Green Energy Resources to Buy Stake in New England Pellet Milladmin
Green Energy Resources looks to purchase a fully operational New England wood pellet mill. Terms of the purchase were not disclosed and are subject to financing. The mill has capacity to produce upwards of 10,000 tons monthly and could generate approximately $24 million dollars annually in gross revenues for the company. Green Energy Resources is a supplier of the mill with wood biomass. The pellet mill has excellent logistical location for export, and domestic supply. The Pellet manufacturer is currently producing bagged pellets for the US retail wood stove markets. The acquisition would greatly enhance Green Energy’s ability to meet a growing US commercial demand and a very competitive European export market.
In other news, President Obama and other world leaders agreed to international emissions reductions on Friday in Copenhagen, Denmark. The breakthrough should pave the way for final passage in the US Senate of the “Cap N Trade” bill which passed congress in June. The accord is significant both in terms of anticipated green jobs it will create in the US and because US power generators are expected to move towards compliance in 2010. Green Energy Resources predicts US Coal Power generators will eventually turn to co-firing utilizing pellets by 2011.