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You are here : Home Friday, January 19, 2018
 Hannibal Ltd receives a development grant from one of Iceland´s leading banks Minimize

fdsafsaThe Íslandsbanki Entrepreneur Fund gave development grants to six companies on December 10th, one of whom was Hannibal Ltd. which received 1.5 million ikr. Íslandsbanki aims to be a leader in the fields of fisheries and renewable energy and the fund was founded to support this policy. Dr Halldór Ármannsson received the grant on behalf of Hannibal Ltd. at a short ceremony at the Íslandsbanki headquarters. Also present were Gestur Ólafsson, CEO and Ragnar Karl Ingason, Hannibal‘s Íslandsbanki Branch Manager. 

    
 About Hannibal

Hannibal is an innovation company which for a few years has been investigating the possibility of allothermal FT gasification for sustainable production of liquid fuels by utilizing biomass, available renewable local energy resources such as geothermal steam and electricity, both competitively priced, making Iceland an attractive long term location for such an industry.

Iceland is a modern highly educated society with one of the highest standards of living in the world although currently plagued by a short term economic crisis.

Hanninal is currently applying for an international patent for a process utilizing the principles described in the patent. Iceland must import all liquid fuels for use in land transport, shipping and aviation and is therefore very vulnerable to any market disruption in supply and price. Gasifification and FT conversion of biomass offer many positive attributes for this purpose. Iceland is lacking in carbonaceous matter, but has abundant renewable energy resources such as hydro-electrical and geothermal. Economical production of FT fuels is mostly based on three factors: plant unit cost, which requires a rather big scale plant, feedstock cost and energy costs. For sustainability, technical and environmental reasons the feedstock needs to be of renewable biological origin. Possibly the cheapest source would be waste paper presently being either landfilled, incinerated or gasified to produce electricity, that would be mechanically sorted, pelletized and could be transported in bulk.

    
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