Greenbelt Resources Corporation (GRCO) has announced its initial funding for a licensing and exclusive distribution rights agreement from PURNOL.
As part of the agreement between PURNOL and Greenbelt, a substantial amount of an undisclosed fee was funded in December of 2018. Greenbelt has commenced the process of modifying and enhancing its production facility and supply chain logistics protocols, in order to accommodate the agreement.
PURNOL paid the fee for licencing and distribution rights to brand all of the bioethanol produced in Greenbelt’s California BioEthanol Project (CBE Project). The project uses propriety technology to convert local brewery, winery and agricultural waste into various bio-based products, including bioethanol and high protein animal feed.
Greenbelt CEO, Joe Pivinski said, “The structure of this agreement is financially rewarding for all parties involved. It secures for PURNOL all extraction solvent bioethanol produced by Greenbelt, ensures the sale of Greenbelt’s current production capacity and also provides the resources by which Greenbelt can upgrade existing production and supply chain technologies to produce greater returns.”