Pinnacle Renewable Holdings Inc. has entered into new long-term, take-or-pay off-take contract with Japan's Toyota Tsusho Corporation, a trading and investing company and a group member of TOYOTA. Under the terms of the Toyota Tsusho contract, Pinnacle will supply 170,000 metric tons per annum of industrial wood pellets to Toyota Tsusho beginning in 2021, as the company says in the press release received by Lesprom Network.
The industrial wood pellets will be used by Kanda Biomass Energy K.K., which is established by RENOVA, Inc., Sumitomo Forestry Co., Ltd., Veolia Japan K.K. and two other companies, in a biomass power generation plant in Kanda, Fukuoka Prefecture, Japan.
"We are pleased to enter into our second long-term supply agreement with Toyota Tsusho, and our fifth new contract overall in Japan this year," continued Robert McCurdy, CEO of Pinnacle. "Our growing contract backlog in Japan underlines both the increasing adoption of biomass and the strength of our competitive position in this market."
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.