SAN DIEGO, Dec. 01, 2022 (GLOBE NEWSWIRE) -- via InvestorWire - Astra Energy Inc. (OTCQB: ASRE) (“Astra” or the “Company”), a fully reporting renewable and waste-to-energy and waste-to-bio-products project developer and technology acquisition company, announces that the Company’s majority owned subsidiary, Regreen Technologies Inc. (“Regreen”), has entered into a Definitive Agreement (the “Agreement”) with Cong Ty Co Phan Viecotech ("Viecotech"), a Social Republic of Vietnam manufacturer of clean environmental technology equipment.
Under the terms of the Agreement, Regreen and Viecotech will be 50-50 partners in the manufacture, distribution, and deployment of the patented Regreen waste management and processing system and technologies throughout the Asia Pacific market. Viecotech will contribute land, manufacturing facilities, engineering and staffing to the joint venture and Regreen will contribute exclusive use of its technology and design drawings.
There is an existing site identified for deployment of the Regreen system located on the island of Con Dao, off the western coast of Vietnam. Con Dao hosts stockpiles of municipal solid waste (MSW) and agricultural waste ready to be processed and converted to biofuels and clean electricity. A single 15-ton-per-hour Regreen system can process and mitigate 300 tons of MSW per day. The process can clean up waste sites and create valuable residual revenue streams through the sale of sterile pellets, biofuels and generate power of up to 7.5MW per installation of this size.
"This union will prove to be extremely profitable, and we have the unique opportunity to make a real positive change to our global environment in a responsible way," stated Vo Nhu Thanh, chairman and president of Viecotech.
"We believe securing such a well-established and connected manufacturing partner will support the distribution and deployment of the Regreen systems and technology on a massive scale throughout the Asia Pacific markets. This will serve as a real demonstration to the world of how all waste can be processed and reduced globally in an efficient, scalable and profitable manner," stated Douglas Hampton, president and CEO of Astra Energy California Inc., a wholly owned subsidiary of Astra Energy Inc.
Cong Ty Co Phan Viecotech was formed to bring together an experienced group of successful businessmen with a track record of years of successful operation in Vietnam and the Asia Pacific region. They have focused on advancing opportunities related to manufacturing and technology development within the clean and renewable sector.
About Astra Energy Inc.
Astra Energy Inc. is an integrated solutions provider investing in and developing renewable and clean energy projects in markets where demand is high, supply is limited and there is an opportunity to address other imminent market needs.
Astra’s corporate strategy is rooted in securing technologies and assets; identifying viable market opportunities; and bringing together resources, expertise, technology and defined action plans to execute first-in-class projects that benefit communities, local economies, the planet and the Company’s investors.
Its goal is to create a more secure and sustainable power sector that supports the Company’s purpose, mission and values to transform the economic, environmental and social landscape for generations to come.
For more information on Astra Energy Inc., visit the Company’s website at www.astraenergyinc.com.
CAUTIONARY STATEMENT CONCERNING FORWARD-LOOKING STATEMENTS
This document contains forward-looking statements. In evaluating these forward-looking statements, readers should consider various factors, including the Company’s ability to change its direction, its ability to keep pace with new technology and changing market needs, and the competitive environment of its business. These and other factors may cause the Company’s actual results to differ materially from any forward-looking statement.