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Executive Business Plan
Mantra Venture Group...............................................................................................................................4
Corporate Profile.........................................................................................................................................5
1. Executive Summary...............................................................................................................................5
2. Business Strategy....................................................................................................................................7
2.1 Mission Statement........................................................................................................................7
2.2 Objectives........................................................................................................................................7
2.3 Business Model...............................................................................................................................8
3. Management Team and Advisors.....................................................................................................9
4. Business Partnerships.........................................................................................................................12
5. Strategic Business Units.....................................................................................................................13
6. Financial Plan........................................................................................................................................14
6.1 Capital Requirement..................................................................................................................14
6.2 Performa Financial Statements..............................................................................................15
6.3 Return on Investment................................................................................................................16
7. Action Plan.............................................................................................................................................17
Mantra Energy Alternatives Ltd............................................................................................................19
1. Summary.................................................................................................................................................19
2. Electroreduction of Carbon Dioxide (ERC).................................................................................20
2.1 The Need.........................................................................................................................................20
2.2 Technology....................................................................................................................................21
2.3 Carbon Balance............................................................................................................................22
2.4 Market ............................................................................................................................................24
2.4.1 Target Market..........................................................................................................................25
2.4.2 Competition . .........................................................................................................................29
2.4.3 Competitive Advantage.....................................................................................................30
2.4.4 SWOT Analysis........................................................................................................................31
2.5 Development Plan......................................................................................................................32
2.5.1 Capitalizing on ERC..............................................................................................................33
2.6 Financial Plan................................................................................................................................36
2.6.1 Fiscal Requirement...............................................................................................................36
2.6.2 Return On Investment . ......................................................................................................36
3. Mixed Reactant Fuel Cell (MRFC)...................................................................................................37
3.2 The Technology............................................................................................................................38
3.3 Market..............................................................................................................................................39
3.3.2 Competition............................................................................................................................40
3.3.3 Competitive Advantages...................................................................................................44
3.4.1 Capitalizing on MRFC..........................................................................................................45
4. Summary..................................................................................................................................................46
References....................................................................................................................................................47
Appendices..................................................................................................................................................48
Mantra Venture Group Executive Business Plan
Mantra Venture Group
This business plan informational package contains confidential and proprietary information
concerning Mantra Venture Group Ltd. (MANTRA) and its subsidiaries. This package does not
constitute an offer to sell or a solicitation of an offer to buy. It is being presented to a limited number
of individuals for informational use only. The information in this package was obtained from the
principles of MANTRA and other sources, but no assurances can be given as to the accuracy or
completeness of such information. By acceptance of this package in hard copy or electronically,
the recipient agrees not to reproduce, distribute, or circulate this package, and not to divulge or
otherwise disseminate the information contained herein to any other person without the express
written consent of MANTRA.
This business plan contains certain forward looking statements based on
estimates and assumptions made by the company, which, although believed to be
reasonable, are based on information compiled and received from third parties
and inherently uncertain. Therefore, each recipient of this business plan should
not place undue reliance upon the statements in this business plan and recognize
that the statements contained herein are only based on expectation; no assurance
can be given that any of such expectations will be realized and it is likely the
actual results of the implementation of the company's business plan will differ
materially from those contemplated herein. Without limiting the foregoing,
the words, "believes", "anticipates", "proposes", "plans", "expects", "intends", "may" and
similar expressions are intended to identify forward-looking statements. Such
statements involve known and unknown risks, uncertainties, and other factors
that may cause actual results, performance or achievements of the company to
be materially different from any future results, performance or achievements
expressed or implied by such forward-looking statements.
Startup companies are inherently risky. All statements made about the company are forward looking.
Total elimination of risk from this project is impossible. The three main categories of risk to which the
company and its project are exposed are regulatory, financial, and operational.
4 Profitability Through Sustainability
Mantra Venture Group Ltd. (Mantra) is a diversified Green Tech company seeking to become a
world-leader in the development of commercially viable sustainable technologies. By acquiring
the most promising technologies from universities, laboratories and companies and bringing them
through to commercialization, Mantra will create significant shareholder value through subsequent
acquisitions, spinouts and licensing fees.
Mantra was incorporated in January 2007, and began trading on the NASD OTCBB in December of
2007 under the trading symbol MVTG.OB. As of Sept 2nd, 2009, there were 30,793,122 shares issued
and outstanding, with a public float of 8,809,233. The company is also traded on the Frankfurt Stock
Exchange under the trading symbol: 5MV.
The world is rapidly changing before our eyes. Global fossil fuel reserves are hastily dissipating,
average temperatures are increasing, and our most vital natural resource, water, continues to be
abused and polluted by inefficient and unnecessary human behavior. It is therefore no surprise
that environmental technologies or "Green Techs" are the most popular and sought-after
investments as seen by Venture Capitalists today. Despite the struggling global economy, the
sustainability industry continues to expand at an alarming rate- a trend that will only strengthen
in the years to come.
Established in January 2007, Mantra Venture Group Ltd. has set out to become a world leader
in acquiring and commercializing breakthrough green technologies that are unique, practical
and show unlimited market potential. Based in the Pacific Northwest, a hotbed of Green
Tech innovation, Mantra's key advantage lies in its tightly knit relationships with universities,
laboratories and companies - offering Mantra first-mover access to the most promising
technologies available.
Mantra's business model consists of an aggressive 10-step growth strategy that begins with
an environmental assessment of current and future trends, followed by the identification of a
future need and an analysis of the political environment surrounding that need. Mantra then
leverages its ever-expanding network of industry partners to locate, evaluate and acquire the
technology best suited to meet the need. Mantra transfers any associated intellectual property
to one of its strategic business units (current business units include: Mantra Energy Alternatives
Ltd., Mantra Water and Mantra Media), and then injects capital into the project to incubate and
optimize the technology in collaboration with Kemetco Research Inc. Once development is
complete, the technology is entered into the international marketplace via one of two alternate
strategies: licensing agreements with industry-leading organizations or a spinout of the entire
business unit.
Profitability Through Sustainability 5
Current areas of interest for Mantra include: the reduction/recycling of carbon dioxide and
alternative energy. As a result, Mantra has positioned itself to become a leader in each of these
segments through a vested interest in two core technologies: the Electroreduction of Carbon
Dioxide (ERC) and the Mixed Reactant Fuel Cell (MRFC).
Electroreduction of Carbon Dioxide (ERC): A CO2 recycling technology that converts CO2 into
highly sought after materials, such as: formic acid, formate salts, oxalic acid and methanol. There are
currently 27 Billion metric tonnes of CO2 emitted annually from fossil fuel combustion, and formic
acid, one of ERC's key end products has a current market value of $1,440/tonne.
Mixed Reactant Fuel Cell (MRFC): An innovative fuel cell technology benefiting from a simplified
structure in an effort to greatly reduce manufacturing costs and improve durability, thus defeating
the two main barriers to entry for fuel cells today. The fuel cell industry is expected to generate more
than $18.6 Billion USD in 2013, and if significant advancements are made in the automotive sector,
this number could jump as high as $35 Billion USD.
Over the next two years, Mantra plans to aggressively develop each of the aforementioned
technologies. Mantra Energy Alternatives Ltd. will be building an on-site ERC demonstration unit
capable of converting 100 - 500 kg of CO2 per day, as well as an MRFC pre-commercial prototype.
The costs of these two projects will be $2.18 Million CDN and $0.98 Million CDN, respectively for a
total development cost of 3.16 Million.
To finance the aforementioned operations, Mantra is currently seeking a total cash injection of 5.0
Million over a two-year period. Proceeds will be used to develop the two technologies currently in
its portfolio, all associated overhead costs, and research and analysis of new technologies.
Upon completion of the development projects, Mantra will begin generating revenue in licensing
its ERC technology, and it will be ready for the development of a commercial scale MRFC prototype.
Mantra anticipates annual revenues of $63.8 Million CDN by 2017.
2. Business Strategy
2.1 Mission Statement
Mantra's corporate mission is to provide
businesses and people with the means to
achieve significant, sustainable reductions
in their ecological footprint, and in doing so,
ensure that investors benefit both morally and
financially from their investment.
The objectives of Mantra Venture Group are:
1.	Profit - To generate sufficient profit to satisfy shareholders and to provide the
resources needed to achieve the broader objectives of the company and its
2.	Growth - To grow the business at a rate that is challenging, rewarding, yet
manageable.
3.	Community Leadership - To be an intellectual and social asset to the community
and to facilitate beneficial change in lifestyles by consumers, business and industry
through advancements in green technologies.
4.	Shareholder Value - To help the individual shareholder grow by choosing a
basket of suitable green opportunities- a portfolio that is well researched and
diversified.
2.3 Business Model
Mantra's aggressive 10-step growth strategy, as outlined below, will see the company create a
significant return on investment for investors by becoming a key contributor to the global effort
for environmental sustainability.
1.	Environmental Assessment: Observe current
and future trends in global environment,
including: climate change, energy use,
pollution and natural resources.
2.	Identify Future Need: Recognize
environmental trends of greatest concern
that lack technical solutions.
3.	Understand Regulatory Framework
Surrounding Need: Investigate regulatory
environment and political barriers affecting
entry into identified market.
4.	Locate and Evaluate Technologies
Surrounding Need: Analyse technologies
available within Mantra's ever-expanding
network of Universities, laboratories and
companies to select the technology best
suited to meet the identified need.
5.	Acquire Technology: Either license or
purchase IP from University, laboratory
or Company and transfer technology to
appropriate strategic business unit.
6.	Set SMART Goals: Set specific, measurable,
attainable, realistic and timely goals,
and establish performance parameters
surrounding goals. advisory role in the further development
7.	Investment: Inject capital into project. of the technology. Management ensures
Investment can consist of one or more of technology is optimized to best suit
the following: internal financing, venture intended application(s) through a three-
capital funds, institutional funds, grant stage development plan (probationary,
funding, or partnerships.* intermediate and final).**
8.	Infrastructure, Incubation and Innovation: 9.	Market Acceptance and Adoption: Entrance
Technology undergoes fast-track of technology into local, national and
development at laboratory in Richmond, international marketplace.
