Today before the bell, Stratos Renewables announced that it has signed land agreements to secure enough land in the northern coastal region of Peru to produce up to 90 million gallons of sugarcane-based ethanol each year. The company plans to use the land for sugarcane cultivation, milling and distillation into ethanol.
These strategic agreements provide Stratos with land that has historically achieved some of the highest yields of sugarcane in the world. Peru’s agricultural climate conditions and rich soil allow year-round sugarcane harvesting and high yields. The advantageous position of the country also provides low transportation costs for export and distribution due to its coastal access and proximity to the Pan-American Highway.
Stratos President and CEO Tom Snyder stated, “We are pleased that our negotiations with local communities in Northern Peru have resulted in mutually beneficial relationships. Securing this land marks an important milestone in our strategy to become one of the lowest-cost ethanol producers in the world while stimulating the Peruvian economy. We have spent considerable time working with local officials to create programs that deliver a sustainable agro-investment environment. We’re encouraged by this progress and we are solidifying contracts with major engineering and construction companies to further implement our business plan.”
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