What is going on with VRDR?
Verde Resources, Inc. (VRDR) stock roes today after the company announced its plan to recycle organic waste, most notably palm oil, into renewable resources. The company recently raised $3.1 million seed funding towards the green initiative. Shares of VRDR increased 8.57% to $0.076 as of Thursday at 12:01pm.
What does this mean for Verde Resources?
Verde's method of carbon sequestration will involve its BioFraction technology, which it purchased earlier this year. The technology involves a thermochemical process which converts palm waste into four renewable byproducts; biochar, bio-oil, bio-syngas and wood vinegar. When wood vinegar is applied to biochar, it activates the biochar, and when reintroduced back into the earth, the biochar becomes a sustainable form of carbon sequestration and an economical way to improve cropland.
"While we are not claiming to provide a one-size-fits-all solution, we have successfully converted palm waste into by-products of high value that would meet that objective. We will soon provide our input to the USDA, and we are very convinced that Verde would be able to create new downstream American manufacturing jobs with our initiative." said Balakrishnan Muthu, President of Verde Resources.
Research conducted with activated biochar during Verde Resources' pilot project in Borneo, displayed impressive results, successfully converting an acre of wasteland into an eggplant producing farm.