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Company buys second renewable energy plant

DeltaPoint Capital Management, a financial company based in Rochester, New York, US, has acquired its second biomass plant in seven months.

DeltaPoint bought wood pellet manufacturer Dry Creek Products for an undisclosed sum, but the purchase was aided by a $3.2 million (€2.4 million) investment by the New York state pension fund.

In July 2010 DeltaPoint set up Biomaxx, a holding company for its wood pellet business, after having acquired PA Pellets and a number of other wood pellet companies.

'The Dry Creek acquisition helps further establish Biomaxx as a leader in one of the only true cleantech industries,' says George Yancey, president of Biomaxx and DeltaPoint's operating director. 'We are producing a product that is environmentally friendly and competes directly with fossil fuels.'

The plant, located in Arcade, will produce between 120 and 150,000 tonnes of wood pellets a year, along with another facility in Ulysses, Pennsylvania.