Mantra Announces Experimental and Corporate Updates
Vancouver, BC, Feb. 1, 2016 – Mantra Energy Alternatives, a subsidiary of Mantra Venture Group (OTCQB: MVTG), has announced experimental developments for its ERC and MRFC technologies, as well as a financing update.
Mantra has reported that it has experimentally demonstrated the operation of its ERC (Electro-Reduction of CO2) electrodes for over 2,500 hours with only minor performance degradation. This lifetime is well down the path toward the targets for commercialization, which are in the range of 5,000 to 10,000 hours. Additionally, Mantra has demonstrated that common flue gas contaminants will only slightly impact the electrode performance, and have developed methods for recovering activity losses in-situ.
“We are happy to say that the electrode lifetime is no longer a concern for us,” said Mantra’s CTO Sona Kazemi. “We can deploy this technology in the field, confident that it will demonstrate excellent performance for the entire course of the project.”
The company has also stated that it has significantly improved the power output from its MRFC (Mixed-Reactant Fuel Cell) since demonstrating it in the form of the Mantra Spark in May. Through improvements to the fuel cell components and reactant distribution system, the MRFC is now producing double the power per unit area.
Mantra has further announced that it had received bridge financing from Old Main Capital of Miami. In addition to this financing, Old Main has assumed a portion of the debt on the Mantra balance sheet, resulting in a total investment of roughly $500,000. The two groups are currently negotiating further notes moving forward.
“It is a huge benefit to have our debt consolidated with a single funder as we look forward to a large capital infusion,” said Mantra CEO Larry Kristof. “Old Main has been a superb partner to work with.”
About Mantra Venture Group
Mantra Venture Group Ltd. (OTCQB: MVTG) is a clean technology incubator that takes innovative emerging technologies and moves them towards commercialization. The Company, through its subsidiary Mantra Energy Alternatives, is currently developing two groundbreaking electrochemical technologies designed to make reducing greenhouse gas emissions profitable, ERC (Electro-Reduction of Carbon Dioxide) and MRFC (Mixed-Reactant Fuel Cell).
ERCis a form of “carbon capture and utilization” (CCU) that converts the polluting greenhouse gas carbon dioxide into useful, valuable products including formic acid and formate salts. By utilizing clean electricity, the process offers the potential for an industrial plant to reduce emissions while generating a salable product and a profit.
The MRFC is an unconventional fuel cell that uses a mixture of fuel and oxidant, thereby greatly reducing the complexity and cost of the fuel cell system. Ideal for portable applications, the MRFC is cheaper, lighter, and more compact than conventional fuel cell technologies.
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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 forward-looking statements.
Mantra Venture Group Ltd
Source: Mantra Venture Group Ltd