PASO ROBLES, Calif., May 18, 2017 /PRNewswire/ -- Greenbelt Resources Corporation (OTC: GRCO), an innovator of sustainable energy production systems, announced the signing of a Letter of Intent (the LOI) by the Andrew J. Young (AJY) Foundation to build a biorefinery in the southeast U.S. featuring Greenbelt's proprietary ECOsystem technology. The Duckweed Project, being developed by The AJY Foundation, is designed to empower small farmers by providing technical knowledge on growing duckweed as a cash crop and selling duckweed as a biofeed to the biorefinery. When complete, Greenbelt's $5.0 million ECOsystem project, a critical component of the estimated $14.0 million total project cost, will produce up to 500,000 gallons of bioethanol per year, along with a protein concentrate that will be sold to organic feed mills and food ingredient manufacturers. The biorefinery is expected to be operational 15 months after breaking ground.
"We are honored to be selected by such a world renowned organization as The Andrew J. Young Foundation to provide our ECOsystem technology as an integral part of their new duckweed program," says Darren Eng, Greenbelt's CEO. "We believe the LOI conveys a strong sense of conviction on the part of The AJY Foundation that our proven technology is the best fit for replicating and further developing community-scale biorefinery models."
A USDA-funded feasibility study conducted by Agregy Renewables on behalf of The AJY Foundation outlines a commercialization plan focused on financing and developing as many as 20 more duckweed bio-refineries over an eight-to-ten-year timeframe, initially in the southeast and western U.S. and then across the globe. If fully deployed, the commercialization plan represents more than $100 million in potential project revenues for Greenbelt over the next eight to ten years.
When looking at the viability of the ECOSystem technology, the report found that Greenbelt's technology "has been proven to be very cost effective and energy and operationally efficient at the small scale of operation for the Duckweed Project…recent commercial plant installations including Greenbelt's test-bed facility in Paso Robles, CA, have shown to be technically viable to convert a wide range of biomass feedstocks to ethanol, animal feed and fertilizer. It has therefore been determined that the proposed Duckweed Project and program is solid and technically feasible."
From a global perspective, The AJY Foundation believes that duckweed, a small, fast growing, protein rich, aquatic plant that floats on the water's surface, can play a vital role in providing solutions to alleviate hunger and malnutrition and address food insecurity, water contamination issues, droughts and provide clean energy. On a local scale, The AJY Foundation believes duckweed can revolutionize agricultural landscape by providing an alternative cash crop for the farmers that would revitalize impoverished rural communities with new jobs, training and business and educational opportunities.
About Greenbelt Resources
Greenbelt Resources Corporation™ is an award-winning provider of sustainable energy production systems focused on delivering modular solutions that enable the localized processing of locally generated waste into locally consumed products. Greenbelt designs, develops and implements technology that makes the production of advanced biofuel reliable, practical and efficient. Controlled by proprietary automated controls, Greenbelt's small-scale, end-to-end modular systems convert food, beverage and other cellulosic wastes into commercially viable advanced biofuels (bio-ethanol), animal feed, fertilizer and filtered water. For more information visit www.greenbeltresources.com.
About the Andrew Young Foundation
The Andrew J. Young Foundation is committed to answering these basic questions: did we feed the hungry? did we clothe the naked, did we heal the sick, and did we set at liberty to those who were oppressed? The foundation's projects are geared towards answering these questions.
The Andrew J. Young Foundation is a 501(c)(3) community based non-profit public charity that supports research and development on new technologies that have the potential to create sustainable jobs and create a more equitable society by empowering people living in poverty in rural America, Africa and across the globe. In this pursuit, the Foundation is currently focused upon finding sustainable solutions for food insecurity and malnutrition, reengineering agriculture, traditional medicines, and inclusivity in the financial system for the impoverished sections of society worldwide. These solutions would empower underserved populations across the globe, introducing increased equity and uplifting the quality of life in the society. For more information visit www.andrewjyoungfoundation.org.
This document includes certain statements, predictions and projections that may be considered forward-looking statements under securities law. These statements involve a number of important risks and uncertainties that could cause actual results to differ materially including, but not limited to, the supply and demand for biofuels, our ability to remain technologically competitive and other economic, competitive and technological factors involving the Company's operations, markets, services, products and prices.
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SOURCE Greenbelt Resources Corporation