UK-headed Drax Group, a leading global producer and user of sustainable biomass producer has announced that its recently acquired Pinnacle Renewable Energy Inc. (Pinnacle) and Drax Group’s US pellet business Drax Biomass Inc. are rebranding as Drax. The move supports the Group’s growth strategy, climate goals, and relationships with people – including colleagues, communities, partners, customers, and suppliers.
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In 2021, Drax Group acquired Pinnacle, which has operations across British Columbia (BC) and Alberta (AB) in Canada and Alabama (AL) in the United States (US), last year. Drax’s existing operations in the US South were known as Drax Biomass.
Last year’s acquisition of Pinnacle advanced Drax’s strategy to increase sustainable biomass production capacity and reduce costs, creating the world’s leading biomass generation and supply business that is well placed to play a critical role in helping countries to meet net-zero, said Matt White, EVP, Pellet Operations at Drax.
Drax Group has 17 pellet plants and developments in North America, which use byproducts from sustainably managed working forests, such as sawmill and forestry residues, for pellet feedstock.
The pellets are used at Drax Power Station in the UK to generate renewable electricity for millions of UK homes and businesses or are sold to customers in Europe and Asia seeking to decarbonize their power sectors to meet their climate commitments.
Drax is also developing a pioneering negative emissions technology – bioenergy with carbon capture and storage (BECCS) which permanently removes millions of tonnes of carbon dioxide from the atmosphere.
Drax plans to increase its annual pellet production capacity to 8 million tonnes by 2030 from around 4 million tonnes currently and is doubling global pellet sales to 4 million tonnes by 2030 to meet an expected increase in global demand for the low-carbon fuel.
We have made good progress integrating Pinnacle and this rebrand will provide a firm foundation for the business to meet the expected growth in global demand for sustainable biomass and our negative emissions technology BECCS, Matt White said.