B.C., as management simultaneously 10.	Licensing Agreements or Spin-off of
establishes a formal corporate infrastructure. Business Unit: Revenue generation through
Key personnel from original facility licensing agreements with industry-leading
(including inventor(s)) maintain an active organizations or spin-off of business unit.
*Note: Many Green Tech projects require a massive initial investment; it would not be viable for Mantra to undertake one of these
major projects independently. Therefore, its strategy is to either i) approach the project by means of partnership or joint venture with
a larger organization or government body, or ii) search for ancillary or supporting products and technologies that will contribute
to much larger projects and which will succeed as the larger projects proceed. In this way Mantra will tap into worldwide markets,
even if it is not directly responsible for the entirety of the larger project.
**Note: Performance parameters as set in Stage 6 must be successfully achieved during the probationary portion of this stage, or
technologies are terminated (only technologies showing extraordinary revenue and commercial potential are continued after the
probationary period).
3. Management Team and Advisors
Larry Kristof
President, C.E.O.
John Russell Shawn Kim Con Buckley
V.P. Technology V.P. International
Evaluation Business Development C.F.O.
President, Chief Executive Officer
Larry Kristof has over 15 in 1974, and was a founding partner of the
years experience in business Vancouver accounting firm of Buckley Dodds
development and corporate and Associates. Mr. Buckley has over 20 years
leadership. In 2003, Mr. Kristof experience in financing public and private
co-founded Lexington Energy companies including Government grants for
- a company engaged in scientific research projects, and oil and gas
manufacturing and leasing oilfield service operations, and both conventional and private
equipment to oil and gas, and other oil field debt equity financing for public companies.
service companies. Under Mr. Kristof's direction, Mr. Buckley also has considerable experience
Lexington introduced the first nitrogen- in setting up internal control systems for
on-demand system to Alberta oil markets. clients, and advising companies on many
The technology represented a significant dealings with both the BC Securities Exchange
advancement in the application of nitrogen Commission and the SEC.
technology, with purification capabilities of
98-99.5%. Lexington later became the first John P. Russell
manufacturer of drilling systems specifically Vice-President of Technology Evaluation
designed for oil sands exploration coring
Through the successful introduction of these Mr. Russell has over 30 years
technologies, the company transitioned from experience in the identification,
concept through to a revenue generating evaluation and marketing of
company with assets of over $7 Million during technology; he has authored
Kristof's time with the company. . a chapter of a book on sonic
energy applications (Elsevier), several scientific
After recording corporate revenues of $2 publications, and has given conference
Million in the first two quarters of 2007, Mr. presentations on new technologies. He was
Kristof resigned from Lexington Energy to Vice-President of Technology with ARC Sonics
focus full-time on the Green Tech sector as Inc., a specialty engineering firm. He holds a
President and CEO of Mantra Venture Group Bachelor of Arts degree from the University of
Ltd.- a company in which he founded earlier British Columbia.
that year.
As Vice-President of Technology Evaluation,
Con Buckley Chair of the Science Advisory Board and a
Chief Financial Officer Director, Mr. Russell draws upon his knowledge
and experience to identify, evaluate and select
Con Buckley graduated from the the most promising technologies within
University of British Columbia those industry sectors targeted by Mantra. His
with a bachelor of Commerce innovative flair lies in finding and describing
degree specializing in finance. Mr. Buckley applications for new, promising technologies
became a member of the Institute of that are often less than transparent. He
Chartered Accountants of British Columbia contributes as a team member to the ongoing
development of business strategy.
10 Profitability Through Sustainability
Shawn Kim in the Department of Chemical and Biological
Vice-President of International Business Engineering at the University of British
Development Columbia, from which he retired in 2004, Prof.
Oloman taught a range of undergraduate and
Mr. Kim has nine years experience graduate courses in chemical and biological
in the financial industry where he engineering. He is a professional engineer and
started as a business analyst. After a member of the Chemical Institute of Canada
dedicating 3 years to Mackenzie and the Electrochemical Society.
Financial Corporation in Toronto,
he moved to AIG in Korea where Prof Oloman has achieved many notable
he successfully implemented a worldwide milestones throughout his career, including:
marketing model and secured new business designing, engineering, installing and
alliances. In his most recent role, Mr. Kim operating Canada's first pilot plant for
served as an International Business Consultant scrubbing hydrogen sulphide from pulp mill
with the District of North Vancouver. Mr. Kim recovery furnace flue gas (1965-1967); co-
graduated from the University of Western inventing the Electro-Luber™ system and
Ontario in 1996 with a BA in Administrative taking it from conception in 1976 to start-up in
and Commercial Studies. 1982 (http://www.atselectrolube.com/index.
php); and designing, engineering, installing
Jae Choon Ryu and operating a 1000 Amp (20 kW), 10 cell
Vice President of Corporate Finance (Korea) perforated bipole electrochemical reactor for
production of alkaline peroxide (1984). He
Mr. Ryu began his career at Korea Investment also shared the responsibility for the design,
& Securities Co., Ltd. where he started as an engineering, start-up and operation of two
analyst and was later promoted to the senior key projects: Australia's first installation of
management position where he managed oil, coal and oxygen injection to an iron blast
private investor accounts. After dedicating 14 furnace (1962-1964), and a pilot plant for the
years to Korea Investment & Securities Co., Ltd. electrosynthesis of tetrahydroanthraquinone
Mr. Ryu moved to Korea Prudential Investment (1983-85).
Securities Co., Ltd in the branch management
capacity where he financed over $23 million Prof. Oloman has acted as a consultant in
USD to various Korean companies. Mr. Ryu has the research and development of various
also been involved in listing alternative energy electrochemical processes, including: the
companies on the Korean Stock Exchange. electrosynthesis of sodium chlorite, electro-
coagulation for purification of bilge waters,
electrosynthesis of hydrogen peroxide. He
Advisors has authored or coauthored three books
(Ol's Notes on Material and Energy Balances,
Professor Colin Oloman Electrochemical Processing for the Pulp and
P.Eng, Scientific Advisory Board Member and Paper Industry, and the Handbook of Fuel Cell
Consulting Scientist Modeling) and has authored or co-authored
over 45 proprietary reports and publications
Prof. Emeritus Colin Oloman is a graduate in technical journals. He is the inventor or co-
of the Universities of Sydney and British inventor of some twenty US and international
Columbia and has been engaged in the field patents, including MRFC (inventor) and ERC
of chemical engineering for 40 years, both in (co-inventor). Prof. Emeritus Oloman has
academia and industry. As a faculty member been a member of Mantra's Scientific Advisory
Board since November 2, 2007.
Profitability Through Sustainability 11
4. Business Partnerships
Kemetco Research Inc. (www.kemetco.com)
Kemetco Research Inc. (Kemetco) is a private
sector integrated science, technology and
innovation company with more than 15
engineers currently on staff. Its contract
sciences operation provides laboratory analysis
and testing, fieldwork, bench scale studies,
pilot plant investigations, consulting services,
and applied research and development for both industry and government. Kemetco provides
scientific expertise in the fields of Specialty Analytical Chemistry, Chemical Process and Extractive
Metallurgy.
Mantra's partnership with Kemetco is one of the key components in the successful execution of
its corporate business model. Mantra and Kemetco established a collaborative research facility
in Richmond, BC in 2007, and all technologies acquired by Mantra are later transferred to this
facility for expedited development. Kemetco shares a significant responsibility in the technical
development of Mantra's projects, and the company has played a pivotal role in advancing both
ERC and BRS technologies. Kemetco will continue with such development into the foreseeable
Kemetco Management
Norman Chow, P.Eng
President, Director, Industrial Process, Kemetco Research Inc.
Norman Chow earned a B.A.Sc. in Metals and Materials Engineering from the University of
British Columbia, graduating top of his class. Continuing his education, he received a Masters of
Applied Science Degree and then became a Registered Professional Engineer (P. Eng.) in British
Columbia. Mr. Chow has over 10 years of technology development experience and contract
research experience. His background includes technology development, business management,
international sales, project management and manufacturing.
Mr. Chow co-invented a patented electrochemical metal cleaning process that is currently
used in approximately 50 systems spanning 12 countries. In addition, Mr. Chow has taken
two companies from concept to commercialization and has built over 20 demonstration and
commercial projects around the globe. He has been the winner of several prestigious awards
that recognize his skills in engineering and business. In 1996, his patented metal cleaning
technology won the Financial Post Gold Award for being the Top Environmental Technology
in Canada, and then in 2004 he was named the winner of the Business in Vancouver Top Forty
under 40 Award.
Joey Jung, P.Eng
Research Engineer, Kemetco Research Inc.
Joey Jung earned his Masters of Applied Science Degree from the University of British Columbia
in Chemical Engineering and subsequently became a Registered Professional Engineer (P. Eng.)
in British Columbia. He has had a successful career in electrochemical engineering and battery
research, formerly serving as Vice President and Chief Technology Officer of a publicly traded
battery development company.
5. Strategic Business Units
Mantra Venture Group currently has three strategic business units through which it carries out
its operations:
•	Mantra Energy Alternatives Ltd.
•	Mantra Water
•	Mantra Media Corp.
While each business unit represents a viable business opportunity for Mantra and its
shareholders, Mantra intends to dedicate the entirety of its resources over the next two years
to the development of those technologies under the Mantra Energy Alternatives Ltd. (Mantra
Energy) unit. As a result, Mantra Energy is the main focus of this business plan - the details of
which are outlined in later sections of this report. For more information on Mantra Water and
Mantra Media, refer to Appendices A and B, respectively.
6. Financial Plan
6.1 Capital Requirement
Mantra Venture Group Ltd. is currently seeking a capital investment of $5 Million CDN over the
next two years. This investment will supplement the $2 Million CDN in anticipated revenue
generated through early licensing, cost sharing and grant programs over the same period.
