Vega is in the process of building a biomass production facility in the State of Georgia and when completed, will manufacture bio-coal made from waste biomass using process technology called torrefaction. The 40,000sqft manufacturing facility will be located in Tifton, Georgia and will use organic waste bi-products located within Georgia’s Bioenergy Corridor.
The company said that once the Georgia facility is completed, it will have the capacity to produce approximately 125,000 metric tons of bio-coal annually. The five year deal is expected to generate approximately $17m in annual revenue to Vega.
Michael Molen, chairman of Vega, said: “We are very excited about our new relationship with ECEM. 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.
“Signing this deal before the plant is completed confirms what we’ve been saying all along. The worldwide demand for our product far outweighs the supply. We are now considering a second production line that would run parallel to the first line and double the plant’s capacity. We will have many more details about this project in the coming days.”
