Carbon Recycling International ehf, which this month sold its first renewable methanol fuel, expects to boost production by a 100-fold over the next five years to capture European demand.
The company now produces 1.5 million liters and has the capacity to produce about 5 million liters. It plans to boost that to 150 million liters over the next five years, Benedikt Stefansson, director of business development at the Reykjavik- based company, said in a telephone interview.
The company this month sold Iceland’s first shipment of so-called Vulcanol, a brand name, to Dutch oil company Argos. The fuel is produced by capturing carbon dioxide from a geothermal power plant on the the southwest part of the Atlantic island.
“We’ve signed a contract to sell a large share of our capacity to Argos, over 1 million liters of Vulcanol per year,” Stefansson said. “The company’s production process and fuel offer a sustainable method to meet the objectives of the European Commission to substitute 10 percent of fossil fuel in the transport sector by 2020.”
CRI’s plant produces renewable methanol by harnessing energy and carbon dioxide emissions of a nearby geothermal plant. The carbon dioxide is converted and recycled to produce liquid fuel. The production can then be used to blend in with gasoline for any car and as a feedstock in the production of other fuels.
Source: Bloomberg
By Omar R. Valdimarsson