Mantra Venture Group Ltd. (OTCBB: MVTG - FSE: 5MV) - On June 8th, 2009, the US Department of Energy's (DOE) National Energy Technology Laboratory (NETL) announced a $2.4 Billion funding opportunity for a range of industrial carbon capture and energy efficiency improvement projects.
Of this offering, approximately $100 Million has been allocated for innovative concepts for beneficial CO2 reuse, including: CO2 mineralization to carbonates through conversion of CO2 in flue gas; use of CO2 from power plants or industrial applications to grow algae/biomass, and conversion of CO2 to fuels and chemicals.
John Russell, Vice President of Technology Evaluation at Mantra, comments: 'The recently announced DOE program offers a significant opportunity for the strategic development of ERC. With CO2 regulations becoming increasingly stringent and the value of ERC by-products on the rise, this program may offer Mantra and its testing partner the support needed make ERC a profitable CO2 recycling solution for emitters of many types.' In commenting on prospective partners for the project, he added: 'We are currently evaluating a host of suitable partnership opportunities in the U.S., including: cement plants, chemical plants, refineries, steel and aluminium plants and manufacturing facilities. Given the proximity of the deadline, we hope finalize an agreement with a partner no later than July 15th.'
The DOE-NETL program is a cost-sharing collaboration between US Government and industry to increase investment in clean industrial technologies and sequestration projects. Projects selected for funding will be broken into two phases. Phase 1 consists of the initial award - estimated to be in the range of $500,000 to $3,000,000 per project. Five months following Phase 1, awardees interested in further funding will be subject to a competitive renewal process (Phase 2). DOE will contribute up to a maximum of 80% of the capital requirements for each project, with a target contribution level of 50% for those projects considered to be of lower-risk.
If your company is interested in partnering with Mantra on this opportunity, please contact John Russell, Toll Free: 877-609-2898.
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The ERC process, 'the Electrochemical Reduction of Carbon Dioxide', combines captured carbon dioxide with water to produce high value materials, such as formic acid and formate salts, which are conventionally obtained from the thermochemical processing of Fossil Fuels. However, ERC has an advantage over the established thermochemical methods for converting carbon dioxide to liquid fuels.
While thermochemical reactions must be driven at relatively high temperatures that are normally obtained by burning fossil fuels, ERC operates at near ambient conditions and is driven by electric energy that can be taken from an electric power grid supplied by hydro, wind, solar or nuclear energy (forms of renewable energy).
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.
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. There can be no certainty that Mantra will finalize an agreement with any industry partners and even if an agreement is finalized, there can be no certainty that Mantra's application to the DOE-NETL program will be approved. 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.
SOURCE Mantra Venture Group Ltd.