Paso Robles, CA – October 18, 2018 – Greenbelt Resources Corporation (OTC: GRCO) (Greenbelt), the developer of a sustainable ECOsystem model that transforms waste into revenue generating bioproducts, today announced that Biofuels and Energy, LLC (B&E), a New Mexico-based project development company planning to utilize Greenbelt’s proprietary technology for its SLV Biopro Project, has secured offtake agreements in excess of 40% of the projected bio-ethanol production of the Colorado project.
“The fact that Greenbelt’s technology is at the heart of this project has helped us to secure the offtake agreements,” said Richard Mason of B&E, adding “The ECOsystem model of utilizing local regional wastes and low value surplus materials as feedstocks ensures that our project will produce a premium sustainable bioethanol that is highly desirable by discerning customers.”
The SLV Biopro Project located in San Luis Valley, Colorado has progressed steadily since being announced earlier this year. The total SLV Biopro Project budget is estimated at $9.0 million, depending on final location and production capacity, of which about $7.2 million is allocated to Greenbelt’s system. This project is the first of three similar projects on B&E’s four-year time horizon and therefore potentially represents in excess of $20.0 million in sales for Greenbelt.
It was announced last month that Greenbelt will provide fee based engineering consulting services to B&E during the development phase of this project, which intends to utilize various food wastes and surplus, including potato industry processing waste and off-spec grains.
“Greenbelt is committed to assisting B&E throughout its development phase,” says Darren Eng, CEO of Greenbelt. “We look forward to working with our customer to replicate the model and become a leading regional source of bioethanol and biobased protein.”
Greenbelt is currently raising funds for two other projects focused on producing bioethanol for use in the cannabis industry as extraction solvent, using winery and brewery wastes as feedstocks: PRECO and the California BioEthanol Project.
Greenbelt recently announced a profitable second quarter, primarily the result of a project for the Andrew J. Young Foundation, cultivating duckweed as a feedstock to produce bioethanol and biobased protein concentrate.
About Greenbelt Resources
Greenbelt Resources Corporation™ is an award-winning provider of automated, modular, small scale sustainable energy production systems, products and processes that enable local cost-effective processing and disposal of food, beverage and cellulosic waste to be converted into commercially viable saleable consumer products such as bio ethanol, protein concentrate and fertilizer. Operating in several business segments, Greenbelt provides value added solutions to the cannabis, food, beverage and agricultural industries. For more information visit www.greenbeltresources.com.
Forward-Looking Statements & Safe Harbor
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.