OTCBB: MVTG FRANKFURT: 5MV SEATTLE, WA, June 12
SEATTLE, WA, June 12 /PRNewswire-FirstCall/ - Mantra Venture Group Ltd.
(Mantra) releases its latest information on the on-going commercialization of
its ERC technology.
The International Energy Agency warns in a speech (June 6, 2008) that,
"investment totaling $45 trillion might be needed over the next half-century
(1.1% of the annual global output over the period to 2050) to prevent energy
shortages and greenhouse gas emissions from undermining global economic
growth". This is substantial, given that James Cameron, Vice Chair of Climate
Change Capital, is quoted on June 10, 2008 as saying, "$57 trillion in private
capital...currently exists". But the investment is needed over a 50 year span
and the world economy is expected to grow during that time.
IEA went on to discuss technologies for "weaning the world off oil". They
propose that investments of $100 to $200 billion per year will be needed over
the next 10 years, rising to $1 trillion to $2 trillion a year in the
following decades.
John Russell, Vice-President of Mantra remarks, "It is clear that carbon
management is not going to be an inexpensive undertaking. Managing carbon is
going to be big business for the next 2 generations at least." Mantra is well
placed to make a contribution with its proven ERC (electro reduction of CO(2))
technology: it uses CO(2) as a raw material and makes a valuable chemical that
can be used to power a fuel cell. ERC is not yet a fully developed product,
but promises to be a significant alternative to CCS (carbon capture and
sequestration).
It has these advantages: there is a payback for the users rather than cost
only (the economics are projected to be very different). With CCS, it is
expected to be decades before it's in use by utilities and industry, and 2050
before it is in common use. Once CCS has placed volumes of CO(2) underground,
the gas may continue to be a risk. ERC can be available much sooner, at less
cost, and with no risk.
"Both CCS and ERC technologies have their advantages and both will be
required to meet the size and urgency of the carbon management requirement,"
says Larry Kristof, President and CEO of Mantra.
As of June 1, 2008, ERC has been moved to the Mantra lab where it is being
optimized; while worldwide patenting continues. Pilot project sized units are
projected to be available within 12 months. A 100 metric ton per day plant is
projected to be available to customers within 24 months and a 600 metric ton
per day plant will follow shortly thereafter. The fuel cell is planned to be
developed concurrently.
Based on the sums of money required for carbon management and the
multi-billion dollar market projected for CCS, the long-term market for ERC is
expected to be similarly large. A precise market projection must await certain
figures which will be refined during the optimization phase.
Mantra will be issuing regular updates on ERC to its public thru its web
site, press releases and interviews. Some industries interested in hosting a
demonstration of the ERC technology have made contact with Mantra - valuable
projects tend to flow from established relationships.
About Mantra
Mantra, through its group of sustainable energy, carbon reduction and
consumer product subsidiaries, is set to enter the burgeoning green technology
marketplace with an innovative, multi-faceted approach focused on
profitability through sustainability. By aggressively seeking out new
technologies and innovating solutions for a cleaner earth, Mantra intends to
provide a highly profitable and, more importantly, socially and
environmentally responsible investment for its shareholders.
Mantra is a public company quoted on the OTCBB under the symbol MVTG and
the Frankfurt Stock Exchange under the symbol 5MV. For more information please
visit us at www.mantraenergy.com.
Forward-Looking Statements:
Except for the historical information contained herein, the matters
discussed in this press release are forward-looking statements. Actual results
may differ materially from those described in forward-looking statements and
are subject to risks and uncertainties. See Mantra Venture Group's filings
with the Securities and Exchange Commission which identify specific factors
that may cause actual results or events to differ materially from those
described in the forward-looking statements.
CONTACT: Terry Johnston, Investor Relations, Phone: (604) 267-3022, Email:
tjohnston@mantraenergy.com, Website: http://www.mantraenergy.com
SOURCE Mantra Venture Group Ltd.
