Geely invests $45.5 million to develop methanol-fueled vehicles with an Ireland firm

Gasgoo.com (Shanghai July 7) - LI Shufu, who is the president of Volvo and Geely Group, has invested 45.5 million US dollars (282 million CNY) for new clean energy-methanol gasoline in Carbon Recycling International, an unknown corporation in Iceland. And the investment will be delivered in two times, and the final one will make Geely the shareholder with accredited member of the Board.

Mr. Li firmly holds that methanol fuel is safety, economy and environment friendly, which shall be developed as auto fuel for clean energy auto development with a promising future. Therefore, the group has engaged in the development and research of methanol fueled cars since 2005, maintaining one of the several domestic corporations in China, who have promoted methanol fueled cars in numeral pilot places.

Geely SC7 methanol-fueled sedans have had their sales promoted and operation demonstrated in many districts, including Shanxi province, Shanghai city and Guiyang city.In the operation, it has been found that these methanol-fueled sedans can save 48% energy compared with gasoline cars of same model and same displacement.

On July 11 of 2014, Mr. Li announced an agreement with government of Guiyang at ecological civilization formula in Guiyang that he would invest production base of clean energy auto in Guiyang, which would support green and sustainable development for Guiyang.

He says people do not have much idea about methanol fuel. He wants to explains the following questions:

Firstly, is methanol fuel safe? Methanol now is one of normal ingredient for cleanser, rust remover and ant freezing solution. Besides, it is safe and easy to distinguish. According to some survey, researchers who research methanol over 20 years and drivers of methanol fuel auto do not have any health issues concern with methanol contacting. There are some countries includes USA adopts methanol fuel for a long time.

Secondly, is methanol fuel clear? Methanol has high level of oxygen, which burns sufficiently. Displacement of methanol is much lower than gasoline.

Thirdly, why develops methanol fuel in China? China lacks of oil and gas, but methanol can be defined from inferior coal. Cost of methanol is 40% less than cost of gasoline. Besides, technology of application is mature already. Geely has methanol fuel engine already since year 2005.