August 22, 2011
Vega Biofuels, Inc., has reassured shareholders regarding difficulties with the trading of its stock.
Chairman and CEO Michael K Molen said shareholders had also had probems trading through Alpine Securities.
Molen said his company was working to resolve the issues.
Norcross-based Vega Biofuels is currently seeking permanent financing for a manufacturing facility in Georgia that will produce biomass fuel for power plants from local timber waste.
The company’s chairman and CEO told investors last week that while interim funding for the project’s design phase is in place, Vegas Biofuels is now in discussions with other funding sources for the main project capital.
Vega Biofuels is preparing to build a manufacturing plant to produce “biocoal” – a biomass fuel made from timber waste that could be used as an alternative to coal in coal-fired power plants.
The biocoal fuel is produced by a process called “torrefaction”, a kind of pyrolysis in which biomass is heated in an oxygen-free environment. Resulting material then compressed into briquettes.
A lease has been signed for the new plant to be built in Cordele, Crisp County, where a new inland port is being built.
“It’s a wonderful facility located in the perfect area, right in the middle of the timber rich Georgia Bioenergy Corridor,” said Molen.
Louisiana-based engineering services firm Hunt, Guillot & Associates has been hired to provide engineering and design for the plant, and will also recruit permanent staff for the site.
Vega Biofuels has also signed up local timber market experts The Timber Group to source timber waste for the new facility.
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