VANCOUVER, Feb. 11, 2019 /CNW/ - Pinnacle Renewable Energy ("Pinnacle" or the "Company") (TSX: PL) announced today that operations at its wood pellet production facility in Entwistle, Alberta (the "Facility") have been temporarily suspended. At approximately 2 o'clock MST today, a fire occurred at the Facility, causing damage to part of the Facility. The Company reported that one employee went to hospital and several employees sustained minor injuries as a result of the accident and were treated on site. Emergency personnel were notified immediately and were at the Facility promptly to treat injured employees and extinguish the fire. Pinnacle senior management and local authorities are in transit to site and a formal investigation into the incident will commence. At present, the cause of the fire is unknown. The Company's priority is to look after its employees.
Pinnacle is a rapidly growing industrial wood pellet manufacturer and distributor and the third largest producer in the world. The Company produces sustainable fuel for renewable electricity generation in the form of industrial wood pellets. This fuel is used by large-scale thermal power generators as a greener alternative to produce reliable baseload renewable power. Pinnacle is a trusted supplier to its customers, who require reliable, high-quality fuel supply to maximize utilization of their facilities. Pinnacle takes pride in its industry leading safety practices. The Company operates eight industrial wood pellet production facilities in western Canada and one in Alabama, and owns a port terminal in Prince Rupert, B.C. Pinnacle has entered into long-term take-or-pay contracts with utilities in the U.K., Europe and Asia that represent 106% of its production capacity through 2021 and nearly 98% of its production capacity through 2026.
This news release may contain ''forward-looking information'' within the meaning of applicable securities laws in Canada. Forward-looking information may relate to Pinnacle's future financial outlook and anticipated events or results and may include information regarding its financial position, business strategy, growth strategies, budgets, operations, financial results, taxes, dividend policy, plans and objectives. Particularly, information regarding the Company's expectations of future results, performance, achievements, prospects or opportunities or the markets in which it operates is forward-looking information. In some cases, forward-looking information can be identified by the use of forward-looking terminology such as ''plans'', ''targets'', ''expects'' or ''does not expect'', ''is expected'', ''an opportunity exists'', ''budget'', ''scheduled'', ''estimates'', ''outlook'', ''forecasts'', ''projection'', ''prospects'', ''strategy'', ''intends'', ''anticipates'', ''does not anticipate'', ''believes'', or variations of such words and phrases or state that certain actions, events or results ''may'', ''could'', ''would'', ''might'', ''will'', ''will be taken'', ''occur'' or ''be achieved''. In addition, any statements that refer to expectations, intentions, projections or other characterizations of future events or circumstances contain forward-looking information. Statements containing forward-looking information are not historical facts but instead represent management's expectations, estimates and projections regarding future events or circumstances. If any of the opinions, estimates or assumptions underlying the forward-looking information prove incorrect, actual results or future events might vary materially from those expressed in the forward-looking information. The Company has no obligation or undertaking to update or revise any forward-looking information whether as a result of new information, future events or otherwise, except as required under applicable securities laws in Canada.
SOURCE Pinnacle Renewable Energy Inc.
Pinnacle currently operates eight wood pellet production facilities throughout western Canada, and one production facility in Alabama. Pinnacle’s Canadian production facilities are all located on major rail lines allowing for efficient rail transport to one of two ocean shipping terminals on the B.C. coast: Pinnacle’s wholly-owned Westview terminal in Prince Rupert, and the Fibreco Terminal at the Port of Vancouver. The Alabama production facility utilizes inland waterways to cost-effectively transport pellets for ocean shipping via the Port of Mobile on the U.S. Gulf Coast.