Vega Biofuels Secures Interim Financing to Move Forward with Green Energy Bio-Coal Plant

VEGA BIOFUELS, INC. announced today that the Company has secured the necessary funding to proceed with its plan to build a green energy bio-coal manufacturing plant in Cordele, GA.

Vega has entered into a Loan Agreement with a group of its existing shareholders that will provide the Company with the necessary funding needed for various expenses associated with the design and construction of the proposed South Georgia manufacturing plant.   Funding is in the form of a five hundred thousand dollar line of credit and allows the Company to draw on those funds as needed moving forward.

Vega recently announced plans to build a manufacturing plant in South Georgia that when completed will produce green energy bio-coal for use in existing coal fired power plants around the world.  The manufacturing plant will be located in Cordele, Georgia.

"This is a very important first piece of our overall funding plan," stated Michael K. Molen, Chairman/CEO of Vega Biofuels, Inc.  "There are a lot of expenses associated with the planning and development of a project of this magnitude.  First funds are always the most difficult to find.  These funds will allow us to move forward with our plans without having to dilute our securities by conducting a Private Placement.  We appreciate the confidence our shareholders have in what we are doing.  We will have more information concerning additional funding for the project as we move forward."

The Company made the decision to locate the biomass manufacturing plant in Crisp County after members of it management team met with the Crisp County Industrial Development Council (IDC) earlier this year to discuss their assistance with locating a site for the plant, tax abatements, and various job credits available to Vega if the Company located its plant in their county.

As Gas Prices Soar, Propel Fuels Provides Redwood City Drivers a Renewable Alternative

Propel Fuels announced today the grand opening of its first renewable fueling station on the Peninsula, located in the company's hometown of Redwood City, CA. Soaring gas prices have increased consumer demand for Propel renewable fuels, with sales up across all of the company's California locations. Propel will continue to build stations on the Peninsula increasing access for consumers and fleets across the company's Bay Area network.

"People feel powerless in the face of rising gas prices. Beginning today, we're providing drivers on the Peninsula something they've never had -- true choice at the pump. We're offering a way to make progress towards reducing our nation's dependence on petroleum fuel and the carbon emissions from our vehicles," said Matt Horton, CEO of Propel. "We are proud to have Redwood City, site of our company headquarters, be our first station here on the Peninsula, as the city and local business community have been amazingly supportive."

Propel, the West Coast's leading retailer of E85 Flex Fuel and biodiesel, is focused on building the infrastructure that is the critical link between consumers and renewable fuels. As construction begins on advanced biofuel production facilities across the state, Propel's network of stations will connect California drivers with the next generation of low carbon fuels made from non-food sources such as agricultural byproducts and household waste. The company operates its Clean Fuel Points (stations) throughout California and Washington State, with more than 75 sites planned across California over the next year. There are more than 20 million alternative fuel capable vehicles (1 million in California alone) on America's roads today; however the majority of them do not have convenient access to renewable fuels.

To show support for expanding access to renewable fuels, Propel was joined today by Redwood City Mayor Jeff Ira, Jack Broadbent, Executive Officer of the Bay Area Air Quality Management District, Redwood City and San Mateo County fleets, and the latest in renewable fuel vehicle technology from General Motors and Mercedes-Benz.

"Propel is a perfect example of the type of company we're looking to attract here in Redwood City," said Mayor Jeff Ira. "We're very proud to be the home of such a forward-looking company that is poised to do great things for the economy and environment in California."

"Motor vehicles are the largest source of air pollution in the Bay Area," said Jack Broadbent, Executive Officer of the Bay Area Air Quality Management District. "Carpooling, keeping your car tuned, and using lower-carbon fuels is something many drivers can do now to help reduce air pollution."

Propel's newest station is co-located at the Redwood City Valero station at 503 Whipple Avenue (at the intersection of Whipple Avenue and Veterans Boulevard) in Redwood City (Map). The green-built station makes it convenient for consumers and fleets to fuel their vehicles with clean, low carbon, American-made fuels. As part of the opening celebration on May 17-20, Propel will provide Redwood City drivers and fleets ten dollars of free E85 Flex Fuel or Biodiesel. The free fuel promotion encourages local drivers to experience filling with clean, quality certified, renewable fuels.

