Drax Boomass Buys Pellet Factory in Princeton

Drax Boomass Buys Pellet Factory in Princeton

Drax Biomass Inc, an energy company located in North Yorkshire, and Princeton Standard Pellet Corporation (PSPC) have agreed to buy a pellet factory in Princeton, British Columbia, The Business Desk reported.

The facility, which has been in operation since 1995, is capable of producing 90,000 tonnes of wood pellets annually, mostly from sawmill waste.

Drax Biomass, which burns the wood pellets to produce electricity, is committed to receiving around half of the plant’s production.

The facility, which employs 32 people and is anticipated to join Drax, is adjacent to the Group’s Armstrong and Lavington operations as well as the port of Vancouver.

After the acquisition is complete, the facility is anticipated to support the Group’s aim to boost annual pellet output to eight million tonnes by 2030.

The acquisition is expected to be fully completed by the end of 2022.

“We look forward to welcoming the Princeton pellet plant team to Drax Biomass we continue to build our global pellet production and sales business, supporting UK security of supply and increasing pellet sales to third parties in Asia and Europe as they displace fossil fuels from energy systems,” Drax Group CEO Will Gardiner.

“Drax’s strategy to become a world leader in sustainable biomass supports international decarbonization goals and puts Drax at the heart of the global, green energy transition.”