On May 27, 2013, Green EnviroTech Holdings Corp. entered into a joint venture agreement with Petrosonics, LLC. Pursuant to the Joint Venture Agreement, the parties agreed to effectuate the formation of an Irish registered company to be named Green Power Oil, LTD, for the purpose of researching, development, manufacture and commercialization of oil-industry corroborated processes that remove sulfur from crude oil and refined fuels on a worldwide basis.

Green EnviroTech Holdings Corp. agreed to make a capital contribution of $14,000,000 (including $2,000,000 which the company agreed to contribute within 30 days of execution of the Joint Venture Agreement, and an additional $12,000,000 which the company agreed to contribute within 180 days of execution of the Joint Venture Agreement) to the Joint Venture Company for a 51% interest. Petrosonics agreed to contribute certain intellectual property to the Joint Venture Company for a 49% interest.