Vega announces JV for Brazilian torrefaction project

Vega Promotional Systems announced a Joint Venture Agreement to build a biomass production facility in Brazil. The Joint Venture Project will utilize special alternative energy technology called torrefaction.

Torrefaction converts most forms of biomass waste into thermally treated biomass powder that is then turned into bio-coal briquettes for shipment to the end user.

Bio-coal has a high energy density of over 10,000 BTU’s per pound and is considered a renewable energy fuel that meets the Renewable Portfolio Standards and renewable energy credits in the United States. The retail price of the bio-coal in the United States is between $135 and $145 per metric ton. In Europe, the price is approximately $100 per metric ton higher than the price in the United States. The cost to build the Brazil facility will be approximately $11 million (USD). When completed, the facility will generate approximately $7 million in annual revenue. The Company’s plan is to begin construction during the first quarter of 2010.

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