Mr. Robert McCurdy reports
PINNACLE RENEWABLE HOLDINGS ANNOUNCES NEW OFF-TAKE CONTRACT IN JAPAN
Pinnacle Renewable Holdings Inc. has entered into a new long-term, take-or-pay off-take contract with Hanwa Co. Ltd., a large, diversified trading company in Japan. Under the terms of the contract, Pinnacle will supply 75,000 metric tonnes per annum of industrial wood pellets to Hanwa beginning in early 2022. The industrial wood pellets will be used by a biomass power generation plant in Japan.
"We are pleased to enter into this long-term relationship with Hanwa, as it continues to contribute to Japan's strong commitment to decarbonization," said Robert McCurdy, chief executive officer of Pinnacle. "With the addition of the fourth contract of 2018 with Japanese customers, our contracted backlog is now $3.8-billion."
Demand for industrial wood pellets in Japan is supported by the government's feed-in-tariff system.
About Pinnacle Renewable Holdings Inc.
Pinnacle is a rapidly growing industrial wood pellet manufacturer and distributor and the third-largest producer in the world. The company produces renewable fuel for electricity generation in the form of industrial wood pellets, which are used by global utilities and large-scale power generators to produce renewable and reliable baseload power. Pinnacle is a trusted supplier to its customers, which require reliable, high-quality fuel supply to maximize utilization of their facilities. The company operates seven industrial wood pellet production facilities in Western Canada and a port terminal in Prince Rupert, B.C., and currently has a new production facility under construction in Smithers, B.C.
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