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.
RELATED ARTICLES:
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
Latest news
MoistTech IR3000-W Series Sensors
MoistTech Corp.’s IR3000-W series moisture sensors feature cutting-edge NIR (near-infrared) technology achieves unparalleled accuracy, delivering true, repeatable results year after year with little or no maintenance—just accurate and reliable moisture analysis of wood products, including those used in bioenergy production. The amount of moisture in wood products is a critical concern of the forest industry because excess moisture can have a large impact on final product quality, production, and energy efficiency. In addition, the IR3000-W reduces fire and explosion risk, prevents press explosions, offers precise dryer control, and monitors blending for control of moisture and resin in wood products.
New From Bandit: HM6420 Hammermill Grinder
This highly productive 40 in. capacity grinder is designed and manufactured to be an alternative solution for those grinding applications that may contain contaminants. A Caterpillar C32, 1,200 HP engine provides ample torque and horsepower for optimal machine performance and productivity…
Wood Bio Conference Showcases ‘Energy That Works’
“I’m more impressed with this lineup of speakers than any we’ve had in the history of our event,” comments Rich Donnell, Co-Chairman of the eighth Wood Bioenergy Conference & Expo, which will be held Tuesday-Wednesday, March 12-13, at the Omni Atlanta Hotel at Centennial Park in downtown Atlanta, Georgia…
Find Us On Social
Subscribe to Our Newsletter
Wood Bioenergy News Online hits the inboxes of subscribers in the wood-to-energy sectors.
Subscribe/Renew
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.
Advertise
Complete the online form so we can direct you to the appropriate Sales Representative.