Mantra Venture Group Ltd. announced yesterday after the closing bell that it has entered into a Contribution Agreement with the National Research Council of Canada Industrial Research Assistance Program (NRC-IRAP) with the purpose of advancing its Electro-Reduction Technology (ERC) towards commercialization. In addition to business and technical advisory and development support, this agreement will provide research and development funding of up to $75,000.
In the press release, the company stated, â€œThe objective of this project, entitled â€˜Electroreduction of Carbon Dioxide Development Program,â€™ is to establish the technical basis for electro-reduction of carbon dioxide to formate using Mantra’s ERC technology. The focus will be on increasing the cathode life, reducing formate cross-over to retrieve formate from the catholyte solution, and optimizing the reactor with respect to its use in processes for the electro-synthesis of formate/formic acid.â€
Larry Kristof, President and CEO of Mantra, commented, “We are very encouraged by the continued support from both private and public organizations such as NRC-IRAP, especially given the economic challenges currently faced by many development-stage companies today. It is with great pleasure that we accept the opportunity to collaborate with NRC-IRAP on this project, and we look forward to both the advisory support as well as the financial assistance offered through the program.”
Norman Chow, President of Kemetco Research, a technology development and scientific research company that has partnered with Mantra to launch and operate the ERC Development Program, stated, “The completion of Mantra’s ERC technology will potentially revolutionize the Carbon Capture and Sequestration marketplace. As such, we hope to make significant technical advancements through the NRC-IRAP program, ultimately resulting in the widespread commercialization of ERC.”
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