Astra Energy Inc. (“Astra” or the “Company”), a fully reporting renewable and waste-to-energy and waste-to-bio-products project developer and technology acquisition company, announces that the Company’s majority owned subsidiary, Regreen Technologies Inc. (“Regreen”), has entered into a Definitive Agreement (the “Agreement”) with Cong Ty Co Phan Viecotech ("Viecotech"), a Social Republic of Vietnam manufacturer of clean environmental technology equipment.
Under the terms of the Agreement, Regreen and Viecotech will be 50-50 partners in the manufacture, distribution, and deployment of the patented Regreen waste management and processing system and technologies throughout the Asia Pacific market. Viecotech will contribute land, manufacturing facilities, engineering and staffing to the joint venture and Regreen will contribute exclusive use of its technology and design drawings.
There is an existing site identified for deployment of the Regreen system located on the island of Con Dao, off the western coast of Vietnam. Con Dao hosts stockpiles of municipal solid waste (MSW) and agricultural waste ready to be processed and converted to biofuels and clean electricity. A single 15-ton-per-hour Regreen system can process and mitigate 300 tons of MSW per day. The process can clean up waste sites and create valuable residual revenue streams through the sale of sterile pellets, biofuels and generate power of up to 7.5MW per installation of this size.
"This union will prove to be extremely profitable, and we have the unique opportunity to make a real positive change to our global environment in a responsible way," stated Vo Nhu Thanh, chairman and president of Viecotech.
"We believe securing such a well-established and connected manufacturing partner will support the distribution and deployment of the Regreen systems and technology on a massive scale throughout the Asia Pacific markets. This will serve as a real demonstration to the world of how all waste can be processed and reduced globally in an efficient, scalable and profitable manner," stated Douglas Hampton, president and CEO of Astra Energy California Inc., a wholly owned subsidiary of Astra Energy Inc.
