Canadian firm Pinnacle Renewable Energy announced it has signed a contract with Japanese company Mitsui to supply 100,000 metric tonnes of industrial wood pellets.
The long-term contract will see Pinnacle - the third-largest producer of industrial wood pellets in the world - supply the pellets beginning Q3 2023. The industrial wood pellets will be used by a biomass plant in Japan.
Robert McCurdy, CEO of Pinnacle, said: “We are pleased to enter into this new relationship with Mitsui and our fourth contract with Asian customers this year. Our growing order book in Japan underscores both Japan’s strong commitment to decarbonisation and the strength of our competitive position in this market. We are also pleased to support the BC [British Columbia] 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 BC wood waste to generate good jobs in BC and power clean, renewable electricity in Japan,” added John Horgan, Premier of BC.”
Japan is targeting 3.7% to 4.6% of renewable energy from biomass or 20 million MTPA in pellet equivalent terms, according to Pinnacle.