Vega to sell biocoal
Vega is currently building a 40,000 square foot biomass production plant in Georgia, US, that when completed will process biomass to produce 125,000 tonnes of biocoal every year.
Austria-based ECEM has agreed to purchase 100% of Vega’s biocoal before reselling it to power firms within Europe. The agreement will provide Vega with an annual income of $17 million (€12.4 million).
Speaking about the deal the chairman of Vega Michael Molen said: ‘This is a huge deal for our company. Having a five-year agreement in hand to sell our product allows us to move forward with the construction of the Georgia plant much faster than originally planned. We are now considering a second production line that would run parallel to the first line and double the plant’s capacity.’