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Friday, June 14, 2024

Icelandic startup raises $30M to advance green fuel production

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Kópavogur-based startup Carbon Recycling International (CRI) has secured a substantial $30 million in funding through an equity investment round led by Equinor Ventures of Norway, reaffirming their global leadership in CO2 to methanol technology. Gildi, Sjóvá, and Lífeyrissjóður Vestmannaeyja have also participated in the investment round. CRI’s approach allows partners to produce renewable methanol from carbon dioxide and hydrogen, facilitating the creation of sustainable fuels, chemicals, and products. The funding will support CRI’s expansion plans, meet market demand, and contribute to reducing carbon dioxide emissions.

Carbon Recycling International (CRI) is a startup that specializes in CO2 to methanol technology. They have been operating at an industrial scale since 2012 and are globally recognized as leaders in their field. The core focus of CRI is to enable their partners to produce renewable methanol by utilizing carbon dioxide and hydrogen. This renewable methanol can be used as a more sustainable alternative in the production of fuels, chemicals, and various products.

“Equinor Ventures is pleased to partner with CRI as we aim to deepen our engagement in carbon removal technologies and their role in developing production of emerging fuels. We look forward to working with CRI.” says Lars Klevjer, Head of Equinor Ventures.

“We are happy to welcome Equinor Ventures and other new investors to CRI’s shareholder group. Their experience and knowledge are valuable for CRI as the company enters a scale-up phase to meet the increasing market demand for the technology solutions and services CRI provides. The funding allows us to grow at the pace that the market demand calls for, as the company faces many new opportunities in the international market. At CRI, we are looking forward to continuing to develop and implement our technological solutions and play our part in one of the most important projects of our time, the reduction of carbon dioxide emissions into the atmosphere.” states Björk Kristjánsdóttir, CEO of CRI.

“The 30 M USD investment of Equinor Ventures and the other strong investors joining the shareholder group of CRI is an incredible validation of CRI’s technology and market potential. The company is poised for international growth, with a unique technology that has a significant role to play in the transition to greener fuels and feedstocks. CRI will now be able to bring on board a host of new talented professionals for challenging roles in a high tech company making a significant impact for the future” says Sigurlína Ingvarsdóttir, Chairman of CRI’s board of directors.

CRI offers a world-leading process technology to produce methanol from carbon dioxide. CRI enables its customers to produce methanol in an environmentally friendly way from carbon dioxide and hydrogen, which can be used as fuel and in chemical products. The company’s technology, which was developed and proven in Iceland, has since been implemented in the largest factory of its kind in the world. Among the current largest shareholders are Geely, Methanex and Eyrir Invest.

Click to read more funding news.

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Nurcin Metingil
Nurcin Metingil
A permanent student, a passionate first reader and nowadays doing master’s degree in Publishing Management. Beside these, I am up for games! I have been playing games since I was 6. Now, I am whispering "Business. Business. Numbers. Is this working?"

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