April 12, 2016
Apr 13, 2016. /Lesprom Network/. Viridis Energy Inc. announced that due to recent structural concerns at its Okanagan Pellet Company (“OPC”) plant and a combination of factors, including the increased capital investment necessary to restart wood pellet production at that location, it has decided to cease operations at its West Kelowna, British Columbia plant.
Despite substantial upgrades over the past ten months, addressing additional requirements from local authorities regarding dust management together with the recently discovered structural challenges of the building would require significant additional capital outlays in order to continue to operating safely. The Company has determined that such expenditures are not economically feasible in the current market environment.
The Company will work with OPC’s creditors to determine the best course of action, including, but not limited to, the potential sale or joint venture of OPC, a sale or liquidation of those related assets, or the relocation of that facility in its entirety.
Viridis Energy is a publicly traded, “Cleantech” manufacturer and distributor of renewable energy providing wood pellet biomass to global residential and industrial markets.