European investors to fund $53-million bio-coal plant

Baltania OÜ, a torrefied bio-coal pellet producer and 100% owned subsidiary of Dutch private equity investment firm Momentum Capital, announced that it has made a conditional investment decision to commission an industrial-scale torrefaction bio-coal plant in Vägari, Estonia.

The project would be carried out under the oversight of the Baltic country’s ministry of environment at a cost of approximately $53 million. Part of the initial investment will be funded by Momentum Capital and other venture capitalists and financial institutions. The European Union will provide a production-output based grant of about $30 million.

With the idea of supplying clean energy to utility companies in Nordic countries and Central Europe, the bio-coal plant will rely on a torrefaction technology developed by a Dutch company called Clean Electricity Generation. The goal is to produce and process approximately 160,000 tonnes of torrefied bio-coal pellets per annum.

 

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