Cleantech specialist (), which can convert liquid waste into fuel, has expanded its operations into West Africa.
The group has inked a memorandum of understanding (MoU) with private firm Masada, a major waste collection firm, to import fuel and equipment into Sierra Leone, it revealed.
The deal includes a payment of US$550,000, 5% gross royalty payments and subsequent equipment imports under a two phase approach to expansion plans.
Masada company is primarily owned by Gibril Wilson, a former NFL football player for the New York Giants.
Masada was awarded a 20 year contract by the Government of Sierra Leone to collect, manage and convert waste generated in the Freetown Municipality.
This includes solid and liquid waste, medical, marine and industrial waste products.
Wilson said: " has presented Sierra Leone with the opportunity to create many needed jobs while also addressing , resource preservation and a source of fuel.
"We are very excited to take advantage of this opportunity and work with to implement their much needed technology while making as big of an impact as we can for our community."
The collaboration between and Masada will have two main phases including the importation of fuel to establish the market and support public funding initiatives, followed by implementing multiple gasification systems in country to produce fuel locally.
It's been a busy week for . Yesterday, it had its coffers replenished by more than US$3mln through the conversion of some warrants.
The decision by warrants holders to pay to convert the warrants to shares means 's current unaudited cash balance is now positive to the tune of some US$5mln.
The cash will be used to continue to execute on operational plans and for working capital, told investors.