SEATTLE, WA, Dec. 8 /PRNewswire-FirstCall/ - Mantra Venture Group Ltd. ('Mantra', OTCBB: MVTG, FSE: 5MV) is pleased to announce that it has signed a Collaboration Agreement with Ecole Polytechnique Federale de Lausanne's (EPFL) Laboratory of Organometallic and Medicinal Chemistry (LCOM) and Granit Green Networks Ltd. (GGN) of Switzerland to engage in a collaborative project to convert CO2 into hydrogen fuel - using formic acid as the carrier.

The purpose of the collaboration is to combine Mantra's Electroreduction of Carbon Dioxide (ERC) technology with a technology developed by Dr. Gabor Laurenczy et al. of EPFL that generates hydrogen from formic acid on demand and at high pressure. If successful, the parties will look to develop and commercialize an energy/hydrogen storage and hydrogen/energy supply system based on the sustainable production of formic acid as a liquid hydrogen carrier. The formic acid, where produced by clean energy, will have a negative carbon balance.

John Russell, Vice President of Technology Evaluation at Mantra, said: "The EPFL/GGN patented technology is unique in that it produces hydrogen at pressure from formic acid. By pairing this technology with Mantra's ERC technology, we can convert CO(2) into a liquid hydrogen carrier via formic acid - an organic acid that can be safely transported and stored - and deliver hydrogen at pressure as required at the refuelling site. This would be a significant achievement, as it would lead to safe transport, handling and delivery of hydrogen to a commuter fleet powered by fuel cells. The adoption of this system would then allow the hydrogen fuel cell car to compete with the battery commuter car. At present, batteries are seen as being more practical and economic than fuel cells. This collaboration could help industry overcome the 'hydrogen infrastructure barrier'."

This initial project will enable Mantra, GGN, and EPFL's LCOM unit to evaluate the complimentary nature of their respective technologies, and the companies expect to enter into a licensing agreement upon confirmation of their synergy.

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About Ecole Polytechnique Federale de Lausanne

Ecole Polytechnique Federale de Lausanne (EPFL) is one of two Ecoles Polytechniques federales in Switzerland. EPFL stimulates collaboration between students, professors, researchers and entrepreneurs to achieve its three core missions: education, research and technology transfer at the highest international level. In association with several specialized research institutions, EPFL's dedication to research and innovation has led to new and groundbreaking work in science, technology and architecture.

EPFL currently possess a technology that generates hydrogen in situ from formic acid in batch or continuous. EPFL filed a priority patent application for this technology on October 18, 2006 and an international extension thereon under PCT/IB2007/054222.

For more information on EPFL, visit: http://www.epfl.ch/index.en.html

About Granit Green Networks Ltd.

Granit Green Networks Ltd. (GGN) has been active in sustainable development since 1971 and has successfully developed technologies in several industry sectors, including: renewable energies, renewable materials, water treatment and waste management. Over the years, GGN has initiated a number of structures and associations dedicated to the demonstration, training and transfer of environmental technologies and methodologies, including:

    -   SESEC - Sustainable Environmental Solutions for Emerging Countries
        (www.sesec.org)
    -   IFGRA - International Federation of Green Regions (www.ifgra.org)
    -   The "Green Center" in the North of Canton of Vaud and the related
        network of Green Centers, etc. ( www.tecorbe.com)

GGN currently holds the exclusive license for all applications above 500 W of EPFL's concept to generate hydrogen in situ from formic acid.

About ERC

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).

About Mantra:

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.

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 the forward-looking statements.

SOURCE Mantra Venture Group Ltd.

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