VOLCANIC ERUPTIONS IN ICELAND NEAR CRI'S GO PLANT

A volcanic eruption started in the morning of January 14th north of the town of Grindavík in Iceland. This is the second eruption in the area following a larger fissure eruption in December.

These eruptions are in proximity to CRI’s George Olah plant, the first of its kind e-methanol facility located in Svartsengi on Iceland’s Reykjanes peninsula. The magma flow is not threatening the facilities in Svartsengi, and no one is in physical danger from the ongoing event. As of today, the second eruption is still ongoing but appears to be decreasing. 

The area has been evacuated by the Department of Civil Protection and Emergency Management in Iceland.  There are no production activities taking place at the CRI facilities in Svartsengi. The presence of CRI staff in the area is not required and the Company emphasizes and prioritizes Employee’ safety. Measures had been taken previously to remove chemicals from the site and ensure safety as much as possible.

We continue to monitor the developments and instructions from the Department of Civil Protection and local authorities.

CRI’s assets are insured, and the eruption does not impact CRI’s business operations involving ETL technology licensing, engineering services, sales of proprietary equipment and global project development.

The events are unfortunately having serious effect on the nearby town of Grindavík, the town infrastructure, homes, and its residents. We have had good support from the local community throughout the years and our thoughts and empathy go out to them.