CRI forms CRI Ji Xin joint venture with Geely Holdings and Zixin Industrial
Icelandic "Emissions-to-Liquids" (ETL) technology developer Carbon Recycling International hf (CRI) has revealed that it has incorporated a joint venture (JV) in China under the name CRI Ji Xin together with Geely Holdings and Zixin Industrial Co. The Shanghai-based company, which was registered in September 2017, will handle all sales and marketing in China, bringing the solution of CRI's ETL technology closer to potential adoptors in the Chinese energy sector.
The technology provided by CRI is a welcomed addition to the climate change mitigation measures in China, as the country has set the ambitious goal of reducing carbon dioxide (CO2) emission per unit of gross domestic product (GDP) by 40 percent before 2020.
Additionally, China has vowed to increase the share of non-fossil fuel usage in total by 15 percent over the same time period, bringing further value to the methanol produced in CRI’s unique process technology.
According to CRI, James Xia, the recently appointed CEO managing CRI Ji Xin in China, has more than 20 years of working experience in fine chemicals, petrochemical, coal-based conversion technology, and projects. His resumé includes positions at multi-cultural companies such as Lurgi AG, BP, and Total Petrochemicals, and also “reflects a strong technical background” from working in the area of project development, licensing technologies and business development.
Before joining CRI, James managed the business development of a world-class coal to poly-olefin project, where he was responsible for conducting feasibility studies, permitting and selecting license technologies.
The foundation of a joint venture is a milestone for CRI’s operations, increasing its presence outside of Europe, taking steps towards the goal of “creating a greener, cleaner future” with the recycling of carbon dioxide.