Exhibit 10.10
MEMORANDUM OF UNDERSTANDING BETWEEN SUSTAINABLE POWER CORP. AND
HAYTIAN TRACTOR & EQUIPMENT CO. S.A.
This agreement is by and between Sustainable Power Corp, located in Houston,
TX, with principal offices located in Natchez, MS, and Haytian Tractor &
Equpment Co. S.A., located at 51 , Blvd. Xxxxxxxxx Xxxxxxxxxx, Port-au-Prince,
Haiti.
PURPOSE
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To create a joint venture specifically designed to produce Vertroleum (tm )
green biofuels that meet all ASTM specifications, including biocrude,
biogasoline, jet fuels, marine fuels, and other biofuel to be used in the
generation of 24 megawatts of power to be distributed into various points in the
country of Haiti. Value of Phase One to be approximately $ 127,000,000 USD
MUTUAL AGREEMENTS
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- Haytian Tractor, ("HayTrac") through its President Xxxxxxx Bonnefile is #1
and only distributor of Caterpillar tractors in Haiti and has been awarded
substantial power contracts to generate and distribute power into two
cities, Les Cayes and Petit-Goave.
- Sustainable Power ("SSTP") will install and train operation of 20 biocrude
reactors in Haiti in Phase 1.
- Both parties are looking to develop bio fuel, bio crude and distribute
power in Haiti.
- The excess fuel production not used for Haiti will be exported.
- SSTP and HayTrac have mutual goals in Haiti: producing oil and electricity
and fostering agricultural growth through the faming of feedstocks to be
used in the venture.
- HayTrac has been in the electricity business for 58 years.
- HayTrac carries a high reputation in the industry for quality, service and
reliability.
- HayTrac acknowledges SSTP is a public company and approves disclosure of
this MOU and future agreements. Xxxxxxx Xxxxxxxx, President stated, "I
wholly welcome this joint venture which will start in the south of Haiti.
It will contribute to improving the standard of living of Haitians,
especially with the current price of petroleum being as high as it is
today."
- HayTrac has previously had electricity contract in Port-au-Prince, the
capital of Haiti.
- The parties agree that this Joint Venture has enormous benefits for the
country of Haiti.
- The Joint Venture will most likely start with a well known feedstock that
grows fast and easy in Haiti named Jatropha, and may ultimately use other
feed stocks including Algae.
- There is already a group in Haiti looking to grow a huge amount of Jatropha
and HayTrac has a great pre existing relationship with them.
- HayTrac and SSTP are looking to make a life time agreement.
- Ultimately the Joint Venture could have 400 reactors producing 2000
megawatts.
- HayTrac will maintain 10% of the Joint Venture for all endeavors in the
country of Haiti.
- HayTrac is the #1 power generator provider in Haiti.
Signed:
\s\ Xxxxxxx Xxxxxxxx 30-01-08
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Xxxxxxx Xxxxxxxx, Pres Date
Haytian Tractor & Equipment
\s\ Xxxxx Xxxxx 01-30-08
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Xxxxx Xxxxx, XXX Date
Sustainable Power Corp.
