Mantra Venture Group Ltd.

Mantra Venture Group Ltd.

November 12, 2014 09:15 ET

Mantra Energy Receives Further Federal Funding

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Nov. 12, 2014) - Mantra Energy Alternatives Ltd., a subsidiary of Mantra Venture Group Ltd. (OCTQB:MVTG), has announced that it has received further funding from Canadian government organizations. Both the National Sciences and Engineering Research Council of Canada (NSERC) and Mitacs, a national funding organization, have awarded funding to support two Ph.D. engineers on post-doctoral fellowships with the company.

The NSERC IRDF award will provide $60,000 over two years to support Dr. Tirdad Nickchi, an electrochemical corrosion expert who received his Ph.D. from UBC in Materials Engineering. Dr. Nickchi obtained his bachelor's and Master's degree from institutions in Iran, and in addition to his education has performed research at Iran's Metallurgical Research Centre and as a post-doctoral fellow at UBC. His extensive experience includes designing electrochemical cells, performing pulsed electrodeposition, chemical bath stabilization, the design and construction of physical vapor deposition systems, the study of electrochemical corrosion, and the assembly, calibration, operation, and development of novel techniques for a scanning electrochemical microscope. With Mantra, Dr. Nickchi will be focusing on catalyst development and characterization.

The Mitacs Elevate award will provide $75,000 over two years to support Dr. Piotr Forysinski in collaboration with Professor Elod Gyenge of UBC. Dr. Forysinski, who has been working with Mantra since July, is a Ph.D. Physical Chemist who will be developing to demonstration Mantra's innovative fuel cell, the MRFC.

"We are very appreciative of the support of NSERC and Mitacs, which has allowed us to bring incredibly talented individuals like Drs. Nickchi and Forysinski to the team in critical capacities," said Patrick Dodd, Mantra's VP of Corporate Development.

These most recent awards round out a highly successful year of such grants for Mantra. Earlier this year, the company announced two NSERC Engage grants for its work with the Institute national de la recherche scientifique (INRS) and UBC, totaling $50,000. Shortly thereafter, the company received one Mitacs and two NSERC grants to support its personnel.

Recently, the company announced the receipt of a $450,000 grant for a three-year project with INRS, building on the earlier funded work between the two.

In total, Mantra has been approved for $792,500 in funding from NSERC and Mitacs to support projects and personnel over the next three years.

"The continued support of these institutions provides both capital and validation for the company and its technologies," said Mantra CEO Larry Kristof.

About Mantra Venture Group

Mantra Venture Group Ltd. (OTCQB:MVTG) is a clean technology incubator that takes innovative emerging technologies and moves them towards commercialization. The Company, through its subsidiary Mantra Energy Alternatives, is currently developing two groundbreaking electrochemical technologies designed to make reducing greenhouse gas emissions profitable, ERC (Electro-Reduction of Carbon Dioxide) and MRFC (Mixed-Reactant Fuel Cell).

ERCis a form of "carbon capture and utilization" (CCU) that converts the polluting greenhouse gas carbon dioxide into useful, valuable products including formic acid and formate salts. By utilizing clean electricity, the process offers the potential for an industrial plant to reduce emissions while generating a salable product and a profit.

The MRFC is an unconventional fuel cell that uses a mixture of fuel and oxidant, thereby greatly reducing the complexity and cost of the fuel cell system. Ideal for portable applications, the MRFC is cheaper, lighter, and more compact than conventional fuel cell technologies.

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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 forward-looking statements.

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