Greenbelt signs LoI for duckweed biorefinery

Photo by Steve Jurvetson (Flickr) [CC BY 2.0 (http://creativecommons.org/licenses/by/2.0)], via Wikimedia Commons

California-based Greenbelt Resources Corp (OTCMKTS:GRCO) has signed a letter of intent (LoI) with the Andrew J Young (AJY) Foundation for the construction of a biorefinery using Greenbelt's ECOsystem technology.

The biorefinery, to be located in the southeast US, is part of the AJY Foundation's Duckweed Project that 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.

Greenbelt's USD-5-million (EUR 4.5m) ECOsystem project will produce up to 500,000 gallons (1.9 million litres) of bioethanol per year and a protein concentrate. The biorefinery is expected to come online 15 months after breaking ground.

The company said that a feasibility study conducted on behalf of the AJY Foundation has set out a commercialisation plan focused on developing up to 20 other duckweed biorefineries in eight to ten years in the US and abroad.

(USD 1 = EUR 0.900)

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