March 3, 2008 (Datamonitor) – Sustainable Power has announced that Borneo Energy Sendirian Berhad, a wholly owned subsidiary of Borneo Oil and Gas, has entered into a share subscription agreement to purchase 50 million restricted shares of Sustainable Power.
The initial deposit required per the agreement has been received by Sustainable Power (SSTP). Sustainable Power also entered into a technical collaboration term sheet with Borneo Energy Sendirian Berhad (BOE).
The agreement for the technical collaboration will be implemented in two stages. Stage one entails the immediate fabrication and successful commissioning of a mini biofuel reactor in Malaysia to undertake trial production of biofuel using Malaysian-sourced feed stocks such as palm oil, fresh fruit bunches or waste, coconuts, wood chips and other industrial waste. The site in Malaysia will be determined by BOE. Stage two entails the fabrication and successful commissioning of commercial type biofuel reactor plant(s) across Malaysia and Indonesia.
Scott Hoerr, director of SSTP, said: “We are ecstatic to have identified the availability of nonfood feedstock in large enough quantities to have a significant impact on the alternative fuel markets. 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.”