US Vice President Mike Pence has participated in a ceremony celebrating the signing of multiple MOUs to develop waste to bioproducts projects in Jakarta, Indonesia.
Along Pence at the signing ceremony were Indonesian Vice President Jusuf Kalla, Greenbelt Resources Corporation (OTC: GRCO) CEO Darren Eng, and Jababeka Infrastruktur Director, Tjahjadi Rahardja. The celebration ceremony took place as part of an event to showcase over $10.0 billion dollars in trade deals between the United States and Indonesia.
The MOU was said to mark the first U.S.-Indonesia municipal waste to bioproducts project known as JababECO.
The inaugural project will feature Greenbelt Resources' proprietary and innovative ECOsystem technology and will process municipal food waste into a myriad of bioproducts including bioethanol, animal feed, fertilizer and distilled water.
For JababECO, the ECOsystem technology alone is valued at USD $4.5 million (IDR 59.8 billion) with an additional product sales value of another USD $6.0 million (IDR 79.7 billion) cumulatively over the next five years.
When complete JababECO will demonstrate the sustainable circular economy in action by utilizing local waste resources to produce locally sold bioproducts.
"Our technology was specifically developed to address local municipal waste needs, a tremendous challenge in growing cities like Jakarta," explained Eng. "We're excited for this opportunity and believe that out of this project, we can create a new model of municipal waste management for cities across the country and around the world."
In 2015, Indonesia's Environment and Forestry Ministry waste management director Sudirman told the The Jakarta Post he was considering declaring a state of emergency regarding waste management.
In the same year, ministry data found that an average person produces 0.7 kilograms of waste per day. With a population of 250 million people in Indonesia, this amounts to 64 million tons per year, with the majority dumped in fast filling landfills.
Jababeka & Co. Chairman and Founder Setyono Djuandi Darmono believes that his company is leading the way for a new approach to Indonesia and Jakarta's waste management challenges.
"We're building cities of the future that create interconnected communities through the latest and most promising technologies from waste water management to fiber optics to sustainable energy," he said. "New cities need new and innovative approaches to growth challenges and we believe Greenbelt Resource's JababECO technology will prove to be an ideal local waste solution for our cities' local needs."
JababECO is being developed to produce approximately 500,000 gallons of bioethanol as well as protein concentrate to be used as animal feed and a liquid fertilizer. The ECOsystem will include a 24/7 proprietary remote monitoring system developed by Greenbelt, who will provide ongoing technical support and remote monitoring throughout the life of the project.
The JababECO announcement comes on the heels of Greenbelt's announcement of its Paso Robles ECOsystem project coined PRECO, a waste to resources project located in Paso Robles, California., that will produce half a million gallons of bioethanol from a variety of local feedstocks including waste trub from a nearby brewery and winery wastes.
For the company, California represents potential project value of over USD $1.0 billion. Greenbelt plans to raise USD $16.0 million through a Regulation A (RegA) offering it previously filed. A portion of the monies will be used to complete the PRECO project.
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