CRI COMPLETES 30 M.USD FINANCING ROUND WITH NEW INVESTORS

19 Jun

CRI is pleased to announce the closing of a 30-million-dollar equity investment round that was announced at the company’s annual general meeting last year. Equinor Ventures is leading a group of new investors joining CRI’s shareholder group. Along with Equinor Ventures Gildi, Sjóvá and Lífeyrissjóður Vestmannaeyja have also participated in the investment round.

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.

Lars Klevjer, Head of Equinor Ventures:

“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.“

Björk Kristjánsdóttir, CEO of CRI:

“We are happy to welcome Equinor Ventures and other new investors to CRI’s shareholder group. Their experience and knowledge are valuable for CRI as the company enters a scale-up phase to meet the increasing market demand for the technology solutions and services CRI provides. The funding allows us to grow at the pace that the market demand calls for, as the company faces many new opportunities in the international market. At CRI, 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.“

Sigurlína Ingvarsdóttir, Chairman of CRI’s board of directors:

“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. The company is poised for international growth, with a unique technology that has a significant role to play in the transition to greener fuels and feedstocks. 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”

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.