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Greenbelt Resources signs LoI

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Hydrocarbon Engineering,

Greenbelt Resources Corporation (Greenbelt) has announced the signing of a Letter of Intent (LOI) with Prosys Biorefining Systems, LLC (Prosys) to license its proprietary ECOsystem biorefinering technology to convert lemna (duckweed) and microalgae into renewable products. Prosys, based in San Pedro, Cali., is developing an organic aquatic plant-based source of concentrated protein from duckweed as a nutritious protein replacement for livestock and humans. Plans include the development of a biorefinery located in California's Central Valley utilising a custom ECOsystem technology design from Greenbelt.

This announcement comes on the heels of an LOI signed between Greenbelt and the Andrew J. Young Foundation to build a biorefinery in the southeast US featuring Greenbelt's proprietary ECOsystem technology. As with The AJY Foundation, Greenbelt will optimise its ECOsystem technology for Prosys to produce sustainable, cost competitive renewable bioproducts including bioethanol, food and biofertilizers.

"Today is an important milestone for the growth of Prosys with the signing of an LOI to license Greenbelt's advanced micro-biorefinery technology for development in California," said Tim Biehler, Prosys founder and president and CEO. "After researching technologies available in the marketplace, Greenbelt's process was selected because of its highly efficient and cost effective modular design and a small scale that is ideally suited for converting lemna as a feedstock into protein meal and bioethanol as saleable co-products."

Greenbelt's CEO Darren Eng said that relationships similar to these can rapidly grow our sales pipeline. "This initiative demonstrates the high impact value of channel relationships to develop new customers and expand market opportunities as the licensing agreement will be complemented by the opportunity for Greenbelt to construct and deliver the first system. Prosys' strategic plan projects 20 biorefineries over an eight year time horizon. This growth strategy can be supported by the collaborative spirit and commitment of our two organisations."

Biehler, who brings to Prosys an extensive background in conventional petroleum and biomass refining, adds, "In licensing Greenbelt's technology, Prosys has a highly experienced partner with the most innovative and best available technology that can give both organisations a leading competitive edge in the marketplace by creating a new alternative protein source."

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