Geely invests $45.5m in methanol plant

Geely Holding Group, which owns Volvo Car Corp, plans to expand its methanol vehicle operation after its decision to invest $45.5 million in Iceland's Carbon Recycling International Inc.

The company operates the world's first methanol plant in Iceland.

Geely's deal consists of an initial payment with additional purchases of CRI equity over a three-year period. The Chinese car manufacturer will then become a major CRI shareholder and join the company's board of directors, according to a CRI statement.