Astra Energy Inc. and Powertron Global LLC Close JV SAN DIEGO, April 04, 2024 (GLOBE NEWSWIRE) -- via IBN -- Astra Energy Inc. (OTCQB: ASRE) (“Astra” or the “Company”) announces today the closing of a joint venture transaction with Powertron Global LLC ("Powertron") to build a power company in the waste-to-energy sector.
Consistent with the African project-development division business model, Astra and Powertron intend to own and operate these projects as an independent power producer, selling that power to customers while providing them waste-to-energy solutions on a long-term contract basis.
The two companies will work together to combine projects and their resources to execute more efficiently. This strengthens the overall potential for financial success and profitability and together the partners are quickly identifying and advancing a portfolio of suitable projects.
On March 8, 2024, the Parties executed a joint venture agreement to form a new entity for licensing and distributing waste-to-energy solutions. Astra is receiving a 40% equity interest and $5 million in cash in exchange for bringing their waste-to-energy technology. Two initial projects requiring a waste solution as a component are the 50 MW of clean and renewable energy on Unguja Island in Zanzibar, and the 100 MW project in Lesotho, an enclave within South Africa.
The second part of the transaction concluded on March 22, 2024, in which Astra and Powertron agreed to form a joint venture and license the Holcomb Energy Systems In-Line Power Generator technology to effectively amplify power output and sell the energy produced while accruing the residual revenue stream for the life of the project.
The projects will address accumulating waste in many regions, generate incremental power, improve reliability of electricity delivery critical to a growing economy and reduce carbon emissions. The success of the project will also create both direct and indirect jobs and positively affect other sectors of the economy that primarily rely on a consistent and cost-effective supply of electric power.
Astra continues to play a role in securing and developing new clean and renewable project opportunities to supply the burgeoning economies on the African continent.
https://www.globenewswire.com/news-release/2024/04/04/2858055/0/en/Astra-Energy-Inc-and-Powertron-Global-LLC-Close-Joint-Venture-to-Build-Power-Company-in-the-Waste-to-Energy-Sector.html