Vega Biofuels to build torrefaction plant
Vega Biofuels has raised funds to help it design and engineer a bio coal manufacturing plant which will be based in South Georgia.
The facility will produce the bio coal from timber waste as part of a green energy torrefaction process.
‘We've been working with a small group of existing shareholders the past few months to put together a funding package that will help us with expenses associated with the construction of the plant,’ says Michael Molen, chairman of Vega Biofuels. ‘Things are moving at a very fast pace now and these funds will help us move to the next level much more quickly. The package is designed as a line of credit and we are set to receive the first draw in April. The LOC is secured by promissory notes and does not dilute the company's securities.’
The torrefaction process involves carbonisation between 475-575°C in a low temperature surrounding that makes the physical properties of the bio coal similar to conventional coal.
The biomass is pressed into briquettes and sold on to the end user after the torrefaction process operates in a way that does not produce any nitrous oxides or sulphur dioxides, meaning the purchaser is buying a carbon neutral product.