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Enviva: Court approves $500 million DIP financing

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By Erin Voegele

8 hours ago

PelletsBusiness

Enviva Inc. on March 15 announced that the U.S. Bankruptcy Court for the Eastern District of Virginia has approved its previously announced $500 million debtor-in-possession (DIP) financing related to its Chapter 11 bankruptcy filing.

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The U.S. Department of Commerce’s International Trade Administration has announced the Renewable Energy and Energy Efficiency Advisory Committee will hold a virtual meeting on March 21.

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U.S. wood pellet producer Enviva Inc. on March 12 filed a voluntary Chapter 11 bankruptcy petition with the U.S. Bankruptcy Court for the Eastern District of Virginia in hopes of restructuring its approximately $1 billion in debt.

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Renewables are currently expected to account for 24% of U.S. electricity generation in 2024, increasing to 25% in 2025, according to the U.S. Energy Information Administration’s latest Short-Term Energy Outlook, released March 12.

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The Government of Ontario is investing $60 million in the Forest Biomass Program, which will make targeted investments in forest sector initiatives to develop the economic potential and environmental benefits of forest biomass.

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The U.S. exported 742,824.6 metric tons of wood pellets in January, down from 1.01 million metric tons the previous month, but up when compared to the 637,518.4 metric tons exported in January 2023, according to the USDA.

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The Biomass Power Association has rebranded as the American Biomass Energy Association. The announcement was made by ABEA Executive Director Carrie Annand at the 17th Annual International Biomass Conference & Expo.

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Montana Renewables was recognized as the Groundbreaker of the Year and Jason Kessler, president at KESCO Inc., was presented with the Excellence in Bioenergy Award at the 17th Annual International Biomass Conference & Expo.

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Drax Group plc released 2023 financial results on Feb. 29, reporting its pellet production segment achieved robust performance in a challenging market environment. The company also discussed progress on its BECCS projects in the U.S. and U.K.

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The Pellet Fuels Institute discusses the importance of advocacy efforts and the upcoming Farm Bill.

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From power plants to steel mills to hospitals, the continued global push to decarbonize may lead to new market opportunities for wood pellet producers.

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Prairie Clean Energy is finding success in its pursuit of an environmentally sustainable solution to burning agricultural waste, beginning with flax straw waste pellets.

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A recently commissioned wood pellet plant in Germany provides insight into the technical design and layout considerations specific to Europe.

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Precise lubrication systems present a revolutionary opportunity for the pellet industry.

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Drax has become the latest founder member of the University of Sheffield’s newly-launched Energy Innovation Centre. The new partnership will drive forward research into next-generation carbon capture technology, including innovations in BECCS.

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Moisture and wood fuel biomass are vital to each other for minimizing cost, proper operation of biomass boilers, and genuine fuel load assessment. Near-infrared technology is a great non-contact way to measure moisture content.

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New independent analysis by Public First, ‘Mind the gap: Exploring Britain’s energy crunch’, commissioned by Drax Group, reveals that the U.K. will hit an energy security “crunch point” in 2028.

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U.S. manufacturers produced approximately 870,000 tons of densified biomass fuels in November, according to the February edition of the U.S. EIA’s Monthly Densified Biomass Fuels Report. Sales of densified biomass fuel reached 790,000 tons.

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The U.S. DOE announced at the Hearth, Patio & Barbecue Expo in Nashville, Tennessee, up to $2 million in Phase 1 funding for six projects to accelerate wood heater innovation and develop the next generation of efficient and clean wood heaters.

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The Government of Ontario is supporting economic growth and creating jobs with the second phase of funding under the new Forest Biomass Program. The $9.4 million investment support 14 initiatives, including several bioenergy projects.

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New analysis by Baringa and commissioned by Drax Group finds that Drax’s proposals for bioenergy with carbon capture and storage (BECCS) could save the U.K. up to £15 billion in whole economy costs between 2030 and 2050.

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Over 440 acres of bottomland hardwood in Montgomery County, North Carolina, have been permanently protected, thanks in part to a grant provided by the Enviva Forest Conservation Fund, according to the U.S. Endowment for Forestry and Communities.

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The U.S. exported 1.01 million metric tons of wood pellets in December, according to data released by the USDA Foreign Agricultural Service on Feb. 7. Total exports for the full year reached 9.54 million metric tons.

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Loamist, a climatetech startup, has announced its pre-seed financing and emergence from stealth mode, marking the public release of its Biomass Explorer product, a tool that addresses the critical challenge of accessing biomass.

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The U.S. Energy Information Administration currently expects renewables to account for 24% of U.S. electricity generation in 2024, increasing to 26% in 2025, according to the agency’s latest Short-Term Energy Outlook, released on Feb. 6.

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Drax Group has announced a new partnership with Molpus Woodlands Group. The agreement will provide Drax with an option to purchase sustainably sourced woody biomass to fuel its BECCS operations in the U.S. Southeast.

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Viably has introduced the Lacero horizontal grinder. This high-speed wood waste grinding machine is engineered to address the stringent requirements of the North American waste and recycling industry.

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Peel Ports Logistics signs deal with Drax

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By Peel Ports Logistics

February 01, 2024

Peel Ports Logistics has signed a deal to become Drax’s new shipping agency service provider for vessels importing biomass into Liverpool. As part of the deal, the company will welcome approximately 50 vessels per year.

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Enviva Inc. on Jan. 29 announced that on Jan. 23 it received notification from the NYSE that the company is no longer in compliance with NYSE continued listing criteria. The company can regain compliance at any time within the six-month cure period.

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U.S. manufacturers produced approximately 980,000 tons of densified biomass fuels in October, according to the January edition of the U.S. Energy Information Administration’s Monthly Densified Biomass Fuels Report. Sales of densified biomass fuel reached 950,000 tons during the month.

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