Overall proceeds of $7 Million CDN will be allocated as follows:
$2.18 Million CDN - Electroreduction of Carbon Dioxide (ERC)
To complete an on-site demonstration unit capable of converting 100 - 500 kg of CO2 per day.
$0.98 Million CDN - Mixed Reactant Fuel Cell (MRFC)
To complete the bench scale development and pre-commercial prototype design of the MRFC
$0.80 Million CDN – New Technology Development
To investigate technologies that compliment ERC and MRFC and to expand inhouse engineering
$0.80 Million CDN – Marketing
For tradeshows, conferences, business development travel, media, etc.
$1.46 Million CDN – Overhead
For wages, general and administration costs.
$0.78 Million CDN – Working Capital
6.2 Performa Financial Statements
Performa Income Statement 2010 - 2011
MANTRA VENTURE GROUP 2010 2011 Totals
Grants/Early Licensing 1,000,000 1,000,000 2,000,000
TOTAL REVENUE 1,000,000 1,000,000 2,000,000
Amortization (24,000) (24,000) (48,000)
Consulting and advisory (168,000) (168,000) (336,000) 2
Management fees (123,000) (123,000) (246,000) 3
Salaries and wages (129,000) (129,000) (258,000) 9
Legal fees (96,000) (96,000) (192,000)
Accounting fees (18,500) (14,000) (32,500) 6
Lab Facility Upgrages (75,000) 0 (75,000)
Public listing costs (36,000) (36,000) (72,000)
Technical Management (200,000) (200,000) (400,000)
New Technology Analysis/Development/Patent Fees (200,000) (200,000) (400,000)
Marketing (travel, tradeshows, etc) (350,000) (350,000) (700,000)
Interest (36,000) (36,000) (72,000) 4
General and administrative (120,000) (120,000) (240,000) 5
ERC Demonstration Unit Project
ERC labour (250,000) 0 (250,000)
ERC lab system (1,103,000) 0 (1,103,000)
ERC installation 0 (545,000) (545,000)
ERC contingency (202,952) (81,752) (284,704) 8
Mixed Reactant Fuel Cell Project
MRFC labour (140,000) (140,000) (280,000)
MRFC Equipment (320,000) (150,000) (470,000)
MRFC Fabrication (10,000) (20,000) (30,000)
MRFC Patents (20,000) (20,000) (40,000)
MRFC Contingency (98,000) (66,000) (164,000) 8
TOTAL EXPENSES (3,769,452) (2,568,752) (6,338,204)
NET INCOME (LOSS) (2,769,452) (1,568,752) (4,338,204)
Proceeds from issuance of shares 3,500,000 1,500,000 5,000,000 7
Amortization (non-cash) 24,000 24,000 48,000
Interest (non-cash) 36,000 36,000 72,000
Net Cash In (Out) 790,548 (8,752)
Cash Beginning 1,000 791,548
Cash Ending $791,548 $782,796
1.	The Company committed to pay 5k per month to fund a 2010 Olympic event (total was 20k) - 5k was prepaid and the remainder due
in Oct, Noc, Dec (monthly installments)
2.	Consists of 6k per month for Shawn Kim, and 4k per month for Steve Norris, and 4k per month for Buckley Dodds
3.	Consists of 5k Larry Kristoff, and 5.25k John Russell
4.	Interest is non-cash as it is an accrual on the convertible debenture debt so it is added back below
5.	Consistent with prior year, amount includes Kelly Kristof's monthly salary, rent payments for Vancouver and Seattle offices, and other
general office expenses
6.	Audit fee presumed to be paid in Q1, the $3,500 is the quarterly accounting fees
7.	Per discussion with Larry Kristoff, CEO, the Company believes it can raise 3.5 million by end of Feb 2010; and 1.5 million thereafter
(assumed) when the projects proceed into the later stages
8.	Contingency is estimated at 15% of total costs for the project
9.	Consists of wages and salary to Kol, Michael, and Cynthia - $10,750 per month
6.3 Return on Investment
Initial Investment: $6.8 Million CDN ($1.8 Million to date, $5 Million New Capital)
Return After 10 Years: $365 Million CDN
Average Return / year: $36.5 Million CDN
ROI / year: 536 %
The following Gantt Chart provides a 5-year projected timeline in which Mantra will carry out its
business development activities.
Mantra Energy Alternatives Ltd.
Mantra Energy Alternatives Ltd. (Mantra Energy) was incorporated in May 2007 with the mission
of actively seeking out alternatives in the energy field. Current areas of interest include carbon
recycling (converting CO2 into useful chemicals and products), alternate ways of using fuels (e.g.
fuel cell rather than combustion), and new systems or products for the more efficient use of energy.
Mantra Energy researches opportunities within the aforementioned categories, and subsequently
makes recommendations in regard to investment by Mantra Venture Group.
Mantra Energy currently has a vested interest in two technologies. The first is a proprietary carbon
recycling technology entitled Electroreduction of Carbon Dioxide (ERC). ERC converts CO2 into
valuable chemicals such as formic acid, formate salts, oxalic acid and methanol. Through ERC, Mantra
Energy looks to penetrate the multi-billion dollar carbon reduction/carbon recycling industry- an
industry desperate for a viable solution.
In September of 2009, Mantra Energy disclosed its interest in a second technology entitled the
Mixed Reactant Fuel Cell (MRFC). MRFC is a fuel cell with a new architecture that eliminates the
need for expensive and fragile compenents found within typical fuel cell technologies- making it
more durable and cost effective to manufacture. This technology stands to benefit greatly from
the further development of ERC, as it is currently undergoing development trials using formate as
the fuel (one of the key products of ERC). The global fuel cell industry is expected to generate more
than $18.6 Billion USD in 2013, and if significant advancements are made in the automotive (mobile)
sector, this number could jump as high as $35 Billion USD. (Energy Business Reports, 2008)
Over the next two years, Mantra Energy plans to expedite the development of these two technologies.
Mantra Energy will be building a pilot scale on-site demonstration unit capable of converting 100 -
500 kg of CO2 per day, as well as an MRFC pre-commercial prototype. The costs of these two projects
will be $2.18 Million CDN and $0.98 Million CDN (respectively) over the next two years, for a total
development cost of $3.16 Million CDN.
Upon completion of the two aforementioned projects, ERC will be ready for off-take licensing
agreements and full implementation into industry, and MRFC will move to the on-site demonstration
scale.
2. Electroreduction of Carbon Dioxide (ERC)
2.1 The Need
Carbon sequestration, the process of capturing carbon dioxide and storing it in deep geological
formations, in the ocean or as mineral carbonates, is being hailed as the answer to one of the
globe's most pressing questions: what to do with the 27 billion metric tonnes of carbon dioxide
emitted annually from the burning of fossil fuels? While touted as the most promising interim
solution to deal with the greenhouse gas responsible for global warming, carbon capture and
storage (CCS) still remains unproven, costly and will not be commercially available for many
Consulting firm McKinsey & Co. figures that adding CCS to the next generation of European
power plants could lift their price by up to US$1.3 billion per project. Their thorough analysis
shows that the typical cost of a demonstration project is likely to be in the range of US$80-$120
per tonne of CO2 sequestered.
Legally, there are concerns over whether CO2 transport and long-term storage present human
or ecosystem related risks. While progress is underway in some countries, no country has yet
developed the comprehensive, detailed legal and regulatory framework that is necessary to
effectively govern the use of CCS.
In fact, no full-scale CCS project that captures and sequesters carbon dioxide from a coal-fired
power plant as of yet exists. The International Energy Agency (IEA) is hopeful that 10 full-scale
demonstration plants will be up and running globally by 2015 meaning it may be another 10 to
20 years before CCS technology is readily available.
In addition, skepticism from local populations must also be overcome. European power giant
Vattenfall AB, for example, was recently forced to halt its CCS pilot plant in Schwarze Pumpe,
Germany due to overwhelming safety concerns from the local population. (Fairley, Aug 8
As fear of climate change grips the globe, businesses and governments are desperate to find
an answer to our CO2 problem. Relying solely on CCS is an incredibly risky and in many places
unworkably expensive solution. More imaginative thinking shows us that the 27 billion metric
tonnes of CO2 per year may actually be recycled, representing a viable business opportunity.
(Oloman, 2008).
So why expensively transport and store the CO2 underground when it could be profitably
recycled post-capture?
The Electroreduction of Carbon Dioxide is
an innovative carbon recycling technology
that combines CO2 with water to produce
highly sought-after materials such as formic
acid, formate salts, oxalic acid and methanol-
valuable chemicals used in a variety of
industrial applications.
ERC schematic: an electrical chemical process
It is the goal of ERC to serve as a safe and more economical alternative to CCS. ERC will
be integrated into industrial plants whereby it will convert captured CO2 into products
suitable for re-use on-site (formic acid in steel processing, for example) or for sale in
the open market.
ERC core electro-chemistry
CO2 H2O
HCOOH (formic acid and oxygen)
animal feed pulp &
sterilizer paper
ERC Plant
steel deicing
CO2 pickling runways
rubber pharma-
ceuticals
Formic Acid
HCOOH
Coal plant/power plant products treatment
CO2 emitter
ERC first proved itself as a legitimate alternative to CCS in October 2008 through Mantra Energy's
completion of the first ERC prototype. The prototype, capable of converting 1 Kg of CO2 into
formic acid per day, was revealed to the public later that month at the Sustainability 2008
conference held in Vancouver, BC.
ERC received its first grant under the National Research Council's Industrial Research Assistance
Program (NRC - IRAP) in May 2009, and the technical staff has since been focused on increasing
the cathode life, reducing formate cross-over to retrieve formate from the catholyte solution,
and optimizing the reactor with respect to its use in processes for the electro-synthesis of
formate/formic acid. Considerable progress has been made in this effort, and in July 2009 the
ERC reactor reached new heights by increasing its current efficiency to 89.66% (up from 46.24%)
through the use of a new proprietary catalyst structure.
