Enviva Takes Huge Stock Price Hit
Enviva’s stock price, which has been falling all year from a high of $51 in January, sank to under a $1 a share after a new interim CEO delivered a sobering third-quarter earnings call that raised questions about the company’s viability, blaming unfavorable wood pellet pricing, problems at a plant in Virginia, higher interest expenses and other factors.
In its third quarter Security and Exchange Commission filing, Enviva cautioned that “these conditions and events in the aggregate raise substantial doubt regarding the company’s ability to continue as a going concern.”
As investors rushed for the exits, Bloomberg reported a one-day stock price drop of 79 percent. Interim CEO Glenn Nunziata (Enviva’s chief financial officer taking on the interim role) said the organization is urgently moving to “execute a multifaceted transformation plan.” He added that executives would be reviewing the company’s contracts and debt.
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EU Vote Boosts Biomass
The European Parliament voted in mid-September to recognize primary woody biomass as a renewable energy source, keeping its classification under both the first Renewable Energy Directive (RED) and RED II. According to news reports, the vote was a critical move to meet the ambitious EU Parliament goal to increase the use of renewable energy to 45% by 2030, and for achieving the EU’s goal of carbon neutrality by 2050…
Komatsu Successfully Converts Biomass Combustion Ash Into Fertilizer In Japan
Komatsu Ltd. jointly with Ishikawa Agriculture and Forestry Research Center and ASAHI AGRIA CO., LTD., a manufacturer of fertilizers, has successfully converted wood ash from the biomass boilers in operation at Komatsu’s Awazu plant in the Kaga area of Ishikawa Prefecture.
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