Cleantech Transit, Inc. (CLNO)
Cleantech Transit, Inc. (CLNO) is pleased to announce it has met its funding requirement to secure the Company's ability to earn in 25% of the 500KW Merced Project.
The Company is in the final stages of closing its initial interest in the Merced Project and is currently working on completing the necessary documentation and expects closing the transaction soon. As previously announced Cleantech has the option to earn up to 40% of the Merced Project and the Company plans to continue to work towards increasing its interest in the Merced Project as they move ahead.
Biomass is a completely renewable resource. Fuel can be produced using grains and plant waste that would otherwise go unused. Many of these plants and grains can be replaced the very next growing season. Organic waste in the form of dead trees, leaves, grass clippings, animal carcasses and byproducts from food processing exists in abundance and can be used to produce biomass energy. This means that a large amount of solid waste that currently just dumped into landfills can be used as a source of energy. Waste products generated by human activity, such as paper and household garbage can be collected and used as biomass to generate energy. This could have the effect of reducing the amount of waste generated and sent to landfills or placed on barges and sent out to sea by millions of tons a year.
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