With political and regulatory concern for CO2 mitigation reaching an all-time high, the timing
for ERC could not be better. In June, the IEA predicted the price of carbon emissions must rise to
$180/tonne by 2030 to meet greenhouse gas reduction targets. In addition, the market price of
formic acid is also on the rise and is expected to hit $1,440/tonne by year-end. These increasing
market values, coupled with the many government grant and incentive programs for carbon
recycling and CCS, indicate a very bright future for ERC. (Sethuraman, 2009).
The ERC technology was co-invented by Professor Emeritus Colin Oloman and Hui Li at the
University of British Columbia's Clean Energy Research Center (CERC). Mantra Energy later
acquired the 100% outright ownership of the technology from the CERC in November 2007.
The technology is currently Patent pending worldwide, under the PCT Patent Application
WO2007/041872 "Continuous co-current electrochemical reduction of carbon dioxide." For a
copy of the pending patent, see Appendix C.
2.3 Carbon Balance
To be considered a viable carbon recycling technology, one must prove that the technology has
a negative net carbon balance – meaning the carbon output during the conversion process is
less than amount of carbon being converted.
In August 2009, Mantra Energy completed a preliminary carbon balance report on its ERC
technology, entitled "Possible Reactions Related to Carbon Credits – ERC Process of Mantra
In completing the analysis, it was determined that one tonne of formic acid formed through ERC
effectively "sequesters" approximately 0.95 tonnes of CO2. Assuming that the formic acid is then
incorporated into compounds with a long lifetime (as is the plan for ERC), the resulting formic
acid is considered a green product. When powered by sustainable electricity, the ERC process
would then carry a net gain of +0.95 CO2 credits per tonne of formic acid formed.
Furthermore, it was noted that when the formic acid is used to substitute another fossil-based
compound, additional "replacement credits" can be obtained. For example, Mantra Energy has
previously identified formic acid as a key replacement for hydrochloric acid (HCI) in industrial
processes such as steel pickling. By substituting HCI with formic acid generated through ERC, it
was determined that Mantra Energy would generate +0.95 carbon credits for the conversion of
CO2 to formic acid, plus an additional +2.53 credits for replacing HCI from a conventional source.
Thus, a total of +3.48 CO2 credits would be generated per tonne of formic acid produced. In
benefiting from both sequestered and replacement credits, preliminary calculations showed
that ERC could generate as much as 5.98 carbon credits per tonne of reactant formed.
ERC Carbon Balance
5.98 carbon
credits per tonne
5 generated
Potential Carbon Credits Generated
The negative carbon balance scenarios identified through this preliminary report are very
encouraging. Mantra Energy expects to achieve even further improvements to its carbon
balance throughout the current set of development trials with Kemetco Research Inc., and the
company will complete a formalized carbon balance study upon completion of the development
For a complete copy of the preliminary carbon balance report, see Appendix D.
The concentration of Carbon dioxide (CO2), earth's most notorious greenhouse gas resulting
from human activities, has risen by more than 30% since the industrial revolution. As Illustrated
below, CO2 now accounts for 84.8% of all emissions, with electricity generation having the
greatest impact of all economic sub-sectors. (Environmental Protection Agency, 2006)
With more than 27 billion metric tonnes of CO2 emitted annually from the burning of fossil
fuels, Government organizations and regulatory bodies worldwide are placing unprecedented
pressure on industry sectors in an effort to curb these emissions.
Governments and major corporations worldwide are investing $ Billions USD in Carbon Capture
and Storage (CCS) and carbon recycling technologies in an effort to mitigate the release of CO2
from industrial processes. The European Union, for example, is investing 9 Billion Euros ($11
Billion USD) to develop up to 12 pilot projects to prove that CCS works on a commercial scale.
However, despite the amount of scrutiny and subsequent developmental support given to
industry, economical and viable solutions to resolve this age-long issue are still non-existent
(other than energy conservation). Not only is CCS still far from being economically viable, it
has raised serious environmental concern, legal and regulatory issues due to the unknown
ramifications of permanently storing CO2 underground.
2.4.1 Target Market
Mantra Energy's objective is to make electrochemical reduction of carbon dioxide not only
cost effective but also profitable for emitters for whom CO2 management is either mandated
or desirable. Therefore, the primary markets for ERC will be the following sources of stationary
CO2 production:
•	Electricity generation (power plants)
•	Production and consumption of mineral products such as cement, lime and soda ash
•	Production of metals such as iron and steel, aluminum, zinc and lead
•	Chemical production (e.g., ammonia, petrochemicals and titanium dioxide)
•	Consumption of petroleum products in feedstock and other end-uses
The international market for
carbon dioxide management
is currently in the $Billions USD
and carbon emission credits
are traded at values up to $30
USD per tonne of CO2. Iron
and steel production in the
U.S. alone accounted for 45.2
Terragrams of CO2 equivalent
in 2005, representing
approximately 30% of overall
CO2 emissions from industry.
(Environmental Protection
Agency, 2006)
Of those industries
highlighted above, Mantra
Energy is particularly
interested in opportunities
such as integrated plants in industrial applications that produce large quantities of CO2 that can
also utilize the final products. The economical production of these high value products (formic
acid) may allow their use as environmentally friendly replacement to other chemicals currently
used in industry. ERC would then be considered as a step towards mitigating climate change as
well as an economic process.
Upon successful entry into the CO2 market, a powerful and perhaps even more profitable
market will develop for ERC's useful by-products. Sodium Formate and Formic Acid, two of
the main products of ERC, currently have an average market value of $1,440/tonne, with more
than 620,000 tonnes of formic acid produced annually (Li, 2006). Their applications are diverse,
including feedstock preservatives, de-icing solutions, cleaning solutions and baking soda to
name a few. The market for formic acid has experienced continual growth and demand over
the past several years, mainly attributed to the following:
•	European and developing country demand for formic acid as a silage
•	rising raw materials, energy and logistics costs
•	increase in demand as animal feed preservative
•	Asian demand for formic acid in the leather, rubber, food and pharmaceutical industries
(Dunia Frontier Consultants, 2008)
If the ERC process reaches market acceptance, it
will likely lead to supply of formic acid in excess of
market demand. Fortunately, Mantra Energy has
identified several future applications for formic
acid, leading to a prolific expansion in current
market demand, including: steel pickling, fuel cell $1200
development and as a fuel additive. $1000
Steel Pickling
Steel pickling is part of the finishing process in
the production of certain steel products in which
oxide and scale are removed from the surface of
strip steel, steel wire, and other forms of steel by
dissolution in acid. A solution of either hydrochloric
acid (HCl) or sulfuric acid is generally used to treat carbon steel products, while a combination of
hydrofluoric and nitric acids is often used for stainless steel.
As an organic acid, formic acid would be a very attractive replacement for HCI in the steel
pickling process. Less iron would be lost from the steel surface, the final surface quality would
be improved, and corrosion inhibitors and neutralizing rinse process would be eliminated.
Formic acid is both biodegradable and reusable and process water could be easily recycled.
The following diagram depicts the production and usage of formic acid in a 13,000 tpd steel
Formic Acid Production in a Steel Plant
Cathode -
Steel Plant 30,000 tpd CO2 258 tpd CO2 ChOO 270 tpd
13,000 tpd ERC Anode
ChOOh
Steel Production 105 tpd h2O (Formic
h+ O2 Acid)
29,742 tpd CCS
8 MWh/tonne CO2 94 tpd O2 for
from Power Plant Use in Power Plant,
tpd = tonnes per day (metric) h2 Used in Direct
Reduction of Steel
The following shows the integration of Mantra Energy's ERC system into a steel mill making
13,000 tpd of 16 gauge rolled steel. In the manufacturing process, iron ore is converted into
steel which is poured into billets; these are later reheated and rolled into strip steel; as they are
being rolled oxides form which must be removed to provide a clean surface. The finished steel
strip goes on to make refrigerators, car panels or other steel products.
Formic Acid Use in a Steel Plant
5.9 tpd h2
Recycle to Power Plant
539 tpd h2O
270 tpd Formic Acid Steel 427 tpd Ferrous Formate
54 tpd Pickling Tank
Formic Acid 54 tpd Excess Formic Acid
13,000 tpd
hot Rolled Steel 12,837 tpd Cleaned Steel
@16 Gauge
54 tpd Formic Acid Recycle Azeotropic
427 tpd Ferrous Formate
539 tpd Water Recycle 539 tpd Water
Precipitate
tpd = tonnes per day (metric)
Ferrous Formate
Recycle to Blast Furnace
Approximately ¼ of the HCI produced in the U.S. is used for pickling steel (American Chemistry,
2003), consuming an estimated 5Mt/year.
Pulp Processing
The market for formic acid is growing rapidly in Asia and one of the leading applications is in
pulp and paper making. The paper industry in Asia is largely different than that of North America
in that the paper is derived less from wood pulp and more from river reeds. Subsequently, the
processes required for making paper from river reeds favor the use of formic acid. Previous
patent filings show that formic acid can be applied at concentrations between 60 and 99% by
weight. The potential market in this application is large and will likely gain more attention as the
world economy improves and profitability returns to the industry.
In fuel cells, liquid fuels are indirectly combined with oxygen to form carbon dioxide and water
while generating electricity- a process known as electro-oxidation. The complimentary nature
of ERC and electro-oxidation makes it possible to use ERC in a regenerative fuel cell cycle, where
CO2 is converted into a fuel that is consumed in a fuel cell to regenerate CO2.
CO2 Converted to Formic Acid
Formic
Carbon Acid
Formic Acid Converted to CO2
The development of direct formic acid fuel cells (DFAFCs) is likely to be a significant commercially
valuable use of formic acid. DFAFCs are gaining popularity over hydrogen and methanol based
fuel cells because of their ease of refueling, efficiency, and safety. DFAFCs are currently being
tested by major producers of portable electronics in phones, laptops and computers. With
continued development, there is potential for DFAFCs to challenge traditional batteries as
power sources for mobile electronic devices with large scale applications expected to follow.
