Pinnacle Renewable Holdings Inc. has entered into new long-term, take-or-pay off-take contract in South Korea is with CGN Daesan Power Co., Ltd., a subsidiary of CGN New Energy Holdings Co., Ltd. Under the terms of the Daesan contract, Pinnacle will supply 315,000 metric tons per annum of industrial wood pellets to Daesan beginning in 2021. The industrial wood pellets will be used in a biomass power generation plant in South Korea, as the company says in the press release received by Lesprom Network.
"Entering into this long-term relationship with Daesan is an important milestone for Pinnacle as it represents our first long-term contract in South Korea and our largest contract to date in Asia, thereby further establishing our strategic position in the Pacific Rim," said Robert McCurdy, CEO of Pinnacle. "Being the first long-term industrial wood pellet contract to ever be signed in South Korea, this new agreement attests to the country's growing commitment to decarbonization."
Pinnacle is a rapidly growing industrial wood pellet manufacturer and distributor and the third largest producer in the world. The Company produces renewable fuel for electricity generation in the form of industrial wood pellets, which are used by global utilities and large-scale power generators to produce renewable and reliable baseload power.
