Mantra Venture has signed a memorandum of understanding (MOU) with Green Commerce Innovation Corp of British Columbia (GCIC) to launch carbon recycling technology in China.

Under the MOU, Mantra plans to expand its business opportunities in China from both an investment front, as well as a technology deployment front.

GCIC has had the opportunity to see Mantra’s technology first hand and understands the value it will have in mitigating the effects of CO2 emissions, while concurrently providing an end product of high value for other applications, Mantra said.

The companies said the MOU marks the start up of the due diligence process which may potentially lead to a formal definitive partnership deal setting out the terms and conditions of all future business arrangements between Mantra and GCIC.

Mantra, through its group of sustainable energy, carbon reduction and consumer product subsidiaries, is active in the green technology marketplace.

GCIC is a business cultivator in the cleantech, greentech and clean energy sectors with a market focus in the Asia Pacific region.