BioPower Sustainable Energy Corp., a subsidiary of True North Timber, has acquired the assets of the former Rentech pellet plant in Atikokan, Ontario. The company plans to sell both commercial pellets and residential heating pellets.
True North Timber agreed to acquire the assets of the Atikokan plant in December. The acquisition was completed on Jan. 22. According to BioPower Sustainable Energy, the purchase allowed 25 local jobs to be maintained.
“The acquisition of the Rentech Atikokan plant assets complements our existing presence in sustainable woodland operations and represents a strategic opportunity to extend into new emerging markets,” said Mark Guillemette, CEO of BioPower Sutainable Energy.
“We have a strong management team that is committed to producing clean, innovative and sustainable energy solutions for customers in North America and around the world,” Guillemette continued. “Our immediate focus is on new business development to achieve the plant’s 110,000 metric tonnes production capacity.”
Documents Rentech filed with the U.S. Securities and Exchange Commission in December indicate the base purchase price for the Atikokan assets was CAD $3.2 million.
The facility began operations in late 2014. At that time, Rentech said the nameplate capacity of the facility was 100,000 metric tons. The facility supplied 45,000 metric tons per year to Ontario Power Generation.
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13 August 2015