China invests in Icelandic methanol

Chinese automobile giant Geely Holding Group has announced a multi-million-dollar share investment in Icelandic renewable methanol company Car­bon Recycl­ing In­ternati­onal (CRI).

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.

The investment is worth USD 45.5 million (approx. ISK 6 billion, €41 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.

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.