RICHMOND, Va. -- (BUSINESS WIRE) --
Enviva LP ("Enviva"), a leading manufacturer of processed biomass fuel in the United States and Europe, today announced it has acquired a controlling interest in Tomorrow's Energy, LLC and its Piney Woods pellet manufacturing facility. This strategic investment marks the third major transaction in as many months for Enviva's growing biomass supply business.
Based in Wiggins, Mississippi, Piney Woods Pellets is an alternative-fuel company founded in 2008 by third-generation timber owners Osmond and Deborah Crosby. The current facility has the capacity to produce approximately 50,000 tons of wood pellets annually. Under Enviva's ownership, Piney Woods will be renamed Enviva PelletsTM Wiggins. Over the coming months, proceeds from Enviva's strategic investment will be used to increase the facility's production capacity to approximately 150,000 tons annually to meet increasing demand from Enviva's clients across Europe and the United States. Enviva anticipates creating 22 new jobs at the facility and providing jobs for an additional 30 employees throughout its logging and forestry supply chain.
"Piney Woods is a model for a well-designed plant and is in a region with a long forest-products tradition, strong community ties and a deep commitment to the environment," Enviva Chairman and CEO John Keppler said. "With this investment we are very excited to expand Enviva's manufacturing footprint in Mississippi, and increase our production of sustainably generated wood pellets to help our customers reduce their carbon footprint."
Serving large utilities in the United States and Europe, Enviva recently announced a long-term wood pellet supply contract with Electrabel, a subsidiary of GDF SUEZ Group, one of the largest utilities in the world. The acquisition of Piney Wood Pellets closely follows Enviva's acquisition of another Mississippi-based wood pellet manufacturer, CKS Energy Inc.
"We are delighted to be able to expand the Piney Woods plant and with Enviva's leadership bring the energy of Mississippi forestry to customers looking to improve the environment with renewable fuels," said Oz Crosby, the founder of Piney Woods who will join Enviva in a regional business development role.
All raw biomass materials used at Enviva PelletsTM Wiggins will be sourced locally. Enviva's environmental, safety and forestry staff use best practices in sustainable harvesting, ensuring that biomass resources are procured according to internationally recognized third-party certification standards, such as SFI or FSC.
About Enviva
Enviva's mission is to be the world leader in the production of sustainable biomass and a preferred partner and supplier to utility, industrial and retail customers seeking to decrease their dependence on fossil fuels and reduce their carbon footprint. Enviva has been supplying wood chips and wood pellets to customers in the U.S. and Europe since 2007. For more information, visit www.envivabiomass.com.
CONTACT:
Enviva LP
Thomas Meth, +1-804-381-4000 x 103
thomas.meth@envivabiomass.com
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