Formic Acid Projected Market
In addition to the production of formic acid,
the ERC process can be adapted to produce
ammonium formate- a potential fuel additive
currently being tested in Europe and Japan. This
chemical compound shows great promise in
reducing NOx emissions when added to diesel
fuel-potentially representing yet another
secondary market for the electroreduction of
carbon dioxide.
2.4.2 Competition
There are currently no industrial practices in place that safely mitigate the expulsion of CO2 into
the atmosphere. Currently, the most commonly proposed industrial practice is the capture of
CO2 and injecting it underground for storage in a process called carbon sequestration. However,
full carbon capture and storage systems for large-scale power plants are currently far from
being cost effective. According to the European Commission, the process will still cost more
than the release of CO2 into the air in 2020 (with an estimated permit price of 41 Euro per metric
tonne). Although carbon capture and storage may show promise for enhanced oil recovery,
this is a very industrial specific application that can only be applied in specific locations. Other
potential applications, such as chemical processing or treatment by algae are in the R&D stage,
however, practical applications have not yet been proven. Given these constraints, the European
Commission expects power firms will sequester only 7 million metric tonnes of CO2 annually by
2020- representing less than 1% of the CO2 they currently generate. (Fairley, Aug 15, 2009)
Carbon Capture Sequestration
In addition to economic feasibility, sequestration also faces significant stewardship challenges.
For example, a CCS project under the direction of Vattenfall in Schwarze Pumpe, Germany was
recently halted due to local concerns over the mass asphyxiation that would occur if there's a
leak at the surface. Stephan Close of Brunsbuttel Germany, noted "If there's a leak and you have
a 1 to 2 meter high level of CO2, every animal and human being in this zone will die." (Fairley,
2009). This certainly raises considerable doubt as to whether or not the general public will ever
accept the imminent risks associated with this proposed method to reduce CO2.
2.4.3 Competitive Advantage
Mantra Eneergy asserts the following advantages of ERC in comparison with alternative methods
of CO2 mitigating techniques:
•	The ERC process is driven by electric energy that can be taken from an electric power grid
supplied by hydro, wind, solar, tidal or nuclear energy (all renewable).
•	ERC by-products represent useful, and financially profitable sources of income (contributing
to an estimated ROI of 24%)
•	ERC pilot projects can be executed on any scale, whereas sequestration can only be
performed on a very large scale (typically at
costs of over $1billion)
•	ERC avoids liability concerns currently plaguing
sequestration industry
•	Medium reaction rate allows for commercial ly
viable CO2 processing times
•	Medium CO2 space velocity gives the ability to
treat comparatively large volumes of CO2.
•	High product selectivity for formate and formic
acid (up to 90%)
•	Low operating temperature (20° to 80° Celsius)
and pressure (below 1 MPa or magnitude of
pressure)
•	Hydrogen is not required as a feed reactant, but
is already present in water used in the process
•	Physical space requirements and subsequent
environmental foot-print are less than that of ERC Reactor
CCS and algae
•	ERC is patent pending
The following is an analysis of the Internal factors (strengths and weaknesses), as well as the
external factors (opportunities and threats) impacting Mantra Energy and its commercialization
of ERC.
Helpful Harmful
to achieving the objective to achieving the objective
Strengths Weaknesses
•	Unique, patent pending technology with proven
Internal origin
attributes of
•	Dedicated management team
•	Many valuable partnerships with industry •	Relatively new, small company
leading corporations •	Technology is still in development
•	Recognized internationally •	Current lab scale - flue gas yet to be tested
•	Ability to act fast and develop projects of any •	Back - end system to calculate gases is yet to
size be developed
•	Company is public, making it easier to access
•	Technology demonstrates a positive return on
Opportunities Threats
•	Funding for CCS and carbon recycling •	Current economy harming investors'
O T
technologies on the rise willingness to fund projects
External origin
•	Political concern for CO2 on the rise •	CCS still seen by many as most likely solution to
•	Serious doubt concerning sequestration and CO2
associated liabilities and economics •	Larger, more experienced firms may leverage
•	Worlds largest corporations are looking to take resources to come up with a feasible solution
action before Mantra Energy
•	Market size for CO2 mitigation is virtually •	Current market for formic acid is relatively
endless small
•	Many new functions for formic acid have been
identified
2.5 Development Plan
In October 2008, Mantra Energy completed its first ERC prototype, capable of converting 1 Kg
of CO2 into formic acid per day. The technical staff has since been focused on increasing the
cathode life, reducing formate cross-over to retrieve formate from the catholyte solution, and
optimizing the reactor with respect to its use in processes for the electro-synthesis of formate/
formic acid. Considerable progress has been made in this effort, and in July 2009 the ERC reactor
reached new heights by increasing its current efficiency to 89.66% (up from 46.24%) through
the use of a new proprietary catalyst structure.
In collaboration with Kemetco Research Inc., Mantra Energy will engage in a two-stage
development process to take ERC from its current stage through to the completion of an on-
site demonstration unit capable of converting 100 - 500 kg of CO2 per day. The following is a
detailed breakdown of the steps to be undertaken.
Stage 1 – Engineering, Construction and Testing of Demo Unit (To be completed in 1st Year)
Development of front end CO2 capture system
•	Development of front end CO2 capture system
•	Design and construction of 5 sqm Cell
•	Construction and development of ventilation system, DC power supply, instrumentation and control
•	Fluid handling equipment, safety equipment, frame and crating
•	Development of back end concentration and purification system
•	Assembly of lab system
Stage 2 – Shipping, Installation and On-Site Pilot Demonstration (To be completed in 2nd
Year)
•	Shipping and set-up
•	On-site operations and pilot demonstrations
•	Plant maintenance (spare parts, consumables, waste disposal)
For a breakdown of the costs associated with the above development plan, see section 2.6.1.
Within a 3 year period, Mantra Energy expects to progress from pilot scale trials to the
implementation of full scale commercial ERC reactors capable of processing 100 tonnes of CO2
per day.
2.5.1 Capitalizing on ERC
Given the magnitude of the ERC project, both government and corporate partnerships will play
a pivotal role in further development of the ERC technology.
Government Programs and Grant Relations
A Grant Research Report, completed in February 2009, identified 43 funding programs that fit
strategically with the company's current R&D efforts. Mantra Energy has already began applying
for those grants as recommended in the report, and if successful, Mantra Energy could recover
anywhere from 70% to 100% of future costs associated with the development plan shown in
Section 2.6.2.
Program (NRC-IRAP) in May 2009. The objective of this first grant program was to establish the
technical basis for electro-reduction of carbon dioxide to formate via continuous electrochemical
reactor. The main milestones to be achieved were: i) to develop longevity of catalyst materials
for anode and cathode used in the electrochemical reactor, ii) to develop an in-situ catalyst
regeneration method for the cathode catalyst material, and iii) to resolve formate crossover and
prolong the lifetime of the employed membrane.
Mantra Energy successfully completed this project in September 2009, Mantra signed its second
Contribution Agreement with NRC-IRAP in support of ERC. The objective in this recent initiative
is to explore suitable materials for the cathode used in the electrochemical reactor, develop an
efficient and effective method to separate and concentrate the formate product, and develop
an efficient and effective method to convert the formate product into formic acid. Mantra will
continue to work in collaboration with Kemetco Research Inc. to see the project through to
While significant progress has been made on ERC over the past 12 months, Mantra Energy
is currently working to overcome several key obstacles in order to fully capitalize on the
commercialization of ERC. These obstacles include:
•	Development of a front-end CO2 capture system that supplies ERC with flu-gas in suitable concentrations.
•	Work is now underway in collaboration with Kemetco Research Inc.
•	Development of a continuous reactor, using catalyst regeneration or other method.
•	Significant progress has been made on this over the past 6 months under NRC-IRAP program
•	Use different catalyst material to expand market applications and end products.
•	Mantra Energy is currently collaborating with several development partners in this area
•	Development of a back-end concentration/purification system that prepares ERC end-products for their
intended use.
•	Suitable technologies to achieve this system have been identified, and product samples are being
exchanged
While Mantra is confident that each of the above obstacles can be successfully overcome,
Mantra does not currently have the engineering and financial capabilities to complete these
tasks independently. Therefore, Mantra will form strategic alliances with industry leading
corporations to supplement Mantra's engineering and financing capacity. Alliances may be
structured in a variety of ways, including:
•	collaborative partnerships
•	off-take agreements
•	licensing agreements
•	percentage ownership (equity)
•	Board of Directors, Advisors to the Board
In November 2009, Mantra announced a project with 3M. 3M is a world-renowned Fortune
100 company with remarkable high-tech products in ceramics, abrasives, films, non-woven
materials and other industry sectors, and Mantra plans to benefit greatly from 3M's resources
and engineering capabilities.
Over the course of the 4 months that follow, Mantra and 3M will undertake a sequence of trials
to evaluate a series of 3M parts, especially membrane and catalyst structures, for practicality
and economic feasibility. The objective of the project is to accelerate the development of the
commercial ERC reactor and reduce the overall operating cost of the industry-ready package.
Mantra plans to include those materials from 3M that are found to contribute to the complete
commercial system. Funding for the project will be done by way of cost sharing, with each party
contributing 50% of total labour and material costs.
In addition, Mantra Energy held meetings in mid November with 3M and a host of prospective
development partners, and the company anticipates several other relationships will be in place
by year-end 2009.
As predicted by the International Energy Association in October 2009, business and governments
will need to spend between US$ 2.4 trillion and US$ 3.4 trillion before 2050 on carbon capture
and storage projects, with the number of active projects reaching 3,400 by 2050 (Tait, 2009). It
is expected that Mantra's ERC technology will first enter this market in 2012 with a total of four
projects. Improved economics and increasing partnerships will lead to increasing penetration
rates thereafter, reaching a total of 150 projects by 2019.
The following table shows Mantra Energy's projected revenue from ERC over a 10 year period.
