A fast-growing tree called the “global cedar” is set to revolutionise the forest and timber industries, according to the US company which developed it.
Florida-based Energy and Asset Technology (EGTY), which owns a global licence for the tree, says the species can grow 35ft in one year and is ready to be felled in just nine years.
EGTY is already projecting sales of US$140m with a profit margin of 40% for each nine-year cycle.
The company is currently involved in sales talks with landowners and businesses in New Zealand, Greece and Malaysia. Enquiries have also been received from the governments of Brazil and Ecuador.
EGTY’s global cedar nursery has so far grown about 100,000 saplings but has plans to produce 250,000 per month.
