New Viridis Energy Port Partner Pumps $1M in Wood Pellet Business

Posted by Rich Christianson | Posted: 07/11/2014 4:07PM

 

VANCOUVER, BC - Viridis Energy Inc. (CA:VRD) has inked another strategic agreement to benefit its Scotia Atlantic Biomass Company. Halifax Grain Elevator has agreed to invest up to $1 million in return for a maximum 20% equity ownership in the Viridis subsidiary.

Halifax Grain is located in the Port of Halifax. It operates 365 silos, some of which can be used for segregated storage of Scotia Atlantic Biomass' wood pellets destined for transport by cargo ship, tractor trailer or rail car. The bulk of the plant's product is exported to Europe.

"The Province of Nova Scotia is an ideal location for Viridis to continue its expansion on the east coast, given our valued relationship with Halifax Grain and the Port of Halifax, an advantageous shipping route to the rapidly growing market in Europe. Naturally, forming a strategic relationship with one of the principle operators at a key east bound port is fundamental to our tactical growth strategy," said Christopher Robertson, CEO of Viridis.

Recent Virids Energy News

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In May, Viridis announced that Scotia Atlantic Biomass had been awarded a Capital Investment Incentive of up to $517,520 from the government of Nova Scotia. Viridis said it would use some of the incentive's proceeds to upgrade Scotia Atlantic production operations, including the purchase of a truck dumper with a 6,200-cubic-foot hopper and an Intalogix weigh scale to improve unloading of wood fiber that could help improve the amount of fiber delivered by each truck load by up to 40 percent.

Viridis purchased the Scotia Atlantic pellet mill in February 2012 and re-started ts operations last fall. The plant has an annual production capacity of 120,000 tons.

 

About the Author

Rich Christianson

Rich Christianson is Associate Publisher and Editor at Large of Woodworking Network. During his 25+ years covering the wood products industry, Rich has toured hundreds of manufacturing plants throughout North America, Europe and Asia. His reporting has covered everything from the state of the industry and impact of wood imports to technology and environmental issues. In his current capacity he is responsible for editing the daily Woodworking Network Update newsletter and coordinating events including the annual Cabinets & Closets Conference & Expo and Canada’s biennial Woodworking Machinery & Supply Expo. He can be contacted at rchristianson@woodworkingnetwork.com or follow him on Google+.

Read more of Rich Christianson's blogs.


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