Equinor Ventures invests in Carbon Recycling International (CRI)
CRI has completed a 30M USD investment round led by Equinor Ventures. The increased funding will fuel CRI’s growth and capacity to roll out its proven and scaled CO2 to methanol technology.
CRI offers a world-leading process technology to produce methanol from carbon dioxide. CRI enables its customers to produce methanol in an environmentally friendly way from carbon dioxide and hydrogen, which can be used as fuel and in chemical products. The company's technology, which was developed and proven in Iceland, has since been implemented in the largest factory of its kind in the world. Among the current largest shareholders are Geely, Methanex and Eyrir Invest.
The world’s need for CO2 reduction and green fuel for the energy transition ahead is driving the high demand for CRI’s world leading Emissions-to-Liquids process. “As the company faces many opportunities in the international market the funding allows us to grow at the pace the market demand calls for. We are looking forward to continuing to develop and implement our technological solutions and play our part in one of the most important projects of our time, the reduction of carbon dioxide emissions into the atmosphere.”Says Björk Kristjánsdóttir, CEO of CRI. Sigurlína Ingvarsdóttir, Chairman of the Board of Directors agrees and adds “The 30 M USD investment of Equinor Ventures and the other strong investors joining the shareholder group of CRI is an incredible validation of CRI's technology and market potential. CRI will now be able to bring on board a host of new talented professionals for challenging roles in a high-tech company making a significant impact for the future."
The lead investor, Equinor Ventures, is Equinor's corporate venture capital arm, dedicated to investing in ambitious early-phase and growth companies. Equinor is an international energy company headquartered in Norway. In a press release issued by CRI, Lars Klevjer, Head of Equinor Ventures states: „Equinor Ventures is pleased to partner with CRI as we aim to deepen our engagement in carbon removal technologies and their role in developing production of emerging fuels. We look forward to working with CRI.“
Along with Equinor Ventures a group of strong Icelandic investors participated in the round, Gildi, Sjóvá and Lífeyrissjóður Vestmannaeyja.