Pinnacle announces new off-take contract in Japan

Pinnacle Renewable Energy today announced that it has entered into a new long-term, take-or-pay off-take contract with Mitsui & Co. Ltd., a large, diversified trading company in Japan. Under the terms of the contract, Pinnacle will supply 100,000 metric tons per annum of industrial wood pellets to Mitsui beginning in Q3 2023. The industrial wood pellets will be used by a biomass power generation plant in Japan.

“We are pleased to enter into this new relationship with Mitsui and our fourth contract with Asian customers this year,” said Robert McCurdy, Chief Executive Officer of Pinnacle. “Our growing order book in Japan underscores both Japan’s strong commitment to decarbonization and the strength of our competitive position in this market. We are also pleased to support the B.C. economy through our growing exports of industrial wood pellets to Asia.”

“I am excited about this new partnership between Pinnacle Renewable Energy and Mitsui & Co, which uses B.C. wood waste to generate good jobs in B.C. and power clean, renewable electricity in Japan,” said John Horgan, Premier of B.C.

Japan is a supportive market for renewable energy, targeting 3.7 per cent to 4.6 per cent from biomass or 20 million MTPA in pellet equivalent terms, providing Pinnacle with a compelling opportunity to continue growing in this market.