Westervelt Sells Pellet Interests
Drax is acquiring Westervelt’s 20% minority interest in Alabama Pellets, LLC—the joint venture that owns pellet plants in Demopolis and Aliceville, Ala.—for $29.7 million. The acquisition increases Drax’s interest in Alabama Pellets to 90% and provides Drax with economic control over a further 130,000 tonnes of pellet production capacity per year.
Drax gained majority control of the two pellet plants when it purchased Pinnacle Renewable Energy earlier this year. Westervelt, a substantial timberlands owner and operator of two sawmills, had originally built the Aliceville plant and subsequently sold the majority control of it to Pinnacle, while maintaining a 20% arrangement with Pinnacle in both the Aliceville and Demopolis plants, which carried over when Drax purchased Pinnacle.
Drax has been in discussions with Alabama Pellets joint venture partners regarding future working relationships, including their minority interests. The remaining joint venture partner, Two Rivers Lumber Co., LLC, still holds a 10% economic interest.
RELATED ARTICLES:
Drax Satellite Mills Go With BE&E
Drax Announces $40M Investment In Arkansas
Drax Sets Sights On Carbon Capture
Pinnacle Renewable Energy To Be Acquired By Drax Group
Pinnacle Names Duncan Davies As CEO
Pinnacle CEO Rob McCurdy Is Retiring
Pinnacle, Westervelt, Two Rivers Come Together
Earthworm, Drax Working Together
Latest news
Bandit Celebrates Expansion
Bandit Industries, Inc. celebrated the acquisition of a facility in Mount Pleasant with a ribbon cutting ceremony on April 5th. This facility, formerly owned by Burch Tank, is situated on twenty-four acres with 60,000 sq. ft. of manufacturing space…
Oregon Town Gets Biomass Project Grant
City officials in Prineville and Crook County, Oregon are one step closer to building a biomass power plant in their central Oregon town after the U.S. Forest Service (FS) recently awarded a $1 million grant to the city and its Prineville Renewable Energy Project (PREP)…
Pellet Mill Holds Ribbon Cutting
Jackson Pellets, LLC in Jackson, Ala., held a ribbon cutting March 22 at the new wood pellet manufacturing plant. Mayor Paul South welcomed the invited guests and introduced Todd Bush, head of CM Biomass North America, the parent company of Jackson Pellets. Bush told the group that the…
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.