Converts Timber Waste into Green Energy & Reduces Fuel Cost By US$2million Per Year
HONG KONG, Nov. 28, 2012 /PRNewswire/ -- Greenheart Group Limited ("Greenheart") is pleased to announce the signing of agreements with various suppliers and contractors to build a bioenergy plant (the "Bioenergy Plant"). The Bioenergy Plant will power Greenheart's world-class tropical hardwood processing facility in West Suriname by converting its own wood waste into green energy.
The Bioenergy Plant is capable of converting five tons of wood waste into 18 tons of steam per hour, supplying a 1.5-megawatt steam turbine generating electricity supply for the processing facility and campsite. In addition to the conversion of wood waste into a source of self-sufficient green energy, Greenheart can also reduce its consumption of diesel fuel by approximately 1.5 million litres per year, saving Greenheart over US$2 million per year at current fuel prices.
This is the first stage of Greenheart's green-energy strategy with completion expected by the end of 2013. Stage two of Greenheart's green-energy strategy will focus on enhanced manufacturing of commercially viable bioenergy products and power from wood waste for sale and distribution into domestic and export markets.
Andrew Fyfe, Chief Operating Officer at Greenheart said, "The construction of this tropical hardwood processing facility is another key milestone for Greenheart. In addition to our goal of achieving full FSC certification for all our concessions, our ability to convert our own wood waste into green energy is another crucial step in our sustainable growth strategy."
"This is also an important green energy initiative for the Suriname economy." added Mr. Fyfe. The reduction in fossil fuel consumption, lower energy costs and potential ability to earn international carbon credits makes this project a win-win for both Greenheart and Suriname."
Mr. John Goedschalk, Director of Suriname's Climate Compatible Development Agency said, "We are extremely excited to have a world-class bioenergy plant here in Suriname. This will not only be a great achievement for Greenheart's operations but a real and tangible milestone along Suriname's path towards a low emissions development strategy. This also demonstrates how companies can reduce its dependence on fossil fuels and the benefits of climate compatible projects to businesses and the environment."
About Suriname's Climate Compatible Development Agency
The Climate Compatible Development Agency ("CCDA") represents the President of Suriname on all climate change matters and is dedicated to carving out a new development path for Suriname, gradually moving away from the current reliance on extractive industries and focused on leveraging the country's renewable resources such as freshwater, forest and marine carbon stocks and fertile soil.
The CCDA consolidates all governmental efforts on climate change mitigation and adaptation efforts and promotes effective deployment of existing financing and technology transfer mechanisms. Learn more at www.climatecompatiblesuriname.com.
About Greenheart Group Limited
Greenheart Group Limited is a Hong Kong-based investment holding company. The principal activities of the Company's subsidiaries consist of responsible and sustainable log harvesting, lumber processing and sales and marketing of logs and lumber products to China and other countries around the world. The Company owns certain rights to manage approximately 403,750 hectares of hardwood forest concessions in Suriname, South America and owns approximately 13,000 hectares of freehold land with a net harvestable plantation area of approximately 11,000 hectares in New Zealand. Learn more at www.greenheartgroup.com.
Please note: This press release contains projections and forward-looking statements regarding future events. Such forward-looking statements are not guarantees of future performance of Greenheart and are subject to risks and uncertainties that could cause actual results and company plans and objectives to differ materially from those expressed in the forward-looking statements. Such risks and uncertainties include, but not limited to, changes in China and international economies; changes in currency exchange rates; changes in worldwide demand for Greenheart's products; changes in worldwide production and production capacity in the forest products industry; competitive pricing pressures for Greenheart's products and changes in wood and timber costs.
FOR FURTHER INFORMATION, PLEASE CONTACT:
David Wu
Vice President of Corporate Development & Investor Relations
Tel: +852 2593 3122
Email: davidwu@greenheartgroup.com
