MOU WITH ECO TADWEER CREATES SAUDI JOINT VENTURE ENTITY THAT WILL ACQUIRE AND UTILIZE SEER PRODUCTS AND TECHNOLOGIES TO ACHIEVE THE KINGDOM’S MULTIPLE GREEN INITIATIVE OBJECTIVES
BROOMFIELD, CO, June 07, 2023 (GLOBE NEWSWIRE) -- Strategic Environmental & Energy Resources, Inc. (SEER) (OTCQB: SENR), a provider of environmental, renewable fuels and industrial waste stream management services, has entered into a formal Memorandum of Understanding (“MOU”) with a newly-formed Saudi business entity, ECO Tadweer (“ET”). ET is a Saudi company that specializes in environmental project management. The joint venture seeks to contribute to The Middle East Green Initiative (see below) and other projects like Green Riyadh (https://www.rcrc.gov.sa/en/projects/green-riyadh-project) to collectively promote environmental protection, quality of life, and public health within the Kingdom. Both SEER and ET will be working closely with the Saudi Investment Recycling Company (“SIRC”), https://sirc.sa/ a wholly-owned subsidiary of the Public Investment Fund (PIF) of Saudi Arabia. SIRC is part of the Saudi national program known as “Vision 2030.” https://www.vision2030.gov.sa/ The Saudi & Middle East Green Initiatives program is one of the largest environmental projects of its kind anywhere in the world and includes, among other things, the planting of ten billion trees across Saudi Arabia.
“ECO Tadweer is an initiative of the Saudi Economic Cooperation Organization led by the private sector to contribute to national and global efforts in the field of environmental sustainability and, more specifically, the application of a circular carbon economy approach as envisioned by the Saudi Investment Recycling Company,” said Areej Alturki, one of ET’s directors. “This initiative is designed to activate the role of the private sector in contributing to Saudi economic development by supporting the infrastructure of both the energy and environment sectors and by developing sustainable economic solutions for Saudi companies,” she continued.
“ET was recently formed to assemble both technologies and management that will enable it to most effectively contribute to Saudi’s efforts to be a world leader in sound environmental policies and practices. It was good fortune that we had knowledge of SEER and its global contacts in the Middle East. We reached out to SEER’s management and quickly concluded it had many of the pieces we needed to launch our initiatives in the Kingdom. SEER has proven environmental solutions such as organic, carbon-based fertilizers, renewable biogas treatment technology and a gold-standard medical waste destruction system all of which fit into our environmental objectives,” said Alturki.
“Eco Tadweer intends to adopt the best international practices, such as SEER’s various products and technologies among others, and apply them throughout the Kingdom in collaboration with government agencies. We are convinced SEER’s MV Technologies will help us develop renewable energies and its organic fertilizer, Pellechar, will be instrumental as Saudi implements its plans to increase domestic agriculture production as well as plant and grow indigenous grasses and trees throughout the Kingdom. When combined with SEER’s operating partner, Biochar Now (www.biocharnow.com) these companies and their patented technologies become very valuable components of Eco Tadweer’s solution offerings to assist the Saudi private sector in taking the lead to work hand-in-hand with the Saudi government and complement its vision of international sustainability efforts. While the biochar and organic fertilizer are our initial priorities, eventually we want to license and deploy SEER’s sustainable biogas treatment and the Paragon medical waste treatment technologies. Both fit perfectly in the program objectives of Saudi’s green initiatives, including the Green Riyadh Project,” concluded Alturki.
“After several visits to the Kingdom and meetings with key leadership in the government and private sector, we are proud to have entered into this strategic agreement with ECO Tadweer,” said John Combs, CEO of SEER. One of our directors, Scott Yenzer, lived in the region for over a decade when he was an executive at Jacobs Engineering. His contacts enabled us to make high-level and effective connections in and around the management teams of the various environmental projects now underway in the Kingdom. We are already discussing how SEER’s solution offerings can be implemented in these projects and become part of the long-term solutions in Saudi. We have been working with one of the most prominent Saudi universities to develop a specialized product best suited for the Saudi soil and to develop specific plans that incorporate our partner’s biochar and our organic, carbon-based Pellechar product into the early pilot programs involving the ‘greening’ of parks throughout the Kingdom. Our partners and SEER are confident our biochar and Pellechar will enhance the growth of trees, shrubs and ground cover throughout the Kingdom,” Combs continued.
“In addition, early discussions are underway regarding how SEER’s other technologies, such as MV’s biogas treatment, can also help achieve Saudi’s environmental objectives as they implement their plans to increase domestic food production, including poultry. Based upon the Kingdom’s commitment to these major initiatives and our shared vision, we are confident SEER’s environmental technology portfolio will contribute to Saudi’s national and global efforts in the field of environmental sustainability. Revenue is expected to commence later this year. Additional details on projects and orders will be forthcoming.” concluded Combs.
About Strategic Environmental & Energy Resources, Inc.
Strategic Environmental & Energy Resources, Inc. (SEER) (OTCQB: SENR), identifies, secures, and commercializes patented and proprietary environmental clean technologies in several multibillion-dollar sectors (including oil & gas, renewable fuels, and all types of waste management, both solid and gaseous) for the purpose of either destroying/minimizing hazardous waste streams more safely and at lower cost than any competitive alternative, and/or processing the waste for use as a renewable fuel for the benefit of the customers and the environment. SEER has two wholly-owned operating subsidiaries: MV Technologies, LLC and SEER Environmental Materials, LLC; and two majority-owned subsidiaries: Paragon Waste Solutions, LLC; and PelleChar, LLC. For more information about the Company visit: www.seer-corp.com.
This press release contains "forward-looking statements" within the meaning of various provisions of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, commonly identified by such terms as "believes," "looking ahead," "anticipates," "estimates," and other terms with similar meaning. Although the company believes that the assumptions upon which its forward-looking statements are based are reasonable, it can give no assurance that these assumptions will prove to be correct. Such forward-looking statements should not be construed as fact. Statements in this press release regarding future performance or fiscal projections, the cost effectiveness, impact and ability of the Company's products to handle the future needs of customers are forward-looking statements. The information contained in such statements is beyond the ability of the Company to control, and in many cases the Company cannot predict what factors would cause results to differ materially from those indicated in such statements. All forward-looking statements in the press release are expressly qualified by these cautionary statements and by reference to the underlying assumptions.
Released June 7, 2023