Agricultural waste technology company Papyrus Australia (ASX: PPY) has re-confirmed its presence in Egypt where it is offering revenue opportunities for banana producers in the region using their waste.
Through joint venture entity Papyrus Egypt, the company has established operations in Sohag.
Papyrus Egypt developed a new facility based on Papyrus Australia’s proprietary technology to create fibre based products from waste banana tree trunks with the aim of demonstrating this could be done in a commercially viable manner.
“Papyrus Australia can now report that its manufacturing operations in Egypt, through Papyrus Egypt, are now profitable, and that the prospect of licencing its technology has been very much enhanced because of that profitability, and that such licencing is likely to be significantly more profitable for Papyrus Australia that simply the manufacturing undertaking,” Papyrus Australia stated.
Following Papyrus Australia being able to successfully and commercially convert banana waste into fibre-based products, the company plans to market its technology to other banana growers around the world.
Papyrus Australia is looking to show main banana producing regions the value in licencing its technology to establish their own facility for processing banana tree trunk waste into products that can, in turn, generate “substantial revenue streams”.
According to Papyrus Australia, bananas and plantains are grown over more than 10 million hectares across 164 countries.
With the exception of Australia, these countries are all regarded as developing nations.
Annually, about 30 million tonnes of plantain and 70Mt of bananas are produced every year.
Papyrus Australia noted that United Nations data indicates there are more than 25 billion banana or plantain trees under cultivation worldwide.
Papyrus Australia’s technology can be used to convert banana tree trunk waste into numerous fibre-based products.
Products comprise decorative veneers which are used for laminate in kitchen manufacture and are currently sold in Egypt.
Papyrus Australia claims there is increasing demand in the region for veneer as laminate.
The waste is also used in export veneers, with shipping already occurring to Yamaha musical instrument manufacturers in Japan.
Other products include organic liquid fertiliser, peat blocks, and fibres for panel boards and moulded applications.