Greenbelt Resources And Duckweed Days Sign Contract
Greenbelt Resources Corporation (OTC:GRCO) and Duckweed DAYS, LLC have announced the signing of a contract to officially commence the inaugural Duckweed Project that will commercialize the duckweed model developed by the Andrew J. Young Foundation (or AYF). Greenbelt will expand and refine the preliminary system that was proven successful during AYF’s pilot program, in which they invested $1.2 million. The findings were reported to the USDA in 2017 in a feasibility study.
The total Duckweed Project cost is estimated at $14.0 million, of which $5.0 million is budgeted for Greenbelt’s system and technology. The initial design phase has commenced with the funding provided.
“Greenbelt believes the Duckweed Project will have a global impact, and we are honored to work with world renowned Andrew J. Young Foundation on such an important initiative. The market potential for Greenbelt’s ECOsystem model has been further expanded by AYF with their designation of Greenbelt’s technology as in integral part of the duckweed protein model. We believe our technology, as part of the Duckweed Project, will play a significant role in paving the way for duckweed to become a new cash crop targeted to helping meet the demand of the rapidly growing biobased industry,” says Darren Eng, Greenbelt CEO.
Tests conducted during the AYF pilot program indicated that protein extracted from duckweed was one of the most nutritious vegetable organic protein with essential amino acids, and the bio-refining process was efficient, sustainable and economically viable.
“The Duckweed Project is the culmination of several years of hard work and commitment by the Andrew J. Young Foundation and its partners who share a vision of the world with a sustainable, safe, and secure food supply for all; a world free of malnutrition and rural empowerment. With introduction of the duckweed model – a combined source of biofuels and biobased protein— we expect to change the world,” says Gaurav Kumar, director special projects & risk management for AYF.
Greenbelt has been an industry leader in feasibility feedstock testing. In addition to demonstrating the viability of duckweed, the company recently completed successful tests on winery waste and brewery trub and found them to be suitable feedstocks for Greenbelt’s ECOsystem model. The company is currently raising financing for two projects utilizing those feedstocks: PRECO and the California BioEthanol Project.