Carbon Recycling International

What Carbon Recycling International does

Carbon Recycling International (CRI) is an Iceland-based, privately held technology company founded in 2006 that develops and licenses proprietary CO2-to-methanol synthesis technology. Its core product is the patented ETL (Emissions-to-Liquids) process, which converts captured carbon dioxide and hydrogen into sustainable methanol. CRI operates as a technology licensor and project developer rather than a bulk methanol producer, targeting industrial CO2 emitters seeking to monetize captured emissions, hydrogen producers (particularly green/electrolysis-based) seeking a sustainable offtake, renewable energy companies looking to store or transport energy via chemical carriers, and downstream methanol consumers in marine, aviation, automotive, and chemical sectors.

CRI generates revenue through three interconnected streams: technology licensing (ETL technology license plus front-end engineering and design, key equipment and catalyst supply, and commissioning/startup support), project development services spanning feasibility and conceptual studies through full project execution and lifetime operational support, and project co-development with strategic partners. Pricing is not publicly disclosed; engagements are structured as direct, long-cycle B2B enterprise agreements. CRI's global installed base under license is reported at 310,000 tonnes/year of methanol production capacity and 214,000 tonnes/year of CO2 capture capacity, anchored by the George Olah Plant in Iceland (the world's first commercial e-methanol plant, 2012) and a growing portfolio of Chinese projects including Tianying, Sailboat, Shunli, Yushu, Liaoyuan, and Jilin Huajin.

The company has 11-50 employees and completed a $30 million USD funding round in June 2023 led by Equinor Ventures, with participation from Icelandic investors Gildi, Sjóvá, and Lífeyrisssjóður Vestmannaeyja. Its stated use of funds is technological development and international growth. CRI operates globally with active markets in Europe (Iceland) and Asia (China), and underwent a leadership transition in June 2025 with Gauti Reynisson succeeding Björk Kristjánsdóttir in the executive committee.

Name

Carbon Recycling International

Legal name

Carbon Recycling International

Website

https://carbonrecycling.is

Company type

Private

Founded year

2006

Operating status

Operating

Headcount range

11–50 employees

Short description

Carbon Recycling International (CRI) is an Iceland-based technology company founded in 2006 that licenses its patented ETL process to convert captured CO2 and hydrogen into sustainable methanol. It serves industrial emitters, hydrogen producers, renewable energy developers, and downstream fuel and chemical consumers globally.

Ownership category

akta.pro rank

Product category

Carbon Capture & Utilization / CO2-to-Methanol Technology

NAICS

Chemical Manufacturing (325)

SIC

Industrial Organic Chemicals (2860)

akta.pro primary industry

Green Methanol & E‑Alcohols (e‑methanol, ethanol, higher alcohols) (EUABAIAB)

akta.pro secondary industries

E‑Fuels & Synthetic Hydrocarbons (e‑kerosene, e‑diesel, e‑gasoline, e‑methane) (EUABAIAA), Methanol Storage & Handling (Conventional & E-methanol) (EUAFAFAB), C1 & Synthesis Gas Derivatives (Methanol, Formaldehyde, Acetic Acid) (IMAEADAC)

Keywords

• CO2 to methanol conversion
• Carbon capture utilization
• Sustainable methanol production
• Green hydrogen utilization
• E-methanol technology licensing

Headquarters

HQ city

Kópavogur

HQ country

Iceland

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Technology or R&D, Operations, Personnel, Supply Chain, Marketing or Sales, Infrastructure

Revenue model

1. Technology Licensing: CRI licenses its proprietary ETL technology to project developers and industrial partners. Licensing includes front-end engineering, design packages, key equipment supply, catalyst supply, and commissioning/startup support. This is the primary revenue mechanism enabling partners to build their own CO2-to-methanol facilities.
2. Project Development Services: CRI provides end-to-end services from project feasibility and conceptual studies through to project execution and lifetime technical support. Services include appraisal of feedstocks and sites, CAPEX/OPEX estimates, conceptual engineering, procurement, construction, installation, permitting, and contracting support.
3. Project Co-development: CRI engages in project co-development with strategic partners, contributing technology, expertise, and sometimes capital to joint ventures for CO2-to-methanol production facilities.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels3 records

Core offering

CRI offers a proprietary, patented ETL (Emissions-to-Liquids) technology that converts captured carbon dioxide and hydrogen into sustainable methanol, marketed as the most efficient CO2-to-methanol synthesis process available. CRI licenses this technology and provides end-to-end project development services—including feasibility studies, FEED, equipment and catalyst supply, project execution, and lifetime operational support—to industrial emitters, hydrogen producers, renewable energy developers, and methanol consumers worldwide.

