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FulghumGraanul, LLC is a joint venture formed by Fulghum Fibres, Inc. of Augusta, Georgia (40%) and AS Graanul Invest of Estonia (60%). The purpose of the joint venture is to take advantage of the growing domestic production opportunities in the United States for renewable biofuels in the form of fuel pellets and to capitalize on Graanul's presence in the European market as a fuel pellet manufacture and distributor.