Pinnacle acquires 70% stake in Alabama Wood Pellet Industry
Vancouver based Pinnacle Renewable Holdings has acquired 70% of The Westervelt Co.’s industrial wood pellet production in Aliceville.
Westervelt currently manages more than half a million acres of land, whilst Pinnacle produces sustainable fuel for renewable electricity generation in the form of industrial wood pellets.
The facility in Aliceville has an annual production capacity of approximately 270,000 metric tons of industrial wood pellets and currently produces around 210,000 metric tons annually for a major European utility. The remaining 60,000 metric tons of wood pellets is to be sold by Pinnacle through their contracts.
Chief Executive Officer of Pinnacle, Robert McCurdy, said, “Our acquisition of a majority stake in this facility will increase our production capacity and establishes a platform for Pinnacle’s future growth in the U.S Southeast.”
President and CEO of The Westervelt Company, Brian Luoma, expressed how he felt about the deal, “Our mutual dedication to safety, environmental responsibility and our people provides a strong foundation for our partnership.