VEGA BIOFUELS, (OTC PINK: VGPR) announced today that the Company has placed an order for 3,000 tons of Bio-Coal for shipment to an international client.
Manufactured from timber waste using torrefaction technology, Bio-Coal has a high energy density of up to 13,000 BTUs/Lb and is considered a renewable energy fuel that meets the Renewable Portfolio Standards and Renewable Energy Credits (RECs) in the United States.
Vega recently announced that the Company was working with Colorado based, Vencor International, Inc. to test Vencor's torrefied wood product to see if it met the strict specifications to be used as Bio-Coal. The independent testing was successful and Vega has now issued a Purchase Order to Vencor to produce 3,000 tons of Bio-Coal. Production is scheduled to begin later this month. The deal is valued at approximately $600,000.
"This is a great day for our company," stated Michael K. Molen, Chairman/CEO of Vega Biofuels, Inc. "We now look forward to filling the orders that we have in hand and generating revenue as we move forward in the new year. We are very impressed with Vencor's torrefied wood product. It exceeded the required specifications to be called Bio-Coal. They recently increased their production capacity and are now capable of filling our orders and shipping product to our international clients. We anticipate this being the first of many orders of this type. We have been able to secure several deals like this, but production has been the delay. Hopefully, that is now behind us and we can continue to grow our business and bring additional value to our shareholders."
Source: Vega Biofuels, Inc.
Date: Jan 15, 2015