Viridis Merchants secures first transaction
December 30, 2013
By Canadian Biomass
December 30, 2013, Vancouver, B.C. – Viridis Energy Inc. announced today that Viridis Merchants Inc. has structured its first transaction.
December 30, 2013, Vancouver, B.C. – Viridis Energy Inc. announced
today that Viridis Merchants Inc. has structured its first transaction.
Viridis Merchants has secured approximately 30,000 tons of
wood pellets from a southeast U.S. producer, representing approximately 30% of
the manufacturer’s capacity, to be delivered over the next 12 months to
customers in Europe. Viridis Merchants is serving as a principal in the trade,
providing value-add services such as logistics and marketing to the producer. The
first shipment has left port and is headed to the residential market in Europe.
This transaction will generate approximately $8 million in annual revenue for
Viridis, which will be realized after each recurring monthly shipment, and will
be immediately additive to earnings.
Christopher Robertson, Viridis’ CEO commented, “We
anticipate a profitable growth year in 2014 with revenues from production alone
more than doubling to over $30 million, as we realize the full year production
of our manufacturing plant in Nova Scotia. In addition, we expect Viridis
Merchants to be a complementary and profitable addition to our production
capability, and we are encouraged to see how quickly the first transaction has
come together. As of today, with this first bulk export transaction in Viridis
Merchants, Viridis enters 2014 with approximately 240,000 tons in combined
annual production and purchased capacity, a significant increase from
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