•	Mantra to be included in 4 projects by 2012, increasing to 150 projects by 2019
•	Collect 300k in annual licencing fees per project
•	Collect annual royalty of $1.24 M per project (4% of 31 Million in revenue)
•	Royalty payments commence 3 years after site is initiated
2.6 Financial Plan
2.6.1 Fiscal Requirement
As stated in the development plan, it will take approximately two years for Mantra Energy to
complete an on-site demonstration unit capable of converting 100 - 500 kg of CO2 per day. The
following is a summary of the fiscal requirements needed to complete each task.
Expense Year 1 Year 2 Total
Engineering, Construction and Testing of Demo Unit 1,353,000 0 1,353,000
Shipping, Installation and Operation On-site 0 545,000 545,000
Misc/Contingency 15% 202,950 81,750 284,700
Total Expenses $1,555,950 $626,750 $2,182,700
For a detailed breakdown of the above tasks and associated costs, see Appendix E.
2.6.2 Return On Investment
An economic feasibility study was performed by Mantra Energy in June 2009 to determine
the estimated Return On Investment (ROI) of an ERC plant capable of converting 100 Tonnes
of CO2 into formic acid per day. The estimated ROI was forecast at 24%, meaning the initial
capital requirements of the plant would be fully recovered in just over 4 years. This represents
a significant advantage over alternatives such as CCS, whereby initial capital costs will never be
For a complete copy of the ROI report, see Appendix F.
3. Mixed Reactant Fuel Cell (MRFC)
Over the past decade, electricity generation through the combustion of fossil fuels has become
a leading concern among environmentalists and activist groups. While such activities pose a
serious threat to human health and the overall stability of the Earth's atmosphere, fossil fuel
combustion still accounts for the majority of overall electricity generation today. In recognition
of this mounting issue, researchers and scientists have been struggling to find a cleaner,
sustainable solution to power generation. To date, one of the technologies receiving the
greatest attention is the fuel cell.
Invented in 1839 by Sir William Robert Grove, fuel cells are electrochemical conversion devices
that produce electricity from fuel (on the anode side) and an oxidant (on the cathode side),
which react in the presence of a catalyst. The reactants flow into the cell, and the reaction
products flow out of it, while the catalysts remain unaltered. Since the conversion of the fuel to
energy takes place via an electrochemical process (not combustion), the process produces zero
(or very few) emissions and is both quiet and highly efficient. (Wikipedia, Sept 2009).
Since their early invention, fuel cells have made significant progress. They have increased
in efficiency considerably, and have been adopted for use in many systems, both stationary
(hospitals, nursing homes, hotels, wastewater treatment plants, breweries, etc.) and mobile
(cars, buses, forklifts, etc. – all of which are under development).
While a variety of different fuel cells have been developed, all have faced one major barrier
to widespread adoption: cost. In 2008, the U.S. Department of Energy (DOE) reported that
fuel cell system costs in volume production are $73 per kilowatt. While this represents a great
improvement from the average cost of $1,000 per kilowatt seen in 2002, research suggests
these costs would have to be further reduced by over 50% in order to become competitive with
alternate technologies such as batteries and gasoline internal combustion engines. (Wikipedia,
Sept 2009).
In addition, secondary concerns for current fuel cell technologies include: durability, service
life and special requirements for some types of fuel cells. Stationary fuel cell applications, for
example, typically require more than 40,000 hours of reliable operation through a wide range of
temperatures. This is often considered a challenge given the structural components of current
fuel cell technologies.
3.2 The Technology
Invented by Professor Emeritus Colin Oloman in the Clean Energy Research Center (CERC) at
the University of British Columbia Canada, the Mixed Reactant Fuel Cell (MRFC) is a fuel cell
with an unconventional architecture that eliminates the need for some operating features
and components. Unlike typical fuel cells that require a Proton Exchange Membrane (PEM) to
separate the fuel from the oxidant within the cell, MRFC mixes the fuel with the oxidant and
eliminates the need for the expensive yet fragile membrane.
Comparison between Conventional PEM Fuel Cell and Mixed Reactant Fuel Cell (MRFC )
As a result, Mantra Energy anticipates a simplified and much more cost effective manufacturing
process upon commercialization.
Under the direction of Dr. Oloman, the technical staff is currently undertaking feasibility studies
on the MRFC technology- using formate as the fuel. If successful, this will represent a significant
opportunity for Mantra Energy, as formate is one of the key products of ERC- the company's CO2
recycling technology.
MRFC is currently in the critical stages of the patent application process, limiting the amount of
technical information and specifications that can be released at this time. More information on
the technology will be released shortly.
Mantra Energy signed a worldwide exclusive licensing agreement for MRFC with Prof. Oloman
in September 2009.
Fuel cells provide direct current (DC) voltage as used to power motors, lights and electrical
appliances. There is a variety of fuel cells both available and under development today, each
competing with more conventional power sources such as gasoline engines and batteries.
Current applications can be divided into one of three market categories: stationary, mobile or
portable. The global fuel cell industry is expected to generate more than $18.6 Billion USD in
2013, and if significant advancements are made in the automotive (mobile) sector, this number
could jump as high as $35 Billion USD. (Energy Business Reports, July 2008).
The following is a brief description of each of the aforementioned market segments:
More than 2,500 stationary fuel cell systems have been installed globally in a wide variety
of applications, including: hospitals, nursing homes, hotels, office buildings, schools,
telecommunications, landfills, wastewater treatment plants and utility power plants. Such
systems can either be connected to the electric grid to provide supplemental power and backup
assurance for critical areas, or installed as grid-independent generators for on-site service in
areas that are inaccessible by power lines. (Fuel Cells 2000, Sept 2009).
All of the major automakers are currently working to commercialize fuel cell cars, and several
have already entered the marketplace in California. In 2007, General Motors released the Chevy
Equinox FC powered by a PEM fuel cell. Honda later released its 2008 FCX Clarity model – also
powered by a PEM fuel cell. (Fueleconomy.gov, Sept 2009)
Fuel cells host great potential in their ability to power buses, boats, trains, planes, scooters,
forklifts and even bicycles, and manufacturers in these areas are continuously striving to make
fuel cells economical for mass production. While still relatively expensive, fuel cells are slowly
entering into these alternate mobile markets. In September, 2009, for example, Saul Paulo, Brazil
became the first city in Latin America to introduce fuel cell buses into their fleet.
Portable fuel cells can be further divided into two segments: fuel cell power packs and small
portable power generators.
Fuel cell power packs refer to battery replacement type applications. Examples would be fuel
cells packaged into portable devices such as laptop computers, cellular phones, digital cameras,
camcorders, and power tools. Portable devices are seen as employing up to 100-watt hours
of energy, with supplemental energy available through refueling cartridges. Examples include:
cellular phones (1-3 W), Computers (5-50 W), Camcorders (2-5 W) and Cordless Tools (20–200
W).
Small portable power generators refer to units up to about 20 pounds in weight, up to 3 - 5
kW power and with fuel for up to 1 to 2 kW/hr energy. Examples of applications include power
for camping and other recreational activity, or short-term power in emergency situations. (Fuel
Cells 2000, Sept 2009).
Given the MRFC's current stage of development, it is not feasible to narrow its market focus at
this time. Mantra Energy will narrow the scope of MRFC's target market as it learns more about
the technology through development trials.
Mantra Energy faces both direct and indirect competition in entering the fuel cell industry.
Direct competitors consist of other fuel cell manufacturers, while indirect competitors include
rechargeable batteries, gasoline engines and gas turbines.
Direct Competition
There is currently a large list of fuel cell manufacturers working on the aforementioned
technologies in an effort to penetrate those market segments mentioned in Section 3.3. The
following is a sample list of manufacturers currently involved in each market segment:
While the percentage of fuel cells manufactured and sold by technology type has remained
fairly constant in recent years, certain fuel cells have the potential to become the dominant
technology for automotive engines, power stations, and power packs for portable electronics.
The fuel cell market is currently dominated by Proton Exchange Membrane (PEM) fuel cells- a
technology using a proton-conducting polymer membrane to separate the anode and cathode
sides. While these fuel cells can operate at relatively low temperatures and have a high power
density, they are still expensive in comparison to alternative forms of conventional energy, and
can be fragile in construction.
The following is a brief summary of PEM technology, along with other popular fuel cell
technologies under development today. (Fuel Cells 2000, Sept 2009).
Proton Exchange Membrane fuel cell (PEM)
•	Operate at relatively low temperatures
•	Have high power density
•	Can vary their output quickly to meet shifts in power demand
•	Sensitive to fuel impurities, and cell outputs generally range from 50 watts to 75 kW.
•	Well suited for applications requiring quick start-up (such as automobiles)
•	Primary candidates for light-duty vehicles, buildings, and potentially smaller applications including laptops
and portable devices.
Phosphoric Acid fuel cell (PAFC)
•	Generate electricity at more than 40% efficiency
•	Use liquid phosphoric acid as the electrolyte and operate at about 450oF.
•	85% cogeneration rate
•	Can use impure hydrogen as the fuel (can tolerate a CO concentration of approx 1.5%).
•	Commercially available today- installed in 19 Nations for a variety of applications, including hospitals, nursing
homes, hotels, office buildings, schools, utility power plants, landfills and wastewater treatment plants
Molten Carbonate fuel cell (MCFC)
•	Use an electrolyte composed of a molten carbonate salt mixture suspended in a porous, chemically inert
•	Operate at high temperatures- approx. 1200oF
•	Require CO2 and oxygen to be delivered to the cathode
•	Have been operated on hydrogen, carbon monoxide, natural gas, propane, landfill gas, marine diesel and
simulated coal gasification products.
