Pinnacle Renewable Energy To Be Acquired By Drax Group
Pinnacle Renewable Energy Inc. has entered into an arrangement agreement with Drax Group and its wholly-owned subsidiary, Drax Canadian Holdings Inc., pursuant to which Drax will acquire all of the issued and outstanding common shares of Pinnacle in an all-cash transaction valued at C$831 million, including the assumption of net debt and Pinnacle’s non-controlling interests in its joint ventures.
Duncan Davies, Pinnacle’s CEO, says, “Pinnacle’s Board of Directors has unanimously determined that the transaction represents the best course of action for the company and its shareholders. On closing, the transaction will deliver immediate, significant and certain cash value to our shareholders. At the same time, the combination of Pinnacle and Drax will create a global leader in sustainable biomass with the vision, technical expertise and financial strength to help meet the growing demand for renewable energy products around the world.”
The several minority partnerships Pinnacle has in place with sawmill companies appear to remain under the proposed acquisition.
Drax Satellite Mills Go With BE&E
Drax Announces $40M Investment In Arkansas
Drax Sets Sights On Carbon Capture
Pinnacle Names Duncan Davies As CEO
Pinnacle CEO Rob McCurdy Is Retiring
Pinnacle, Westervelt, Two Rivers Come Together
Earthworm, Drax Working Together
Drax Can See End Of Coal Operations
Spectrum Moves Ahead At Adel
Spectrum Energy Georgia LLC plans to begin construction this summer of an industrial wood pellet facility in Adel, Ga. and expects to commission the plant 12 months later, or summer of 2024. The plant will operate at the site of an idled particleboard facility…
Basic Research Shows Anaerobic Lignin Effects
A group of researchers at UC Santa Barbara has shown that anaerobic processes similar to those in herd animal digestive tracts can be effective in breaking down lignin structures in biomass. A key to unlocking biomass’ potential is the cost-effective breakdown of lignin that unlocks cellulose and…
Aspen Wood Products Opens New Regional Pellet Mill
Seeking to add value to residuals from two processing facilities, Aspen Wood Products is opening a new fuel pellet and animal bedding pellet mill at its headquarters in Mancos, Colo., where the company operates an aspen excelsior plant and also produces firewood, shavings and bark…
Find Us On Social
Subscribe to Our Newsletter
Wood Bioenergy News Online hits the inboxes of subscribers in the wood-to-energy sectors.
Wood Bioenergy is published and delivered worldwide 6 times per year. Free to qualified readers in the U.S. Subscribers outside the U.S. are asked to pay a small fee.
Complete the online form so we can direct you to the appropriate Sales Representative.