Earlier Vega has announced its plans to build a manufacturing plant in South Georgia to produce green energy bio-coal for use in existing coal-fired power plants.

Bio-coal is made from torrefaction, a partial carbonization process that takes place at temperatures between 475-575 degrees in a low temperature environment which makes the physical and energetic properties of the biomass much more comparable to traditional coal, and the biomass is then compressed into briquettes to be sold to the end user.

Vega Biofuels chairman and CEO Michael Molen said that the plant will require a tremendous amount of raw biomass on a daily basis.

"The Timber Group is very well connected in the Georgia timber industry and will be responsible for delivering the timber waste to our facility each day," Molen said.