VANCOUVER, Dec. 16, 2019 - Pinnacle Renewable Energy ("Pinnacle" or the "Company") (TSX: PL) is pleased to announce it has entered into a three-year fibre supply agreement (the "Agreement") with Alkali Resource Management Ltd. ("ARM") whereby ARM will process, store and deliver biomass from harvest residuals to Pinnacle for use at its Williams Lake facility in British Columbia.
ARM is the forest management company wholly-owned by the Esk'etemc Nation, whose traditional territory is south of Williams Lake. Pinnacle and the Esk'etemc Nation have been collaborating to improve fibre utilization and to support economic development within Esk'etemc managed forests.
"The Agreement will help support not only the forest activities of the Esk'etemc, but also helps support harvesting and hauling contractors engaged by ARM," commented Gord Chipman, Manager of ARM. "This is a positive development at a time of ongoing impacts of the sawmill closures and curtailments experienced in the region."
"We are excited to be working with the Esk'etemc and pleased that the Agreement will contribute to the achievement of sustainable fibre supplies to fill the gap in sawmill residuals we have seen in the province this year," commented Rob McCurdy, CEO of Pinnacle. "The Agreement will enhance forest stewardship practices while generating new economic opportunities for the Esk'etemc Nation."
Pinnacle is a rapidly growing industrial wood pellet manufacturer and distributor and the third largest producer in the world. The Company produces sustainable fuel for renewable electricity generation in the form of industrial wood pellets. This fuel is used by large-scale thermal power generators as a greener alternative to produce reliable baseload renewable power. Pinnacle is a trusted supplier to its customers, who require reliable, high-quality fuel supply to maximize utilization of their facilities. Pinnacle takes pride in its industry leading safety practices. The Company operates eight industrial wood pellet production facilities in western Canada and one in Alabama, and owns a port terminal in Prince Rupert, B.C. Pinnacle has entered into long-term take-or-pay contracts with utilities in the U.K., Europe and Asia that represent an average of 108% of its production capacity through 2026.
Source: Pinnacle Renewable Energy