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Pinnacle Renewable Energy and Sumitomo sign long-term contract
Pinacle Renewable Energy ("Pinnacle") has entered into a new long-term, take-or-pay contract with Sumitomo Corporation, a large, diversified trading company in Japan. Under the terms of the contract, Pinnacle will supply 200,000 metric tons per annum of wood pellets to Sumitomo starting in 2022.
These industrial wood pellets will be used to supply its customer in Japan. This will bring the Company's contracted regional sales into Asia to about 48% in 2022.
Pinnacle is a rapidly growing industrial wood pellet manufacturer and distributor and the third largest producer in the world. The Company produces sustainable fuel for renewable electricity generation in the form of industrial wood pellets.
Source: Lesprom Network