Viridis Energy Launches New Trading Subsidiary

By Matt Schumake | Posted: 01/07/2014 1:30PM

 

VANCOUVER, BC - At its facilities on both Canada's East and West Coasts, Viridis Energy Inc. produces nearly 200,000 tons of wood pellets each year. 

Wood pellets—a biomass fuel used in residential and commercial heating markets—are an efficient alternative energy method for heating homes and industrial businesses. According to the Wood Pellet Association of Canada, a forty pound bag of pellets will produce only three ounces of ash.

Viridis Energy’s West Kelowna, BC facility uses only 100% bark-free pine and spruce sawdust, purchased from mills with enclosed storage bins on their dust collectors. Viridis Energy re-started its wood pellet plant in Nova Scotia in September after securing private funding.

The company recently announced the launch of a new, wholly owned subsidiary, Viridis Merchants Inc., an aggregation and trading service between buyers and sellers of alternative energy.

With the launch on Dec. 30, 2013, Viridis Merchants also structured its first transaction. The company secured approximately 30,000 tons of wood pellets from a southeast U.S. producer and it will be shipping the supply to customers in Europe over the next 12 months. The transaction will generate approximately $8 million in annual revenue for Viridis.

Viridis CEO Christopher Robertson is optimistic. On the transaction, he commented, "We anticipate a profitable growth year in 2014 with revenues from production alone more than doubling to over $30 million, as we realize the full year production of our manufacturing plant in Nova Scotia. In addition, we expect Viridis Merchants to be a complementary and profitable addition to our production capability, and we are encouraged to see how quickly the first transaction has come together. As of today, with this first bulk export transaction in Viridis Merchants, Viridis enters 2014 with approximately 240,000 tons in combined annual production and purchased capacity, a significant increase from 2013."

 

About the Author

Matt Schumake woodworking student Woodworking Network

Matt Schumake

Matt Schumake is a writer and woodworking student who lives and works in Chicago. He can be reached at mjschumake@gmail.com

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