Bangalore -based VayuGrid has signed a Memorandum of Understanding to build a bio-fuel project in Ethiopia.
The company will work with an undisclosed local partner on the first, 2,000 acre phase of the project. The facility will use its VayuSap bio-fuels feedstock, which it describes as a “high-yield” Pongamia.
In the longer term, the VayuGrid hopes to expand the project to a total of 100,000 acres.
"VayuGrid is bringing together local and global businesses that are dependent on crude and looking for ways to hedge against currency fluctuations while ensuring a predictable supply of green energy," said Doug Peterson, VayuGrid’s chief executive.
The Ethiopian government is striving, like numerous others, to reduce their nation's reliance on imported fossil fuels. As part of this effort, it is fostering development of a large-scale bio-fuel park.