Pinnacle resumes production at Entwistle facility

Pinnacle Renewable Energy
April 01, 2019
Written by Pinnacle Renewable Energy
April 1, 2019 – Pinnacle Renewable Energy announced that it has resumed production of wood pellets at its facility in Entwistle, Alta. using dry fibre on Friday, March 29, 2019. Pinnacle continues to work with Alberta Labour Occupational Health and Safety, fire authorities, insurance adjusters, equipment suppliers, and third-party experts as part of the ongoing investigation of the Feb. 11, 2019 fire in the dryer area of the Entwistle facility. Pinnacle is working with its insurance provider to assess the amount of recoveries that it is entitled to as a result of the fire event. The company expects to provide a further update on the Entwistle facility during the second quarter.

Pinnacle also announced that it has entered into a new long-term, take-or-pay contract with Sumitomo Corporation, a large, diversified trading company in Japan. These industrial wood pellets will be used to supply its customer in Japan. Under the terms of the contract, Pinnacle will supply 200,000 metric tons per annum (MTPA) of wood pellets to Sumitomo starting in 2022. This represents Pinnacle's ninth off-take contract signed in Asia and the third contract with Sumitomo since February last year. This will bring the Company's contracted regional sales into Asia to about 48 per cent in 2022.

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