Viridis completes first transaction by new trading subsidiary
Canada-based renewable energy company Viridis Energy's recently launched wholly owned subsidiary, Viridis Merchants – an aggregation and trading service between buyers and sellers of wood pellets, has structured its first transaction.
Viridis Merchants has secured approximately 30,000 tonnes of wood pellets from a southeast US producer, representing approximately 30% of the manufacturer's capacity, to be delivered over the next 12 months to customers in Europe.
The first shipment has left port and is headed to the residential market in Europe. This transaction will generate approximately $8 million (€5.9 million) in annual revenue for Viridis, which will be realised after each recurring monthly shipment.
Christopher Robertson, Viridis CEO, says: 'We anticipate a profitable growth year in 2014 with revenues from production alone more than doubling to over $30 million as we realise the full year production of our manufacturing plant in Nova Scotia.
'In addition, we expect Viridis Merchants to be a profitable addition to our production capability. With this first bulk export transaction in Viridis Merchants, Viridis enters 2014 with approximately 240,000 tonnes in combined annual production and purchased capacity, a significant increase from 2013.'