Cool Planet signs agreement with Acritaz Greentech: $60MM targeted with the intention to build first commercial biorefinery in Malaysia
License model to be part of deployment for first international plant, a complement to Cool Planet’s build and operate model in the U.S..
GREENWOOD VILLAGE, Colo. & SELANGOR, Malaysia–(BUSINESS WIRE)–Cool Planet Energy Systems, a developer of small-scale bio refineries for the conversion of non-food biomass into biofuels and soil enhancing biochar, and Acritaz Greentech, a group of companies that bring biomass processing and biotechnology innovation to plantations, today announced that they have signed an agreement to explore the building of multiple commercial facilities in Malaysia.
The plan is to begin construction on the first plant in 2014. Acritaz will work with Cool Planet to use biomass raw materials local to the region that include palm plantation waste products such as empty fruit bunches, wood, and bark waste to make renewable, cellulosic fuels for the Asian market.
“We are pleased to be working with Acritaz Greentech, a group that is known for their technology leadership in biomass processing and bio-technology in Malaysia, to deploy our biofuels and biochar technology,” said Cool Planet CEO Howard Janzen, “This is another validation of our technology, as we begin to build partnerships that will commercially deploy our bio refineries outside the U.S.”
Johor. Acritaz and Cool Planet will then work to build multiple facilities across Malaysia, with Acritaz purchasing proprietary equipment and consumables from Cool Planet in the construction and operation of the facilities.
“Acritaz is excited to commercialize Cool Planet’s platform technology to bring drop-in fuels to the Malaysian fuel market,” said Looi Kem Loong, a Director at Acritaz. “This is the kind of breakthrough technology that Acritaz wants to deploy.”
Acritaz and Cool planet will develop a plant design that satisfies the specific needs of Malaysia, including feedstock selection, biochar production, and specification of the final fuel.
“We like the fact that Acritaz has a leading position in biotech, and has the vision to deliver the first international installation of our innovative biorefinery technology,” said Vital Aelion, Cool Planet’s head of international business development. “We chose Acritaz because we knew they have the desire to implement not only our first Asian plant, but also work to deploy our technology broadly across Malaysia.”
About Cool Planet
Cool Planet is deploying disruptive technology through capital efficient, small scale biorefineries, to economically convert non-food biomass into high-octane, dropin biofuels. The process also generates value through biochar production, which can be returned to the soil, enabling fertilizer and water retention for increased crop productivity, and more robust plant health. The process can be carbon negative, removing over 100 percent of the carbon footprint for every gallon used, reversing the consequences of fossil fuels. Cool Planet’s technology has a broad portfolio of pending and granted patents. Global investors include BP, Google Ventures, Energy Technology Ventures (GE, ConocoPhillips, NRG Energy), and the Constellation division of Exelon.
“Acritaz” which means “Force” in Greek with a mission to strive to be a force in “green” technologies. Acritaz comprises a diversified group of companies including:
ACRITAZ GREENTECH SDN BHD, specializing in green technologies such as microbe propagation to increase yield whilst reducing the harmful effects of chemical compound fertilizers via reconditioning of the soil.
ACRITAZ CAPITAL PARTNERS SDN BHD Acritaz Capital Partners is the corporate consultancy arm of the Group.
ARTISAN SEMESTA SDN BHD Involved in trading of “green” environment friendly agricultural products.
ASIA BIOENERGY TECHNOLOGIES BERHAD (a technology incubator listed on the Bursa Malaysia specializing in various bioenergy and biofuel related industries, which Acritaz Holdings founded and still hold substantial equity shareholdings.