Sumitomo Corporation acquires 47.6% of the shares of Pacific BioEnergy Corporation

Market: Biofuel
10 August, 23:50
Sumitomo Corporation has acquired 47.6% of the shares of the wood pellet manufacturer Pacific BioEnergy Corporation in British Columbia, Canada, and made its entry into the wood pellet manufacturing business in Canada.

PBEC, through its own and affiliated manufacturing facilities, currently markets in excess of 550,000 tonnes of industrial grade wood pellets per annum and is Canada’s second largest wood pellet manufacturer.

Sumitomo Corporation began importing biomass fuel into Japan for power generation in 2008. Biomass fuel is seen as a promising energy source for encouraging wider use of renewable energies in Japan, and Sumitomo Corporation has been developing reliable sources overseas to complement domestically-produced biomass fuel. In acquiring a stake in PBEC, Sumitomo Corporation is seeking to establish a steady wood pellet supply for the long term and thereby help spread and promote renewable energy.



Comments

To like this you need to register.
To do this, enter your name and email address.
Name:
Surname:
E-mail:
Sex:
If you are already registered
please enter your details here
To leave comments you need to register.
To do this, enter your name and email address.
Name:
Surname:
E-mail:
Sex:
If you are already registered
please enter your details here
We welcome comments that advance the story through relevant opinion and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Lesprom Network. For more information on our comment policy, see: http://www.lesprom.com/legal/comment_policy/
Back to top