Carbon Recycling International ehf, which this month sold its first renewable methanol fuel, expects to boost production by a 100-fold over the next five years to capture European demand.
The company now produces 1.5 million liters and has the capacity to produce about 5 million liters. It plans to boost that to 150 million liters over the next five years, Benedikt Stefansson, director of business development at the Reykjavik- based company, said in a telephone interview.
The company this month sold Iceland’s first shipment of so- called Vulcanol, a brand name, to Dutch oil company Argos. The fuel is produced by capturing carbon dioxide from a geothermal power plant on the the southwest part of the Atlantic island.
CRI’s plant produces renewable methanol by harnessing energy and carbon dioxide emissions of the Svartsengi geothermal power plant in Reykjanes. The carbon dioxide is converted and recycled to produce liquid fuel. The production can then be used to blend in with gasoline for any car and as a feedstock in the production of other fuels.
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