China Giant King Grass was originally developed as an animal feed for cows, pigs, sheep, goats, rabbits, turkeys and fish. Animal feed provides an immediate market for the grass which is also being grown as a feedstock for production of cellulosic ethanol, methanol, biocrude and green gasoline. VIASPACE expects to generate $20 million in revenue in the next two years including the sale of grass for livestock feed and alternative fuels. Agriculture and alternative energy are two of the national priorities of China.
Kukkonen reiterated that the Company is now growing Giant King grass in China and plans to initially sell to the animal feed market and later to producers of biofuels such as cellulosic ethanol, biocrude and green gasoline. Therefore, while biofuels are VIASPACE's primary and large market opportunity for the grass, the Company is positioned for more immediate revenues while biofuel plants and infrastructure are being built."
Commenting on VIASPACE's revenue outlook, Kukkonen added that the Company's restructured operations and new business strategy are expected to achieve revenue growth in 2009, with revenues from its renewable and clean energy businesses achieving greater visibility in 2010 and becoming the dominant source of total revenues by 2011.
Due to the fast-growing nature of Giant King Grass and the Company's plans to propagate seedlings that could result in geometric increases in plantings, VIASPACE believes it can support the development of up to 25,000 planted acres. Included in this plan are potential projects for 2010 involving 5,000 acres that would be projected to annually produce 200,000 tons of Giant King Grass pellets, which could be sold for $20 million.
The site serves as a nursery for Giant King Grass seedlings that are expected to be needed for a large-scale project of up to 5000 acres anticipated in 2010.
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