In the initial agreement, L.Sole has agreed to provide up to $2 billion in financing to fund the expansion of Sustainable Power’s (SSTP) Baytown, Texas facility, as well other facilities worldwide utilizing SSTP’s total solution technology.
The financing will be in the form of debt, and is therefore non-dilutive to the existing SSTP shareholder base. L.Sole also plans to engineer, procure and construct a minimum of 400 reactors in Baytown, Texas.
The expanded Baytown plant is expected to house a minimum of 400 bio-reactors which would produce approximately three million gallons daily of SSTP’s green biofuel, which includes jet fuel, diesel, and high-octane bio-gasoline meeting all AS specifications.
John Rivera, CEO of SSTP, said: This initial first step with L.Sole comes as a result of recent meetings with the Parlacen of Central America. Through our board member and president of the Parlacen, Julio Gonzales-Gamarra, we were introduced to L.Sole.
Victor Bendeck, CEO of the Latin American division of L.Sole is a leader in the biomass field with decades of experience and background in this area. We are particularly delighted to ally with L.Sole to provide a solution to this continuing and growing worldwide oil crisis.
