“California BioEthanol Project” designed to meet the growth of local protein and ethanol extraction needs.
PASO ROBLES, CA – February 21, 2018 – Greenbelt Resources Corporation (OTC: GRCO) (Greenbelt) has announced Phase 1 of the “California BioEthanol Project,” a three-phased initiative that will convert Greenbelt’s Commercial Scale Testing Facility into a commercial-scale production biorefinery. Once Phase 1 is completed, the biorefinery will produce approximately 1.37 million pounds of protein concentrate and 75,000 gallons per year of bioethanol. The total estimated investment for the California BioEthanol Project is $3.25 million with approximately $440,000 allocated to complete Phase 1, expected to commence during second quarter 2018.
“There is a growing demand globally for locally sourced protein and bioethanol with low environmental impact,” says Darren Eng, Greenbelt’s CEO. “Greenbelt is quickly becoming a preferred partner because our patented ECOsystem model is founded on a community-scale concept that’s even more environmentally friendly than organic. We transform unintended food waste from local businesses, such as breweries and wineries, and produce bioproducts, such as amino acid rich protein concentrates to be sold to local animal producers, and bioethanol to be sold to the local cannabis industry for use as an extraction tool.”
Greenbelt has established substantial support and commitment from local businesses including food waste producers, yeast protein customers and bioethanol customers. For example:
- Food Waste Producers: Greenbelt has relationships with local breweries including BarrelHouse and Firestone and wineries including CCWS and PRWS, all of whom send or have sent their waste to Greenbelt for processing in the existing facility. Use by Greenbelt is preferred over other less environmentally friendly and more costly options not utilizing the ethanol content and requiring transportation over longer distances.
- Yeast Protein Concentrate: Local animal feed providers are looking to purchasing Greenbelt’s yeast and other protein concentrates for sale at $0.40 to $0.60 per pound as compared to $0.03 per pound for other more traditional feed uses.
- Non-fuel Bioethanol: Greenbelt has relationships with NCMBiotech and Puration who have approved the use of the company’s bioethanol as the preferred extraction solvent. The cannabis industry typically pays about $10.00 per gallon pre-tax for extraction ethanol as opposed to $1.60-$1.80 fuel ethanol rack prices.
“This project has us particularly excited because when the production facility goes online, we’ll begin generating sales within the first eight weeks,” Eng notes. “This will demonstrate how community-scale models based on our technology generate a high rate of return, similar to what the AgTech industry has seen with larger projects.”
When Phase 2 begins, Greenbelt will add a second production system followed by Phase 3 that will expand the production capacity of Phase 1 and reduce cost of per gallon production. A portion of the funding for Phase 1 has been received with additional funding under commitment or in negotiations.
According to Transparency Market Research, by 2020 non-fuel ethanol uses could rise to nearly $21.0 billion. One the cannabis front, New Frontier Data estimates that sales will reach $24.5 billion by 2025 and author Kenneth Morrow in The Extraction Evolution writes that 90 percent of all cannabis produced and sold in the future will be processed and extracted. California’s cannabis industry alone is projected by Arcview Market Research to be over $10.0 billion annually.
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.
Forward-Looking Statements & Safe Harbor
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