Mantra Venture Group Ltd. announced on Thursday that it has signed a Letter ofIntent (LOI) with King Fahd University of Petroleum & Minerals (KFUPM) in Dhahran to explore and research new processes that would use Mantra's Electroreduction of Carbon Dioxide (ERC) reactor, a form of carbon recycling. Current processes developed by Mantra have been demonstrated as effective in converting CO2 into a variety of valuable chemicals, including: formate salts, formic acid, oxalic acid and methanol. While each of these end-products has a significant market value, Mantra is now looking to create additional value in its ERC technology by expanding this list. KFUPM's Center for Refining and Petrochemicals (CRP) has extensive capabilities in product research and application, is very knowledgeable about the petrochemicals industry, and can help Mantra achieve its goal. Shawn Kim, vice president of International Business Development for Mantra, said: “The CRP Research Institute of KFUPM is respected for its research especially in petrochemicals, and we look forward to working with the team at CRP.” “Expanding the number of viable chemicals produced by ERC will add value to the ERC technology and will lead to an expansion of Mantra's markets. KFUPM is well-recognized in the oil and gas industry, and a successful partnership with them could open many doors for ERC carbon recycling and for Mantra,” he added. Mantra and KFUPM are working together on this collaborative effort and, following the outline given in the LOI, they plan to engage in a fully defined project.
