Solverdi Worldwide has signed an annual contract of US$14.8 million, which will enable Solverdi to supply biofuels energy to Turkish Republic Northern Cyprus. Solverdi and IBI have signed a renewable contract for 15 years, which covers five years per term. IBI has assigned Solverdi to supply biofuel to the Turkish Republic of Northern Cyprus.
Through a tender offer in the month of March 2009, the Agriculture Department of Northern Cyprus had issued it by a government order from the Government of Turkey. According to the contract, Solverdi will supply a minimum of 15,000 metric tons per year, and the supply will increase to 20,000 metric tons in January 2010, as assured by the government order.
Dennis M. Danzik, CEO, Solverdi, remarked that the contract with Cyprus had given Solverdi an opportunity to convert the former Narangba refinery at Brisbane and send it to Cyprus. He also added that Solverdi technology is currently integrated into the portions of reactors in the Narangba refinery before being sent to Famagusta, the new plant site, in the Turkish Republic of Northern Cyprus. The installation of the plant for Phase I will start in the month of January, 2010. With this new contract, Solverdi wishes to progress into other Mediterranean countries from Cyprus.
Solverdi utilizes its technology to manufacture renewable by products, from wastewater materials, which in turn result in renewable water, steam and fuel. The Solverdi technology helps to improve renewable fuels and other special engineered equipment by using solar energy. Solar energy helps to supply electricity to commercial or industrial buildings without any interruption.