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India-based VayuGrid signs MOU for biofuel cluster in Ethiopia using Pongamia oilseed trees
19 November 2012
VayuGrid, a biofuel supply chain company based in Bangalore, India has signed a memorandum of understanding (MOU) to create a biofuel cluster around its VayuSap, an elite, high-yield Pongamia (a leguminous, oilseed-bearing tree), in Ethiopia Africa.
The cluster will create a $2.5M biofuel investment opportunity and is part of a larger government plan to develop a biofuel park in Ethiopia. This park is a critical step to reduce the country’s commitment of 87% of free cash on imported crude while at the same time creating local job opportunities and an ecosystem of value added businesses.
Phase 1 is a 2,000 plus acre footprint under a collaborative model involving the participation of a local partner bringing in land and labour, investors putting the capital and VayuGrid providing the IP and downstream contracts.
The long term goal is to create biofuel cluster and replicate a certain scale of footprint in 100,000 acres. During a recently concluded roadshow in Addis Ababa, Ethiopia, Doctor Abera Deressa, former state minister for Agriculture, indicated that Pongamia tree products can be an important factor in community development and environmental protection.
Ethiopia was chosen strategically based on the economics and agriculture. Its large land bank of arid and unproductive land lends itself to creating a green energy supply base for local and global markets over the next 60 years.
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