Pinnacle signs off-take contract with Mitsui

By Erin Voegele | October 22, 2019

Pinnacle Renewable Energy Inc. announced Oct. 17 it has secured a new long-term, take-or-pay off-take contract with Japan-based Mitsui & Co. Ltd for the supply of 100,000 metric tons of industrial wood pellets annually, beginning in the third quarter of 2023. Pinnacle said pellets supplied under the contract will be used for power generation in Japan.

In a statement, Pinnacle CEO Robert McCurdy said the new relationship with Mitsui represents the fourth contract Pinnacle said signed this year with Asian customers.

In a statement, Pinnacle CEO Robert McCurdy said the new relationship with Mitsui represents the fourth contract Pinnacle said signed this year with Asian customers.

In March, Pinnacle announced a long-term, take-or-pay contract with Japan based Sumitomo Corp. under which Pinnacle will supply 200,000 metric tons of wood pellets annually to Sumitomo starting in 2022. In July, Pinnacle announced an extension of an existing contract with Japan-based Mitsubishi Corp., under which it will supply 110,000to 120,000 metric tons of pellets annually beginning in 2021, and a contract with South Korea-based GS Global Corp., under which it will supply 100,000 metric tons of wood pellets annually beginning in 2022.

Pinnacle is likely to discuss the new contract with Mitsui during its third quarter earnings call, scheduled for Nov. 13.