Product overview

Carbon Recycling International (CRI) is a technology provider offering a platform of CO2-to-methanol solutions centered on its proprietary ETL Technology. The offering consists of a modular service architecture: ETL Technology serves as the core patented synthesis technology, which can be licensed alone or bundled with engineering and project execution services. Supporting modules include Project Feasibility & Conceptual Studies (early-stage project evaluation), ETL Technology Services (FEED, equipment supply, commissioning), Project Technical Services (full project execution including co-development, procurement, construction, permitting), and Lifetime Services (ongoing operational support, training, certification). CRI's technology enables partners to produce sustainable methanol (e-methanol, eFuel, green methanol) from captured carbon dioxide and hydrogen, serving industrial emitters, hydrogen producers, renewable energy developers, and methanol consumers in marine, aviation, and chemical industries.

Differentiator

Problem solved

Functional benefit

Products and services

• ETL Technology (CO2-to-Methanol Process License) CRI's patented, proprietary CO2-to-methanol synthesis process licensed to project developers and industrial partners for converting captured carbon dioxide and hydrogen into sustainable methanol. Described as the most efficient CO2-to-methanol synthesis process on the market and the foundation of CRI's commercial offering.
• Project Feasibility and Conceptual Studies Standalone early-stage project development service covering appraisal of feedstocks and site, CAPEX and OPEX estimates, and conceptual engineering to evaluate the viability of CO2-to-methanol projects. Sold to industrial emitters, hydrogen producers, and renewable energy developers evaluating new methanol facilities.
• Lifetime Services Ongoing operational support for licensed CO2-to-methanol plants, including maintenance support, troubleshooting, operator training, performance evaluation and optimization, and support for certification of methanol for compliance requirements such as sustainable fuels mandates. Sold to operators of CRI-licensed plants.

Quantifiable outcome

• 310,000 tonnes/year methanol production capacity installed globally under license
• +2 more outcomes

Named customers4 records

Segments4 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

Three partnerships are on record, tiered core.

• Jilin Huajin EnergycoreOEM/ Whitelabel/ Licensing Partner · 23 October 2025Carbon Recycling International and Jilin Huajin Energy signed a technology licensing agreement in October 2025 for CO2-to-methanol production technology.
• Yushu Green Methanol ProjectcoreStrategic or Co-development Partner · 19 August 2025CRI signed a strategic cooperation agreement for the Yushu Green Methanol project in August 2025, representing project co-development partnership in China.
• Liaoyuan Facility (China)coreTechnology or Integration · 1 October 2024In October 2024, CRI announced a deal to supply CO2-to-methanol technology to a facility in Liaoyuan, China, representing a significant technology licensing expansion in the Chinese market.

Scale indicators5 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Topsoe: Topsoe is a leading provider of catalysts and process technology for methanol and e-fuels production, including CO2-to-methanol pathways. It is the most direct technology competitor to CRI's ETL offering.
• Enerkem: Enerkem converts waste and captured carbon into methanol and other fuels at commercial scale, operating a similar CCU business model to CRI with comparable end products and target off-takers.

Emerging players

• C2X: C2X is building green-methanol production assets using captured CO2 and renewable hydrogen, directly competing with CRI-licensed plants for the same marine and chemical demand pool.
• HIF Global: HIF Global produces e-fuels including e-methanol from green hydrogen and captured CO2, pursuing the same shipping and aviation decarbonization customers that CRI's licensees serve.
• Liquid Sun: Liquid Sun produces green methanol from renewable electricity, CO2, and water, competing head-to-head with CRI's ETL process for the emerging e-methanol offtake market.

Broad incumbents

• thyssenkrupp Uhde: thyssenkrupp Uhde is a major EPC and licensor of methanol and syngas plants globally, with an active CO2-to-methanol offering that competes with CRI in large industrial bids.
• Linde: Linde is a global industrial gases and engineering company with hydrogen, carbon capture, and methanol process technology, providing overlapping capabilities to CRI at far greater scale.
• Air Products: Air Products is a major industrial gas and hydrogen player actively developing large-scale green hydrogen and e-fuels projects, making it both a potential partner and a competitor in CO2-to-methanol.
• Methanex: Methanex is the world's largest methanol producer and a prior CRI investor/partner. It shapes global methanol demand dynamics and is both a channel and a potential competitive threat to CRI-licensed volumes.

Others

• Carbon Clean: Carbon Clean supplies point-source CO2 capture technology that is an enabling upstream input for CRI's ETL plants, making it an adjacent ecosystem participant rather than a direct competitor.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/carbonrecyclepr

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Funding overview

Funding rounds14 records

Investors10 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Carbon Recycling International