Drax completes acquisition of Pinnacle Renewable Energy Inc.
by CM Staff
Over 480 Pinnacle employees will be welcomed into the Drax Group, including its existing leadership.
VANCOUVER — Pinnacle Renewable Energy Inc., a supplier of sustainable bioenergy pellets, and British energy company Drax Group plc have announced that Drax’s acquisition of Pinnacle (first announced on February 8, 2021) has completed.
The acquisition received overwhelming support from both sets of shareholders with 95.97% of Pinnacle’s and 99.99% of Drax’s shareholders voting in favour. Drax operates the world’s largest sustainable power station fuelled by bioenergy in the UK, while Pinnacle is a major producer and supplier of good quality compressed wood pellets.
Pinnacle will operate as a subsidiary of Drax and remain headquartered in British Columbia. Over 480 Pinnacle employees will be welcomed into the Drax Group, including its existing leadership.
Through this acquisition the enlarged Drax Group now owns or has an interest in 17 pellet plants and development projects across Canada and the Southern US with the capacity to produce 4.9 million tonnes of bioenergy wood pellets annually from 2022, with access to four deep water port facilities and three major wood fibre baskets.
Will Gardiner, Chief Executive Officer of Drax, said:
“This is an exciting and important acquisition which positions Drax as the world’s leading sustainable bioenergy generation and supply business. I am delighted to welcome our new Pinnacle colleagues to the Drax family. Together we will help secure a zero carbon, lower cost, energy future by enhancing and growing sustainable bioenergy around the world.
“We are extremely proud that through this acquisition Drax becomes the world’s leading sustainable bioenergy generation and supply company, operating across North America, the UK, Europe and Asia.”