Pinnacle Renewable Energy extends Japanese off-take contract
Canada-headed industrial wood pellet producer Pinnacle Renewable Energy Inc. has recently announced that it has entered into an extension of a long-term, take-or-pay off-take contract with Mitsubishi Corporation Ltd (Mitsubishi), a large, diversified trading company in Japan.
Under the terms of the extension, Pinnacle will supply 80 000 to 90 000 tonnes per annum of industrial wood pellets to Mitsubishi beginning in Q1 2023. The industrial wood pellets will be used by an undisclosed biomass power generation plant in Japan.
We are excited to grow our business with our Asian customers. We have developed a special relationship with Japan and we share their strong commitment to decarbonization and their replacement of fossil fuels with sustainable wood pellets, said Duncan Davies, CEO of Pinnacle.
Wood pellet usage in Japan has continued to grow alongside the build-out of biomass generating capacity there, providing Pinnacle with a geographically advantaged opportunity to continue expanding in this market.