SAN DIEGO--(BUSINESS WIRE)--November 13, 2007 Green Star Products, Inc. (OTC:GSPI) today announced that it has signed a contract to build a 100-acre Commercial Algae Facility in the Midwest.
Biotech Research, Inc. (BTR), who is a Consortium partner with GSPI, has signed the contract with GSPI to start initial preparation and material acquisition for field construction to begin in March 2008.
The 100-acre Algae Facility will be constructed adjacent to an existing biodiesel plant and will use the CO2 emitted from the biodiesel plant's boilers to feed a portion of the algae facility needs (CO2 mitigation), which will reduce Global Warming emissions.
The algae oil produced from the facility will be turned into biodiesel through the existing biodiesel plant facilities.
GSPI will construct the algae production facility and operate it for 18-months and will participate in ongoing royalties with BTR from sales of algae oil and high protein meal.
It is also the business strategy that BTR and GSPI will build GSPI Biodiesel Production plants alongside Algae Production Facilities at other locations in the U.S.
BTR has formulated business plans to build several 1,000-acre Algae Facilities
, each in conjunction with a GSPI Biodiesel Processing facility.
Negotiations are in progress with funding institutions.