Pinnacle Expands With Acquisition Of Alabama Pellet Plant

B.C.-based pellet producer Pinnacle Renewable Holdings is heading to the southern U.S. with the announced acquisition of an Alabama industrial wood pellet plant. Pinnacle recently announced it has entered into a definitive agreement to acquire a 70 percent interest in an operating industrial wood pellet production facility located in Aliceville, currently owned by The Westervelt […]

B.C.-based pellet producer Pinnacle Renewable Holdings is heading to the southern U.S. with the announced acquisition of an Alabama industrial wood pellet plant.

Pinnacle recently announced it has entered into a definitive agreement to acquire a 70 percent interest in an operating industrial wood pellet production facility located in Aliceville, currently owned by The Westervelt Company. Westervelt will retain a 30 percent ownership.

The facility has an annual production capacity of about 270,000 metric tons, 210,000 of which is committed under a long-term off-take contract to a major European utility. Pinnacle plans to sell the remaining volume through its contracted backlog of long-term, take-or-pay off-take contracts.

Pinnacle CEO Robert McCurdy said in a news release the acquisition is launching point for Pinnacle’s future growth in the U.S. Southeast, a key fiber basket.

“Through this transaction, we are also pleased to form a partnership with Westervelt, a leading forestry and land resource company in the region. We look forward to working with Westervelt to optimize the production capacity and operating efficiencies at the Aliceville facility, and to jointly explore other potential future growth opportunities in Alabama and Mississippi,” McCurdy said.

Read more on this from Canadian Biomass at https://www.canadianbiomassmagazine.ca/pellets/pinnacle-expands-to-us-with-acquisition-of-alabama-pellet-plant-7016.

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