CoreLite has signed a long-term Balsa Wood plantation cooperation agreement with the local Government of Los Rios Province in Ecuador during a public ceremony on Wednesday December 2, 2020. This agreement entails the planting and harvesting of Balsa Wood plantations throughout Los Rios Province over a 5-year period with a target number of 2,500 hectares of Balsa Wood plantations. The main drive of this agreement is to bring technological development and the creation of new jobs in Ecuador.

"This agreement will create several life-changing income opportunities for the local communities in Los Rios Province with a completely sustainable product that is commonly used in wind energy applications" said Mr. Johnny Teran Salcedo, Prefect of Los Rios Province, Ecuador.

This private-public partnership will also ensure the ample availability of sustainably and legally sourced raw material for the production of Balsa Wood panels that CoreLite manufactures and distributes worldwide.

"This is part of CoreLite's global sustainability initiative to promote responsible forestry, reduce the carbon footprint, while at the same time ensuring future availability of raw material" said Mr. Paul Lewis, Managing Director at CoreLite.

Balsa Wood is an endemic wood species to Los Rios Province, so the natural ecosystem of Los Rios Province will be restored.

Left: Mr. Johnny Teran Salcedo, Prefect of Los Rios Province, Ecuador.

Right: Mr. Paul Lewis, Managing Director at CoreLite