Drax Group-backed Pinnacle Renewable Energy to acquire selected assets of Pacific BioEnergy.

Drax Group-backed Pinnacle Renewable Energy, an industrial wood pellet manufacturer and distributor, agreed to acquire selected assets of Pacific BioEnergy, a bio-energy products manufacturer. Financial terms are not disclosed. “Our Company has been battling several challenges for the past few years. Sawmill closures in the region have reduced the volume of available raw materials and increased their cost significantly. Forest fires, landslides, and floods have severely impacted our ability to transport our product by rail to the export terminal in North Vancouver. The impact has been a significant increase in operating costs. Our sales contracts have been sold to Pinnacle to mitigate the impact on our customers,” John Stirling, PacBio CEO. .