Vega Biofuels to begin test shipments of torrefied pellet samples to European power companies by end of January; European power companies unable to locally source sufficient wood biomass to meet mandated 20% cut in CO2 emissions by 2020
December 21, 2012
– VEGA BIOFUELS, INC. (PINKSHEETS: VGPR) announced today that it will start shipping samples of torrefied pellets to European power companies for testing. The samples will be ready for shipping by the end of January.
The EU has the world's largest regional energy market and accounts for one fifth of the world's energy use. European power companies have been mandated to cut carbon dioxide emissions by twenty percent by the year 2020. The obvious renewable energy solution is torrefied bio-coal. Europe's biomass resources are relatively small and unable to provide the necessary woody biomass to meet the mandate. North America is the prime, readily available source for certifiably sustainable and socially responsible bio-coal.
"The first step in marketing our product is to allow clients to do laboratory testing," stated Michael K. Molen, Chairman/CEO of Vega Biofuels, Inc. "We are now able to provide the necessary samples of our product to perspective clients for testing. This is a huge step for our Company. Once the lab testing is completed, the next step is to provide enough product to be processed through their existing fossil coal handling chain."
Torrefaction is a partial carbonization process that takes place at temperatures between 475 - 575º in a low temperature environment which makes the physical and energetic properties of the biomass much more comparable to traditional coal. The biomass is then compressed into briquettes to be sold to the end user. Torrefaction has the added benefit of reducing or eliminating undesirable volatiles, such as nitrous oxides and sulfur dioxides and is considered carbon neutral to the environment. Existing coal-fired power plants do not need to retrofit their existing plants to accommodate the torrefied bio-coal.
Certain statements in this release constitute forward-looking statements or statements which may be deemed or construed to be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The words "forecast," "plan," "project," "intend," "expect," "should," "would," and similar expressions and all statements, which are not historical facts, are intended to identify forward-looking statements. These forward-looking statements involve and are subject to known and unknown risks, uncertainties and other factors which could cause the Company's actual results, performance (finance or operating) or achievements to differ from future results, performance (financing and operating) or achievements expressed or implied by such forward-looking statements.