FIRST GEELY AUTO METHANOL VEHICLES ARRIVE IN ICELAND

The First Geely Auto Methanol Vehicles in Europe where introduced today at a Symposium held by Carbon Recycling International (CRI) in collaboration with Geely Auto and Brimborg car deler in Iceland. Geely Auto Group's (Geely Auto) pure methanol vehicles will be taking to Icelandic roads in a 12-month fleet test, driving on Renewable Methanol produced by CRI.

Initially six Emgrand EC7 methanol vehicles, which utilize a pure methanol 1.8L engine developed by Geely Auto, will enter the fleet trial in Iceland. The vehicles have been previously tried and tested throughout China in various fleets in Shanghai City, Shanxi and Guizhou provinces.

The move follows an agreement signed last July by Geely Auto's parent company Zhejiang Geely Holding Group to invest a total of US $45.5 million in CRI.

CRI will use the EC7s to carry out further testing of methanol vehicles and fuels in Iceland to further explore methanol fuel technologies. The vehicles will operate on 'liquid electricity' from CRI's pioneering power-to-methanol process. Renewable methanol produced by CRI's process is sold in Europe under the registered brand name 'Vulcanol'.

Geely Auto Group President and CEO Mr An Conghui commented: "We're excited to see our methanol vehicles move from China to an international platform. By working directly with a fuel provider such as CRI we will be able to further expand our understanding of methanol in different climes and driving conditions."

Mr. KC-Tran, CEO of CRI, said: "Our cooperation with Geely is transitioning from an investor relationship into a wider partnership; we welcome Geely's vehicles into this test pilot program and we are looking forward to sharing the results of our findings. This will give researchers, policy makers and others a much needed insight into the untapped possibilities of methanol as sustainable transport fuel."