Drax Group completed the acquisition of Pinnacle Renewable Energy for $580m.

Drax Group, a British electrical power generation company, completed the acquisition of Pinnacle Renewable Energy, the second largest producer of industrial wood pellets in the world, for $580m. “This is an exciting and important acquisition which positions Drax as the world’s leading sustainable biomass generation and supply business. Through this deal we are also advancing our plans to use BECCS to permanently remove millions of tonnes of carbon dioxide from the atmosphere each year and become a carbon negative company by 2030," Will Gardiner, Drax CEO.