•	10 kW to 2 MW MCFCs have been tested on a variety of fuels and are primarily targeting electric utility
Solid Oxide fuel cell (SOFC)
•	Use a hard, non-porous ceramic compound as the electrolyte
•	Operate at very high temperatures- approx. 1800oF
•	One type uses an array of meter-long tubes, and other variations include a compressed disc that resembles
the top of a soup can
•	Tubular are closer to commercialization and are being produced by several companies around the world
•	Suitable for stationary applications as well as for auxiliary power units used in vehicles to power electronics
Alkaline fuel cell (AFC)
•	Use potassium hydroxide as the electrolyte
•	Operate at 160oF
•	Can achieve power generation efficiencies of up to 70%
•	Very susceptible to carbon contamination, and thus require pure oxygen and hydrogen
•	Used by N.A.S.A. on space missions to provide both electricity and drinking water
Direct Methanol fuel cell (DMFC)
•	Similar to PEM in that they use polymer membrane as the electrolyte
•	The anode catalyst itself draws the hydrogen from the liquid methanol, eliminating the need for a fuel
•	Efficiencies of about 40% are expected (higher efficiencies achieved at higher temperatures)
•	Operating temperature: approx. 120-190oF
•	Attractive for mid-sized portable applications: cellular phones and laptops
•	Manufacturers are also working on DMFC prototypes to be used by the military for powering electronic
equipment in the field.
Regenerative fuel cell
•	Water is separated into hydrogen and oxygen by a solar-powered electrolyzer.
•	The hydrogen and oxygen are fed into the fuel cell which generates electricity, heat and water.
•	The water is then re-circulated back to the solar-powered electrolyzer and the process begins again.
•	Attractive as a closed-loop form of power generation
•	Currently being researched by N.A.S.A. and others worldwide
Zinc Air fuel cell (ZAFC)
•	Typically, there is a gas diffusion electrode (GDE), a zinc anode separated by electrolyte, and some form of
mechanical separators
•	GDE is a permeable membrane that allows atmospheric oxygen to pass through
•	After the oxygen has converted into hydroxyl ions and water, the hydroxyl ions will travel through an
electrolyte until it reaches the zinc anode, where It reacts with the zinc and forms the electric potential
•	Very similar to PEM, but the refueling is very different and more similar to batteries
•	ZAFC's contain a zinc fuel tank and a zinc refrigerator that automatically and silently regenerates the fuel
•	Primary advantage over other battery technologies is its high specific energy - a key factor in determining
the running duration of a battery relative to its weight.
Proton Ceramic fuel cell (PCFC)
•	New technology
•	Based on a ceramic electrolyte material that exhibits high protonic conductivity at elevated temperatures
•	Share the thermal and kinetic advantages of high temperature operation at 700oC with molten carbonate
and solid oxide fuel cells, while exhibiting all of the intrinsic benefits of proton conduction in PEM and
phosphoric acid fuel cells.
•	Can operate at high temperatures and electrochemically oxidize fossil fuels directly to the anode- eliminating
the intermediate step of producing hydrogen through the costly reforming process
•	PCFCs have a solid electrolyte so the membrane cannot dry out as with PEM fuel cells and liquid cannot leak
out as with PAFCs.
Microbial fuel cell (MFC)
•	Use the catalytic reaction of microorganisms such as bacteria to convert virtually any organic material into
•	Common compounds include: glucose, acetate, and wastewater
•	Enclosed by oxygen-free anodes, the organic compounds are consumed (oxidized) by the bacteria or other
•	Operate in mild conditions: 20-40oC
•	Could be capable of producing 50% efficiency
•	Suitable for small scale applications such as medical devices fueled by glucose in the blood, or larger
applications such as water treatment plants or breweries producing organic waste that could then be used
to fuel the MFC's.
Indirect Competition
Other than electricity generation through traditional fossil fuel combustion, batteries,
rechargeable batteries in particular, are fuel cells' main competition. The following is a summary
of rechargeable batteries currently under development and in use as alternate forms of energy
Battery Type Cell Voltage Characteristics
Nickel Cadmium 1.2 •	Inexpensive.
•	High/low drain, moderate energy density.
•	Can withstand very high discharge rates with virtually no loss of
capacity.
•	Moderate rate of self-discharge.
•	Reputed to suffer from memory effect (which is alleged to cause early
failure).
•	Environmental hazard due to Cadmium - use now virtually prohibited in
Lead Acid 2.1 •	Moderately expensive.
•	Moderate energy density.
•	Higher discharge rates result in considerable loss of capacity.
•	Does not suffer from memory effect.
•	Environmental hazard due to Lead.
•	Common use - Automobile batteries
Nickel Metal Hydride 1.2 •	Inexpensive.
•	Not usable in higher drain devices.
•	Traditional chemistry has high energy density, but also a high rate of
self-discharge.
•	Newer chemistry has low self-discharge rate, but also a ~25% lower
energy density.
•	Very heavy. Used in some cars.
Lithium ion 3.6 •	Very expensive.
•	Very high energy density.
•	Not usually available in "common" battery sizes
•	Very common in laptop computers, moderate to high-end digital
cameras and camcorders, and cell phones.
•	Very low rate of self-discharge.
•	Volatile: Chance of explosion if short circuited, allowed to overheat, or
not manufactured with rigorous quality standards
•	Common use – consumer electronics
3.3.3 Competitive Advantages
Fuel Cells vs. Conventional Power Sources (Batteries, Gasoline Engines)
•	Size: Fuel cells can be compact and light weight in comparison with conventional batteries
•	Temperature Tolerance: Unlike batteries, fuel cells do not degrade at high temperatures and their range can
be between -40oC and +50oC
•	Environmental Impact: Fuel cells do not use combustion, therefore very little CO2, NOx, SOx or particulate
MRFC vs. Other Fuel Cell Technologies
•	Economic Feasibility: Lack of Proton Exchange Membrane (PEM) should provide for a simplified and much
more cost effective manufacturing process upon commercialization.
•	Durability: MRFC design eliminates the need for fragile components as found in other fuel cell designs.
•	IP Protected: Currently undergoing patenting process, making the above advantages sustainable over the
long term.
external factors (opportunities and threats) facing Mantra Energy and its commercialization of
MRFC.
•	Unique, patent pending technology that is more
cost effective and durable
•	Ability to act fast and develop projects of any •	Relatively new, small company
size •	Technology is still in development stage
•	Company is public, making it easier to access •	Extensive capital required to complete
•	Fuel cells recognized as potential replacement •	Current economy harming investors' willingness
for batteries to fund projects
•	Market is expanding in both stationary and •	Some stakeholders have lost interest/given up
mobile applications on fuel cells due to failed economics
•	Market still in need of more economical design •	Larger, more experienced firms may leverage
before rapid expansion into market resources to come up with a feasible solution
•	Potential fee grants/government assistance before Mantra Energy
The mixed reactant fuel cell is currently in the early stages of development, and the technical
staff is currently undergoing feasibility studies under the direction of Prof. Emeritus Oloman. In
collaboration with Kemetco Research Inc., the following steps must now be taken by Mantra
Energy to take MRFC from its current stage through to the completion of a pre-commercial
prototype:
•	Acquire both test equipment and fuel cell materials necessary for development
•	Development of cathodes, including both catalyst and structure
•	Development of anodes, including both catalyst and structure
•	Development of gas injection system
•	Cell analysis and development, including geometry, operating conditions, flows, temperature and pressures
•	Fuel cell design work
•	Systems integration and controls
•	Overall manufacturing study
•	Installation
The above will be completed within two years. A breakdown of the costs associated with the
above development plan is outlined in Section 3.5.1.
3.4.1 Capitalizing on MRFC
Similar to the ERC project, both government and corporate partnerships will play a pivotal
role in further development of the MRFC technology. Mantra Energy will be looking to benefit
from Government Grant programs, such as the National Research Council's Industrial Research
Assistance Program (NRC-IRAP).
complete the bench scale development and pre-commercial prototype design of the MRFC
technology. The following is a summary of the fiscal requirements needed to complete each
task.
Fuel cell test station 150,000 20,000 $170,000
Laboratory equipment 100,000 20,000 $120,000
Electrochemical equipment 20,000 10,000 $30,000
Materials (chemicals, reactor components) 30,000 80,000 $110,000
Instrumentation 20,000 10,000 $30,000
Electronics 0 10,000 $10,000
Fabrication 10,000 20,000 $30,000
Laboratory space 10,000 10,000 $20,000
Personnel (Engineer/Manager) 120,000 120,000 $240,000
Consultants 20,000 20,000 $40,000
Patenting (IP) 20,000 20,000 $40,000
Contingency 98,000 66,000 $164,000
Total Expenses $588,000 $396,000 $984,000
For a detailed breakdown of the above tasks and associated costs, see Appendix G.
An ROI analysis for MRFC is currently underway, and will be available shortly.
In conclusion, Mantra Energy currently has a vested interest in two innovative technologies
that show virtually unlimited market potential: the Electroreduction of Carbon Dioxide and
the Mixed Reactant Fuel Cell. Over the next two years, Mantra Energy plans to expedite the
development of these two technologies by building a pilot scale on-site demonstration unit
The costs of these two projects will be $2.18 Million CDN and $0.98 Million CDN (respectively)
over the next two years, for a total development cost of $3.16 Million CDN.
agreements and full implementation into industry, and MRFC will move to the on-site
demonstration scale.
American Chemistry (November 2003). Hydrochloric Acid-HCI- An Acid With Many Uses. Retrieved March
10, 2009 from http://www.americanchemistry.com/s_chlorine/sec_content.asp?CID=1255&DID=4735&C
TYPEID=113
Dunia Frontier Consultants (June, 2008). Dunia Formic Acid Survey. http://www.dfcinternational.com/
files/DuniaFormicAcidSurvey15June2008.pdf
Energy Business Reports (July, 2008). Fuel Cell Technology and Market Potential. Retrieved Sept 2, 2009
from http://www.energybusinessreports.com/shop/item.asp?itemid=790
Environmental Protection Agency (2006). Industrial Processes. Retrieved March 12, 2009 from http://
www.epa.gov/climatechange/emissions/downloads06/07Industrial.pdf
Fairley, Peter (Aug 2009). Where Europe Buries Carbon. Retrieved Aug 25, 2009 from www.spectrum.ieee.
org/energy/fossil-fuels/where-europe-burries-carbon
Fairley, Peter (Aug 8, 2009). Schwarze Pumpe Hits a Bump. Retrieved Aug 25, 2009 from www.spectrum.
ieee.org/blog/energy/renewables/energywise/schwarze-pumpe-hits-a-bump
Fuel Cells 2000. (Sept. 2009) Fuel Cell Basics – Applications. Retrieved Sept 8, 2009 from: http://www.
fuelcels.org/basics/apps.html
Fueleconomy.gov (Sept. 2009) Fuel Cell Vehicles. Retrieved Sept 8, 2009 from: http://www.fueleconomy.
gov/feg/fcv_sbs.shtml.
