Sino Fibre's biomass unit wins USD 25m in orders from Cyprus, Greece

(ADPnews) - Jun 16, 2011 - US Sino Fibre Communications Inc (PINK:SFBE) announced that its China-based biomass technology unit Dalian Xinbao Biomass had secured USD 25 million (EUR 17.7) in contracts from Cyprus and Greece for 15 biomass facilities.

The units will use olive residue, a by-product from the process of olive oil extraction, and anaerobic combustion to produce clean energy. The 15 facilities together are estimated to save as much as 78,000 tonnes of coal each year.

The order from Cyprus includes five anaerobic combustion installations that can jointly produce some 43.8 GWh a year. The other 10 the contracted systems are for customers in Greece.

Near the end of May, Sino Fibre wrapped up the acquisition of a 60% stake in Dalian Xinbao Biomass for USD 50.75 million in stock.

(USD 1 = EUR 0.708)

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