VIASPACE Signs 1,500 Acre Giant King Grass Supply Contract With Tibbar Energy

WALNUT, Calif., Oct. 3, 2012 (GLOBE NEWSWIRE) -- VIASPACE Inc. (OTC:VSPC) today announced that it has signed a contract with Tibbar Energy USVI LLC to supply Giant King Grass for a 1,500 acre Giant King Grass plantation to be established in St. Croix, US Virgin Islands.

Tibbar Energy USVI LLC is developing a 6 MW renewable biomass energy project in the U.S. Virgin Islands on the island of St. Croix. The project utilizes VIASPACE's proprietary renewable energy crop called Giant King Grass as a feedstock for anaerobic digestion, generating biogas which is used to fuel an engine generator set to produce electricity. "We see the U.S. Virgin Islands as the ideal location for this type of renewable energy project with its tropical climate for agriculture, and the strong need for economically viable energy. Electricity on St. Croix, currently generated from diesel and heavy fuel oil, is very expensive and produces substantial carbon dioxide emissions. The Tibbar biogas system uses continuously renewable Giant King Grass, and produces electricity at a much lower cost than fuel oil with negligible carbon dioxide emissions," says Tania Tomyn, President and CEO of Tibbar Energy.

Tibbar has entered into an exclusive partnership with VIASPACE to grow Giant King Grass on St. Croix on a 1,500 acre plantation to supply renewable biomass to the biogas power plant. "We are excited to have VIASPACE as a partner. Their Giant King Grass is an ideal, nonfood, dedicated agricultural energy source with both high crop and biogas yield," according to Tomyn.

This 20 year project is slated to be underway in 2013, fully on-line by the first quarter 2014 and will generate over 20 full time jobs with a total projected economic benefit of $150 million (over the life of the project) to the community through its agricultural and power generation components.