Pinnacle Entered Into Wood Pellet Supply Contract with Mitsubishi

SEATTLE (Scrap Monster): Pinnacle Renewable Energy announced extension to its long-term, take-or-pay off-take contract with Japanese Mitsubishi Corporation Ltd. Under the terms of the agreement, the company will supply 80,000 to 90,000 metric tons of industrial wood pellets per year to Mitsubishi with effect from Q1 2023. The wood pellets will be used by Mitsubishi’s biomass power generation plant in Japan.

The rapid expansion of biomass generating capacity in Japan has led to increased demand for wood pellets in the country. This in turn has led to significant surge in pellets imports by Japan. Pinnacle Renewable Energy has been one among many companies which have been benefited from its geographical advantage with respect to its access to Japanese markets. Incidentally, Pinnacle has been expanding its presence in Japan.

Duncan Davies, CEO of Pinnacle noted that the company is excited to grow its business with Asian customers. The company has developed a very special relationship with Japan. It acknowledged Japan’s strong commitment to reduce carbon footprints by replacing fossil fuels with sustainable wood pellets, Duncan said.

Prince George, Canada-based Pinnacle Renewable Energy Inc. is one of the world’s leading manufacturers and distributors of industrial wood pellets that are used by large-scale thermal power generators to produce renewable power.

YOU MAY ALSO BE INTERESTED IN:

Pinnacle's Alberta and Alabama Mills Drive Q2 Revenues

Pinnacle Commenced Pellet Production at Alberta Facility