2021-04-27 14:28:49
Drax Group has completed its acquisition of Pinnacle Renewable Energy Inc. Pinnacle, headquartered in British Columbia, will operate as a subsidiary of Drax. Its workforce of more than 480 employees, including its leadership, have been welcomed into the Drax fold.
As a result of the acquisition, Drax Group, based in the U.K., now owns or has an interest in 17 pellet plants and development projects across Canada and the southern United States. The company has the capacity to produce 4.9 million tonnes of bioenergy wood pellets annually from 2022, with access to four deep water port facilities and three major wood fibre baskets.
Duncan Davies, chief executive officer at Pinnacle, said the transaction marks the beginning of an exciting new future for Pinnacle.
“Drax is a world-class organization with an ambitious vision for sustainable biomass and a willingness to invest in the business,” he said. “As part of Drax, we will continue to build a positive, inclusive and safe workplace and support the communities in which we operate through our partnerships with First Nations and local businesses. Bioenergy has an important role in enhancing forest health, and we look forward to working with the Drax team on our shared commitment to world-leading sustainability standards.”
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