Aussie Green Bio Energy and Korea Biofuel Corporation (KBF) signed an MOU to supply a total of $ 72 million worth of Micro-Algae oil for 10 years.
A growing environmental problem caused by fine dust and interest in renewable energy in the government and related organizations in Korea, Aussie Green Bio Energy Pty Ltd. has made headlines for signing a 10-year MOU worth $72 million with Korea Biofuel Corporation (KBF) for supplying Micro-Algae oil.
With this MOU, Aussie Green Bio Energy Pty Ltd. will install 4,000 Micro-Algae culturing containers for producing 40 tons of Micro-Algae oil a day at its microalgae plantation located in Malaysia in order to supply 12,000 tons of Micro-Algae oil annually to the Korea Bio Fuel Corporation (KBF)
Aussie Green Bio Energy Pty Ltd said, “We expect to win Carbon Credit by reducing annual GHGs (Greenhouse Gases) of 36,000 ton CO2 as well as investment returns of around 45% when supplying Micro-Algae oil to Korea Bio Fuel Corporation and will also be able to issue PoW Coins to provide various profits to OILage token holders currently listed on CoinZest.”
The Micro-Algae culturing containers with a smart grid-type profit model is a 10-ton storage tank type and is planned to be installed in a modular manner and to distribute the culturing container through Channel.com.
Meanwhile, Kim Jong-il, director general of the New Renewable Energy Policy Division at the Ministry of Trade, Industry and Energy, said at the RE100 (100) International Forum on July 5 at the Korea Press Center, “If companies invest in renewable energy plants, we will do our best to ensure that the companies do not fall behind in the enormous global changes of energy conversion through the prompt establishment of the RE100 participation system.
As a result, Aussie Green Bio Energy Pty Ltd’s renewable energy generation project (RE100) is expected to gain momentum.