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International Energy Agency Announces that $45 Trillion is Needed to Prevent Energy Shortages and Minimize GHG - Mantra’s ERC Technology (OTCBB: MVTG FRANKFURT: 5MV) Will Contribute.
Seattle, WA, June 12, 2008: 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 CO2) technology: it uses CO2 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
CO2 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.
Terry Johnston
Investor Relations
Phone: 604 267 3022
Email : tjohnston@mantraenergy.com
Website: http://www.mantraenergy.com
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.
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