March has turned out be a month of notable Joint-Ventures for Nano Labs Corp (OTCMKTS:CTLE). The company has recently announced that it has associated with DerTek in order to start research and development, marketing and manufacturing program as a part of its objective to produce Biofuels in North America. According to the company, the Joint-Venture will first start in Mexico.
Leading position of DerTek
The collaboration with DerTek matters for Nano Labs Corp (OTCMKTS:CTLE) as the former is already located in Mexico and has designed a technology effective enough to produce Biofuels from organic oils. The biggest advantage is that the raw materials used in the process do not come from the food sector. For instance, DarTek produces BioFuels from Castor oil, which makes it an excellent substitute for conventional sources of energy. Moreover, in addition to being low cost, such Biofuels also offers the benefit of low pollution emission rate and decreased burden of maintaining engine costs.
Joined hands with ET3M Group
DerTek with a capacity to produce over 25 million liters of Biofuel each year is undergoing a rapid growth phase. The company’s uniqueness in producing BioFuels has positioned it as a leader in the space. Moreover, the recent approval of the energetic reform announced by the Government of Mexico has also worked in favor of DerTek. Hence, forming a Joint-Venture with DerTek could not have come at a better timing for Nano Labs Corp (OTCMKTS:CTLE).
As per the agreement, the two companies will set up a new corporate entity in the U.S. for the purpose of meeting the operational and funding requirements of DerTek. The new entity will take care of the development, manufacture and commercialization activities for Biofuels. The agreement provides that DerTek will be 50% equity owner of the joint entity while Nano Labs Corp (OTCMKTS:CTLE) will own the remaining stake. Earlier Nano Labs had announced joint-venture agreement with ET3M Group.