S.D. honors POET Biorefining -- Chancellor for wastewater management

Chancellor received the 2010 Operation and Maintenance Wastewater Treatment Excellence Award last week from the South Dakota Department of Environment and Natural Resources.

The award honors outstanding operation of the wastewater system and compliance with surface water discharge permit in 2010. Plant team members received the award during the 2011 South Dakota Water and Wastewater Association meeting in Watertown May 4-5.

"As a renewable fuel producer, we understand how important it is to be good environmental stewards," Technical Manager Tim Vavra said. "It's an honor to get this recognition."

"Most people take wastewater treatment and disposal for granted, but properly operated wastewater treatment systems are a critical component in protecting public health and the environment from sewage and various pollutants in wastewater," said DENR Secretary Steve Pirner. "Therefore, we all owe the owners and operators of these systems a huge thank you for a job well done."

Cargill Acquires Fort Dodge Ethanol Plant from Tate & Lyle

Cargill announced today that it has purchased Tate & Lyle's corn wet mill ethanol plant in Fort Dodge, Iowa.  

"We believe that a highly efficient, well-located corn wet mill ethanol plant fits well into our bio-product portfolio," said Alan Willits, president of Cargill Corn Milling North America. "We see an opportunity in Fort Dodge to replicate the success we have had at our Blair, Neb., and Eddyville, Iowa, bio-refinery campuses."  

The Fort Dodge asset is a corn wet mill ethanol facility.  The existing facility has the ability to grind 150,000 bushels of corn per day and produce 115 million gallons of ethanol per year.

"This investment demonstrates Cargill's continued commitment to Iowa agriculture," said Governor Terry Branstad. "The Fort Dodge facility will create over 100 jobs in Webster county and help provide an alternative market for local producers."

Willits adds, "The corn wet mill ethanol plant will provide the base load corn grind for the campus, and we hope to support additional business growth in the coming years. When completed, Fort Dodge will be a world class bio-refinery campus that will produce ethanol and other bio-based products. We will achieve energy and operational efficiency while respecting the environment and natural resources, as we have in Blair and Eddyville."

Cargill is an international producer and marketer of food, agricultural, financial and industrial products and services.  Founded in 1865, the privately held company employs 131,000 people in 66 countries.  Cargill helps customers succeed through collaboration and innovation, and is committed to applying its global knowledge and experience to help meet economic, environmental and social challenges wherever it does business.

(Crossposted from American Fuels)

Propel Fuels CEO Receives Biofuels Leadership Award

Matt Horton, CEO of Propel Fuels, a leading retailer of clean, renewable fuels, was honored with the Biofuels Leadership Award at the 3^rd Annual Sustainable Biofuels Awards in Rotterdam, Netherlands. The Biofuels Leadership Award honors an individual who has made an outstanding contribution to the development of the biofuels industry. Horton was recognized for providing thousands of drivers with convenient access to low-carbon, domestic fuels through Propel's growing network of renewable fuel stations.

The Sustainable Biofuels Awards coincide with the annual World Biofuels Markets conference, drawing the world's leaders from across the biofuels industry including infrastructure, advanced fuel research, producers, and policy. Awards are voted on by an independent judging panel that considers the greenhouse gas savings, environmental impact and further benefits of the operations or technology of the nominees.

"We thank the Sustainable Biofuels Awards panel for recognizing the importance of engaging consumers with new fuel choices, and share this award with the thousands of Flex Fuel and diesel drivers who have made the choice to fill with renewable fuels," said Horton. "Propel looks forward to expanding our network of stations to dramatically increase the availability of renewable fuels, reduce our nation's dependence on petroleum, and set the stage for the adoption of the next generation of low carbon fuels."

Propel is focused on building the infrastructure that is the critical link between consumers and producers in the low-carbon fuel supply chain. The company currently operates its Clean Fuel Points (green-built, self serve filling stations) throughout California and Washington State, with more than 75 sites planned across California by year's end. There are more than 20 million alternative fuel capable vehicles (more than 1 million in California alone) on American roads today; however the majority of them do not have convenient access to renewable fuels.