Pinnacle announces name change

By Erin Voegele | January 09, 2019

Canada-based pellet producer Pinnacle Renewable Holdings Inc. recently announced it has changed its name to Pinnacle Renewable Energy Inc. The company’s stock trading symbol on the Toronto Stock Exchange will remain as PL. Stock was expected to begin trading under the new name on Jan. 4.

Pinnacle currently operates eight wood pellet production facilities in western Canada and one in Alabama. The company also owns a port terminal in Prince Rupert, British Columbia.

Pinnacle has been expanding its pellet production operations significantly over the past year. The company became active in the U.S. pellet market when it acquired a 70 percent interest in a 270,000-metric-ton-per-year pellet plant in Aliceville, Alabama, in October 2018. Pinnacle is also ramping up production at a 400,000-metric-ton-per-year pellet plant in Entwistle, Alberta, and a 125,000-ton-per-year plant in Smithers, British Columbia.

During the company’s third quarter 2018 investor call, Robert McCurdy, CEO of Pinnacle, said that once the Entwistle, Aliceville and Smithers plants reach full run rate capacity, the company will have added almost 800,000 metric tons of capacity to its operations, an increase of approximately 56 percent.

Also during the call, Leroy Reitsma, president and CEO of Pinnacle, said the company continues to be very active in the development of new projects. He said the company has a “fertile pipeline” of projects, and indicated more information would be released as those projects are developed over the coming years.