First Commercial Plant
George Olah Renewable Methanol Plant began production in late 2011.
K-C Tran, CEO of Carbon Recycling International, said at the plant opening: "Building the George Olah Plant is establishing the keystone for a fleet of carbon recycling plants in the future." The name of the plant honors George Olah, Nobel Prize Laureate in chemistry and co-author of Beyond Oil and Gas: The Methanol. The plant, which produces around 2 million liters of Renewable Methanol (RM) per annum, was completed at the end of 2012. CRI plans to expand the plant to produce more than 5 million liters a year by 2014 and to reclaim 5.5 thousand tonnes of carbon dioxide a year from the atmosphere. The production process is clean and the sole byproduct is oxygen. RM will be blended with gasoline and sold at gasoline stations in Iceland and abroad in 2013.
Emissions of CO2 will become more expensive as the European Trading Scheme for carbon dioxide matures in Europe. CRI will be in position to derive revenues from the carbon credit and renewable fuel markets.
RM can potentially be a sustainable source of renewable fuel for Iceland and Europe. Production of RM by harnessing Iceland's geothermal energy is reproducible in many similar locations around the world. CRI plans to construct a larger plant in Iceland that will produce up to 50 million liters of RM per year for export to other European countries.
RM is a renewable fuel as established by the Renewable Energy Directives of the European Union. RM is one viable solution to the EU's demand for renewable fuel. RM is bio-degradable, much less flammable than gasoline, and produces milder fires when ignited. Consumers can expect a cleaner and safer fuel when using RM neat or blended with gasoline.