a series of valuable chemicals, a form of carbon capture and recycling (CCR). There are currently 27 billion metric tons of CO2 emitted annually from fossil fuel combustion, providing an inexhaustible supply of feedstock. The first product is formic acid (HCOOH), which commands a market of approximately USD $1 billion.
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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Tekion is the world's foremost authority on using formic acid as a fuel for a Proton Exchange Membrane (PEM) fuel cell. With over 9 years and hundreds of man years of experience, Tekion has developed a simple reformer technology utilizing the disassociation of formic acid to provide hydrogen to PEM fuel cells for a range of products, from portable electronics to large back-up power systems. Tekion views formic acid as a simple way to carry hydrogen and is committed to developing products with OEM's ranging from 5Watts to 40kW.
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.