Viridis Energy signs partnership and secures up to $1m
Scotia Atlantic Biomass, a subsidiary of renewable energy firm Viridis Energy, has entered into an agreement with Halifax Grain Elevator which will see Halifax invest up to $1 million (€700,000) in the subsidiary.
Halifax Grain, a bulk grain handling and storage provider at the Port of Halifax, provides segregated storage using 365 silos ready for transport via cargo ship, transport vehicle or railcar. This system, according to a Viridis statement, is 'unlike most pellet storage facilities' as it 'allows for different grades of pellets to be stored'.
The Port of Halifax is the last stop for vessels heading east from the Great Lakes and the St. Lawrence Seaway to eastern North America and Europe.
'The Province of Nova Scotia is an ideal location for Viridis to continue its expansion on the east coast, given our valued relationship with Halifax Grain and the Port of Halifax, an advantageous shipping route to the rapidly growing market in Europe. Naturally, forming a strategic relationship with one of the principle operators at a key east bound port is fundamental to our tactical growth strategy,' says Christopher Robertson, CEO of Viridis.
Under the terms of the agreement, Halifax Grain will invest up to a total of $1 million in Scotia Atlantic for a maximum 20% equity ownership in the Viridis subsidiary and work with Scotia Atlantic management in support of its operational objectives. Halifax Grain also provides Scotia Atlantic with inland transportation (trucking) in addition to storage and handling at the Port of Halifax.
'This strategic partnership is one that benefits all Nova Scotians,' adds George Malec, VP of business development and operations at Halifax Port Authority. 'What this [the partnership] does is strengthens the biomass industry in our province which is good for employment and good for the economy. We welcome and encourage this type of private sector investment and we look forward to our continued work with both Viridis Energy and Halifax Grain.'