SEATTLE, Oct. 10, 2011 /PRNewswire/ -- Mantra Venture Group Ltd. ("Mantra") (OTC.BB: MVTG) (Frankfurt: 5MV) is pleased to announce that its flagship carbon utilization technology known as the Continuous Co-Current Electro-Chemical Reduction of Carbon Dioxide (ERC) PCT# WO 2007/041872 A1, has advanced to the examination phase in the process for world-wide patent recognition. The United States of America, Australia, Europe, China, and India have all commenced the examination process.
"We are excited to give our shareholders an update on our patent application. This represents the next step in getting our leading edge technology recognized by patent offices worldwide," stated Larry Kristof, President and CEO of Mantra.
ERC, the Continuous Co-Current Electro-Chemical Reduction of Carbon Dioxide, is a cutting edge technology for utilizing CO2 generated by industries and other large CO2 emitters such as power plants. This technology takes the CO2 that is being generated by these various large emitters and converts it into valuable products. The ERC process will help emitters reduce their carbon footprint, reduce future potential carbon associated costs and provide a new source of revenue from the conversion of CO2 emissions into saleable materials.
There are currently 27 Billion metric tonnes of CO2 emitted annually from fossil fuel combustion which represents an inexhaustible supply. One of the products produced by the ERC process is formic acid (HCOOH). This is the strongest organic acid available and has numerous beneficial qualities and uses. Existing uses include the following: Farming and animal feed to sterilize and prevent disease, Insecticides, Leather treatment, De-icing of runways which offers no corrosion as with salt and better grip on plane wheels, Cleaning products, Pulp and paper production, and Pharmaceuticals. Future uses include: Precursor chemical into green plastic production, Fuel cells, and formic acid as hydrogen storage medium.
Chemical and electrochemical conversion of CO2 into value-added chemical feedstocks and intermediates is attractive in terms of fossil fuel avoidance. It is estimated that the total CO2 emissions avoidance potential of this pathway is about 0.3 Gt/y (billion tonnes per year). The figure defines a reasonable initial target market for ME, the use 0.3 Gt/y of CO2 to make a similar volume of high value chemicals. An additional assumption is that these chemicals will have an average market value of $1,450 per tonne: giving a market value of $300 billion. This is in reasonable conformity with the ME projections ($350bn) arrived at by a totally different route.
Electro reduction of CO2 (ERC) promises to be deployable and practical: it has a low carbon footprint, is scalable and is economic in its use of electric energy. It has the ability to make a number of high value chemical products.
About Mantra Venture Group
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.
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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 the forward-looking statements.
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