SOURCE: Sustainable Power Corp.
Feb 05, 2008 14:54 ETSustainable Power Corp. Announced Today It Has Signed a Memorandum of Understanding With Haytian Tractor & Equipment Co. S.A.
NATCHEZ, MS--(Marketwire - February 5, 2008) - Sustainable Power Corp. (PINKSHEETS: SSTP) today announced that it has signed a Memorandum of Understanding (MOU) with Haytian Tractor & Equipment Co. S.A. ("HayTrac") located in Port-au-Prince, Haiti. The MOU is designed to produce Vertroleum™ green bio fuels that meet all ASTM specifications, including biocrude, biogasoline, jet fuel, marine fuel and other biofuels to be used in the generation of 24 megawatts of power.
HayTrac, lead by President Reynold Bonnefile, is the only distributor of Caterpillar Tractors in Haiti and has been in the electricity business for 58 years. Carrying a high reputation in the industry for quality, service, and reliability, Mr. Bonnefile will distribute power in two cities; Les Cayes and Petit-Goave. SSTP and HayTrac's mutual goals in Haiti are to produce oil and electricity to further foster agricultural growth through the farming of feedstocks to be used in the venture.
Mr. Bonnefile stated, "I wholly welcome this joint venture which will start in the south of Haiti. It will contribute to improving the standard of living of Haitians, especially with the current price of petroleum being as high as it is today." Scott Hoerr, Director of SSTP added, "Working with Haiti broadens our growing exposure in the Caribbean, spreading our green technology where to regions where it is most needed."
In Phase One, Sustainable Power will install, and train in the operation of, 20 bio crude reactors. SSTP will most likely start with a well known feedstock that grows fast and easy in Haiti named Jatropha, then will ultimately use other feedstocks including Algae. HayTrac will remain 10% owner of the Joint Venture for all endeavors in Haiti.
About Sustainable Power Corp.
Sustainable Power Corp. is an international green energy service provider focused on environmentally safe power generation. The company has the exclusive rights to develop and manage a portfolio of green power plants utilizing a renewable fuel source able to be produced from one-fifth of the soybean acreage traditionally associated with biodiesel. For more information please visit www.sstp.us.
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