New York, Jan. 24, 2022 (GLOBE NEWSWIRE) -- PHI Group, Inc. (www.phiglobal.com, PHIL), a holding company currently engaged in PHILUX Global Funds (a group of Luxembourg bank funds), the Asia Diamond Exchange project (“ADE”) in Vietnam, mergers and acquisitions and investing in special situations, is pleased to announce that CO2-1-0 (CARBON) Corp., a subsidiary of the Company (www.co2-1-0.io), has signed an Memorandum of Understanding (MOU) with Indonesia-based PT Mega Hydro Energi (“PTMHE”) to cooperate in a new disruptive carbon mitigation program through worldwide environmentally sustainable projects.
According to the MOU, PTMHE and CO2-1-0 (CARBON) will cooperate in acquiring carbon credits from the Tunggang hydroelectric power plant project that is invested, owned and operated by PTMHE, and from other hydroelectric projects in Indonesia. Carbon credits will be digitalized into Carbon Tokens using blockchain-crypto technology and deploying IoT.
The Tunggang project is located near the Tunggang village, Lebong district, Bengkulu province, Sumatra, Indonesia. This power plant is a run-off river type, in operation since December 2021, and has a total installed capacity of 10 MW. In partnering with CO2-1-0 (CARBON) CORP, Tunggang Hydroelectric Power Plant is estimated to generate total carbon credits of 600,000 tCO2e or equivalent to 600,000 CARBON Tokens.
Choky Simanjuntak, Founder and CEO of CARBON, added: “We are very happy and enthusiastic to partner with PT Mega Hydro Energi. Our carbon credit solution with blockchain-crypto technology and IoT will fuel several hydroelectric projects of PT Mega Hydro Energi and others in order to assist Indonesia to reach net zero carbon target accordingly.
We encourage qualified investors to participate in our CARBON token private sale starting December 1, 2021. This CARBON token sale will nourish the new carbon credit ecosystem. Therefore, we believe our mutual cooperation with PT Mega Hydro Energi may enhance the life of many people around the world.”
About CO2-1-0 (CARBON) CORP
CO2-1-0 (CARBON) CORP. (www.co2-1-0.io) aims to provide a solution in disruptive decentralized new carbon market system using blockchain-crypto technology and IoT which will be empowering environmentally sustainable projects (renewable energy/ waste/ agriculture/ forestry/ etc.) starting in Indonesia, Vietnam, other ASEAN countries, USA, and worldwide. It has a clear and systematic product development roadmap, and the ultimate milestones of the products estimated to be launched in the near future. The solution, methodology, and improved TACCC (transparent, accurate, consistent, complete, and comparable) business process originally introduced by CO2-1-0 (CARBON) will bring full impact to better environment and life of millions.
About PT Mega Hydro Energi
PT Mega Hydro Energi is an Indonesia-based corporation specializing in the construction, operation and management of small and medium hydroelectric power plants in Indonesia. The potential for new renewable energy, especially hydropower in Indonesia, reaches over 90,000 MW and PT Mega Hydro Energi envisages itself to be one of the key players in unleashing this enormous potential in the years to come.
About PHI Group
PHI Group (www.phiglobal.com, PHIL) primarily focuses on advancing PHILUX Global Funds, a group of Luxembourg bank funds organized as “Reserved Alternative Investment Fund” (“RAIF”) (www.philux.eu), and building the Asia Diamond Exchange (“ADE”) in Vietnam. The Company also engages in mergers and acquisitions and invests in select industries and special situations that may substantially enhance shareholder value.
Safe Harbor Act and Forward-looking Statements
This news release contains “forward-looking statements” pursuant to the “safe-harbor” provisions of the Private Securities Litigation Reform Act of 1995. “Forward-looking statements” describe future expectations, plans, results, or strategies and are generally preceded by words such as “may,” “future,” “plan” or “planned,” “will” or “should,” “expected,” “anticipates,” “draft,” “eventually” or “projected,” which are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements as a result of various factors.
Contact:
CO2-1-0 (Carbon) Corp
Email: contact@co2-1-0.io
Phone: +1-714-642-0571
PHI Group, Inc.
Email: info@phiglobal.com
Phone: +1-714-793-2977