Li, Yeli (June, 2006). The China Chemical Reporter.
Murphy Analytics (January, 2009). ERC Technology Converts CO2 from Pollutant to Asset. www.
murphyanalytics.com
Oloman, R (July 16, 2008). Carbon Recycling- An alternative to carbon capture and storage. Retrieved
Sept 2, 2009 from http://www.examiner.com/x-4230-DC-Green-Business-Examiner~y2009m7d16-Oped-
Series--Rowan-Oloman-Carbon-Recycling--An-alternative-to-carbon-capture-and-storage
Sethuraman, Dinakar (June, 2008). Carbon price must rise, IEA Director says. Retrieved Aug 21, 2009 from
http://www.financialpost.com/story-printer.html?id=1674049.
Tait, Carrie (October 13, 2009). Canada could cash in on climate change battle. The Financial Post. Retrieved
October 13, 2009 from http://www.financialpost.com/story.html?id=2096081
Wikipedia (Sept, 2009). Fuel Cell. Retrieved Sept 3rd, 2009 from: http://en.wikipedia.org/wiki/Fuel_cell
Appendices available upon request.
US Office Vancouver Office Investor Relations
3503 S. 58th Street 1205 - 207 W.Hastings St. Terry Johnston
Tacoma, WA Vancouver, BC V6B 1H7 email: tjohnston@mantraenergy.com
USA 98409 Tel: 604.609.2898 | Fax: 604.609.2878 Tel: 604.267.3022 | Fax: 604.264.0133
Toll Free: 877.609.2898 | Website: http://www.mantraenergy.com | Email: ir@mantraenergy.com
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It is a privilege to have been asked by BCCJ ACUMEN to write a column about my radio interviews with British musicians and other celebrities on their visits to Japan. I've had some fascinating conversations over the past 26 years and look forward to sharing some of the best (and not so brilliant) anecdotes from behind the microphone.
In 2013, I had the lucky chance to interview Sir Paul McCartney MBE (page 46) during his Japan tour that year. This was to be a telephone interview (unfortunately not face to face) from the backstage of Tokyo Dome during the sound check on the day of his concert, which coincided with my live afternoon radio programme LHR—London Hit Radio on InterFM.
The day started with a phone call from his manager wanting to check one point—could I speak English? "Yes", I replied, "I do my best". He seemed relieved and mentioned that the previous day in Osaka an interviewer had become somewhat starstruck, completely blanked and just kept saying how amazing it was to be talking to McCartney. Sir Paul didn't get to answer any questions because none were forthcoming. I went into a momentary silent panic wondering if the same might happen to me.
I presume Paul took it all in his stride, but the manager obviously didn't. But once he understood that I could at least get through a phone conversation with him, the manager relaxed. And when I asked my standard pre-interview check of any taboo topics, he said anything goes.
By 3:57pm, we had still not heard a peep. Just as we were playing our last song and preparing our goodbye, and an embarrassed apology to the audience, the phone lit up and the manager was on the line.
"We have Paul here for you".
"We now have less than two minutes left on air and the station time call will automatically cut my show off to start the next program from the next door studio", I replied in panic.
"Get in the other studio and I'll call you back on the dot of four", he said.
Maddie and I raced into the next-door studio and hijacked the upcoming programme. The DJ was a gentleman about it all. We were back on the air and ready, the phone lit up one more time and there was Paul McCartney on the other end.
Thankfully, despite the panic, or possibly because of it, I was able to string a few sentences together and host the interview with no major fluff ups. And what did I manage to get out of McCartney that he hadn't already said a thousand times before? This was my real dilemma.
He mentioned how he and his wife Nancy Shevell had been enjoying their time in Japan, going to the sumo, riding bicycles through the park and getting massages. Oh the life of a pop star!
He told me that the song he is most proud of writing is Here, There and Everywhere because of its pleasing structure. Nods also went to Yesterday, The Long And Winding Road, Eleanor Rigby, Fool on the Hill and Blackbird. I wondered what it is like to be a songwriter having music fans essentially reading your private diary? McCartney answered that many of his songs are about fictional characters, and he rather likes the idea of feeling like a novel writer.
I always like to discuss with musicians the power of music and how it has affected their life, not in a professional way, but more profoundly in a personal sense. McCartney said music's "magical sequence of vibrations" has the emotional effect of making us laugh and cry, and just makes humans a whole lot happier.
Being one of the world's most prolific songwriters, where do all of McCartney's music and melodies come from, I asked. Does he have to work at it? He said he is very lucky and, somehow, it all just flows when he sits and plays. In fact, that point triggered my favourite quote from the interview: "We don't work music, we play it".
Inspired by Paul McCartney, I'll never again think of being in the music industry as work.


text:
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redpajama_set_name: RedPajamaGithub


text:
Herpetogramma phaeopteralis,  dark sod webworm, is a moth in the family Crambidae. It was described by Achille Guenée in 1854.

Distribution
It is found in the United States (from South Carolina to Florida, west to Texas), Central America and South America, on the Andamans, India, Myanmar, Sri Lanka, Vietnam, the Democratic Republic of the Congo, Kenya, Réunion, Madagascar, Mauritius, Saint Helena, the Seychelles, Sierra Leone, South Africa, Sudan, the Gambia, Yemen and Zambia.

Larvae and adults
The larvae feed on the leaves of grasses. Full-grown larvae reach a length of 25 mm. They have a greyish-green or yellowish-green body and a brown head.

The adult's wingspan is about 18 mm. The forewings are medium to dark greyish brown with blackish antemedial and postmedial lines and two dark spots in the median area. The hindwings are similar but slightly paler.

References

Moths described in 1854
Herpetogramma
Moths of North America
Moths of South America
Moths of Asia
Moths of Africa

redpajama_set_name: RedPajamaWikipedia


John Glenn, a living legend, celebrates his 90th birthday today.
He is the first American to orbit the earth and also, and far more impressively, the oldest man ever to go into space. In 1998, when he was 77 years old, he was on STS-95.
To say this again, this man was in space, on board Space Shuttle Discovery when he was 77! And you think you are too old to do a few things? Forget it. This man did away with "I am too old" once and for all.
Apart from his distinguished career as a NASA astronaut, John Glenn was also a combat pilot in World War 2 and the Korean War and a Democratic senator and he has been a married to his high-school sweatheart since 1943! What a giant of a man.
So today, let us all raise our glasses and toast John Glenn, a living legend!


Q 1. My 12v 24v Fridge or freezer is not cooling at all?
Q Does the compressor run?
Q Have you isolated the thermostat?
Q Have you checked the electrical installation?
Q Is your compressor a Danfoss BD35 or BD50?
Q 2. My 12v 24v Fridge or freezer is not getting sufficiently cold?
Q Is the Thermostat set correctly?
Q Does the compressor run continually?
Q Is the evaporator (ice box) frozen over with heavy frost or ice?
Q Is the equipment correctly specified and installed?
If the fridge has a mechanicl thermostat and an evaporator plate then you need to check that the very end of the capillary sensing probe is touching the plate. There is normally a clip or clamp to hold the probe in position. Confirm that the end of the probe is touching the evaporator. If it is not touching it will sense the temperature from the air in the box, not the plate and the evaporator plate will run too cold.


text:
Digital/Social
Cultural Insights
Inclusive Employment Brand
Communications Planning
When You Need To Put Diversity Recruitment First
Regardless of what job category or industry you are hiring for there seems to be a worker shortage. External factors such as the pandemic, the Great Resignation, or simply not having enough workers skilled up and qualified for certain jobs. All of this is coupled with top talent being picky on where they want to go. You better have a good reputation and a kick-ass culture or you will be left behind. But it still begs the question: how do I find top talent? And better yet, how do I find top diverse talent?
The old way of recruiting in newspapers certainly isn't going to reach the right target. LinkedIn, Indeed, and others seem to be tapping out. Attending career fairs and even virtual career fairs often seems like a waste of time. And then there's our colleges and diverse professional organizations – tactics that are outdated and overplayed.
So where do we go from here? In one word: digital. Sure, it can be difficult for clients to understand the technology, how it works, and its associated buzzwords. But in its simplest form, using a company like Fluency is where it begins. We can help you make sense of it all. So how does it work?
We will work with you to determine your greatest hiring need, create a candidate persona, and then using our databases we find where these types of individuals live and work. Then we create inclusive messaging that gets them to want to check you out. We use a variety of mediums, reaching them exactly where they are. We follow them around digitally so no matter the channel, platform, or app they are on we are serving them up digital ads, videos, and audio messages. Gone are the days of purchasing heavy contracts for one job site. We reach the talent on the platforms they are using already.
This is where diversity recruiting meets digital. Contact us today with your most pressing hiring needs and we will develop a game plan to fill those roles in no time.
163 Exchange St. Unit 303B Pawtucket, RI 02860 | Contact Us
Phone Number: (401) 205-1369 or 1 (833) 462-1377
© 2023 Fluency Advertising, All Rights Reserved.

redpajama_set_name: RedPajamaCommonCrawl


"Eefie" was born in Holland and raised in Sweden until we brought her to the U.S. She is a compact, fast, and atheletic dog that packs a BIG punch! With super intensity for any toy, good pack drive, and excellent tracking, she could have been very successful in IPO competition with earlier campaigning. Her speed and intense drive belie what an excellent house dog she is - her "off switch" is amazing!
Eefie is very stable and social with all types of people. Eefje has a pushy impish quality, a "sense of humor" if you will. We are currently enjoying dock diving and herding together.