December 10, 2015 - Vega Biofuels, Inc. announced today that it has placed an order for torrefaction equipment to manufacture green-energy products from industrial hemp.
Vega recently announced a joint venture with The NOW Corporation to test industrial hemp as a feed stock to produce various green energy products using torrefaction technology owned by Vega. The Now Corporation’s recent acquisition of Field Of Greens owning 650 acres in Colorado prepares it for the growing of hemp and development and commercialization of new innovative technology, products, services, and systems for the alternative energy sector. Vega committed to provide one torrefaction machine to the JV through its exclusive agreement with Virginia based, Nexgen Industries. The machine has now been ordered and will be delivered to The Now Corporation’s property in Colorado upon completion. In addition to marketing the torrefied products to Vega’s clients, a portion of the products will be utilized by the JV at the Colorado site to enhance the growing of industrial hemp.
The JV will produce and market two primary products; Bio-Coal and Biochar. 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. Bio-Coal can replace traditional coal in existing coal-fired power plants around the world. Biochar is used as a soil enhancement for the agricultural industry to increase the amount of yield from each plant.
“Things are moving quickly with our plans in Colorado and we are happy to have been able to place this order before the end of the year,” said Michael Molen, chairman and CEO of Vega Biofuels. “A deposit has been paid to the manufacturer and we look forward to having the machine operational as soon as possible. After testing is completed, our plan is to utilize 100 per cent of the multi-use hemp plant to create various torrefied products to market to our clients. The JV is an important part of our current expansion into the domestic green-energy business. We will provide additional details of the JV’s business as we move forward.”
Vega currently markets green-energy products called Bio-Coal and Biochar. 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. Bio-Coal can be burned in existing coal-fired power plants around the world as an alternative or addition to traditional coal.
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