Chinese automaker Geely invests in Icelandic methanol firm

5:21 AM, 8th July 2015

Chinese automaker Geely invests in Icelandic methanol firm

Signing of the investment agreement between Chinese automobile giant Geely Holding Group and Icelandic renewable methanol company Carbon Recycling International (CRI). The investment is worth $45.5 million. © Arvakur hf photo

HANGZHOU, CHINA: Chinese automobile giant Geely Holding Group said it has a multi-million-dollar share investment in Icelandic renewable methanol company Carbon Recycling International (CRI).

The investment is worth $45.5 million.

It is not yet clear how large Geely Holding Group’s stake in CRI will be after the share purchase, but the Chinese company will not be majority shareholders.

CRI transforms carbon dioxide emissions into renewable methanol, which can be mixed with petrol to increase renewable fuel rates. Production is currently located on the Reykjanes peninsula in south-west Iceland, and CRI hopes to build further factories in Iceland and other European countries.

Geely Holding Group and CRI plan to work together on advancing production of renewable methanol in China and developing emission-free vehicles running purely on methanol.

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