DynaMotive Signs Licensing Agreement for Ukraine and Baltic States
DynaMotive Energy Systems Corp. (DYMTF) announced that it has granted a master license to Rika Ltd., a company that has extensive operations in Latvia and Ukraine. Under the Agreement, Rika has agreed to market DynaMotive's technology as well as develop and operate facilities in the territories. Two projects are initially targeted for development.
Rika Ltd. and DynaMotive have further agreed to scope the feasibility of bio energy crops in Ukraine, where Rika has leased 25,000 hectares of farm land. The companies are considering the allocation of 10,000 hectares for growth of biomass for BioOil production. Once in production, it is estimated that each hectare will yield up to 30 tonnes of dry biomass per annum. This will potentially provide for a total production capacity of 300,000 tonnes annually of biomass, equivalent to 800 tonnes per day of processing capacity. [ more ]