Sustainable Power Corp. announced that Borneo Energy Sendirian Berhad (BOE), a Malaysian-based company and an entirely owned subsidiary of Borneo Oil and Gas Corp. Snd Bhd, entered into a Share Subscription Agreement with Sustainable Power Corp. The plan is to purchase 50,000,000 restricted shares of SSTP and the initial deposit required has now been received by SSTP. In addition, Sustainable Power Corp. has also entered into a technical collaboration term sheet with BOE.
There will be two stages of implementation for this agreement of the Technical Collaboration as follows:
Stage one (lasting about 6 months) involves the immediate creation and carry out of a mini biofuel reactor in Malaysia to take upon the trial production of biofuel using Malaysian-sourced feed stocks such as coconuts, pal oil, wood chips and other industrial waste. Stage two (may be turn-key within 18 month from stage 1) will involve commissioning of commercial type biofuel reactor plants across Malaysia and Indonesia. The funding for stages one and two, including site location determination, will be decided by Borneo Energy Sendirian Berhad.
“We are ecstatic to have identified the availability of non-food feedstock in large enough quantities to have a significant impact on the alternative fuel markets.” stated, Scott Hoerr, Director of SSTP. “We believe the introduction of SSTP in Malaysia is a major step towards replacing the world demand for petroleum-based products and helping the world ecosystem.”
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