BioPower Sustainable Energy Corporation (BioPower), a subsidiary of True North Timber (TNT) in Chapleau, Ontario, Canada has announced that it completed the acquisition of the assets of the former Rentech pellet plant in Atikokan, Ontario.
In December 2017, Rentech revealed that it had entered into an Asset Purchase Agreement (APA) with a numbered company, “2607043 Ontario Inc.”, an affiliate of the forest resource company True North Timber, for the going-concern purchase of substantially all of the assets of the Atikokan operations.
Production at Atikokan was focused on commercial grade wood pellets for the Ontario Power Generation (OPG) station near Atikokan and had been curtailed by Rentech during 2017 prior the APA. According to a statement from BioPower Sustainable Energy on March 29, the company completed the acquisition of assets in January 2018 with 25 local jobs maintained.
The acquisition of the Rentech Atikokan plant assets complements our existing presence in sustainable woodland operations and represents a strategic opportunity to extend into new emerging markets. We have a strong management team that is committed to producing clean, innovative and sustainable energy solutions for customers in North America and around the world. Our immediate focus is on new business development to achieve the plant’s 110 000 metric tonnes production capacity, said Mark Guillemette, CEO of BioPower Sustainable Energy
BioPower Sustainable Energy Corporation will sell commercial pellets as well as residential heating pellets.
