- By KKristof
Burnaby, BC – Mantra Energy Alternatives Ltd., the wholly owned subsidiary of Mantra Venture Group Ltd.(OTCQB: MVTG, GR: 5MV), has obtained a Chinese patent for its novel “Electro-Reduction of Carbon Dioxide” (ERC) process (Chinese patent No.ZL 2006 8 0037810.8). China is the second country to award a patent for ERC after India, which did so in 2012 (Indian patent No. 251493). ERC is an electrochemical carbon utilization process that can convert carbon dioxide, such as that emitted from cement or power plants, into high value chemicals such as, among others, formic acid and formate salts.
“Obtaining a patent in China, which is one of ERC’s largest prospective markets, is enormous for us,” says Larry Kristof, Mantra’s CEO. “We plan to take steps to capitalize on this opportunity immediately, especially as this comes on the heels of an announcement by China’s Ministry of Finance that they intend to implement a carbon tax in the next two years.”
Mantra’s CTO Patrick Dodd adds, “This is an exciting development coming at the head of what will be an aggressive new patenting initiative by Mantra.”
The process is also in the late stages of patent review in Canada, the United States, Europe, Australia, and Japan.
ERC, or the “electro-reduction of carbon dioxide”, is a form of “carbon capture and utilization” (CCU) that converts the pollutant 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.
About Mantra Energy Alternatives
Mantra Energy Alternatives Ltd., a wholly owned subsidiary of Mantra Venture Group Ltd., aims to become a world leader in the production of high-value, carbon-negative chemicals and fuels. Mantra is currently developing the ERC process, which will initially produce formic acid and formate salts from carbon dioxide, and will eventually be capable of generating a wide variety of products. The company seeks to simultaneously reduce anthropogenic carbon emissions, which total over 30 billion tonnes each year from fuel combustion alone, and generate value.
Mantra Venture Group is a public company quoted on the OTC QB under the symbol MVTG and on the Berlin Stock Exchange under the symbol 5MV.
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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.