VANCOUVER, Feb. 11, 2019 - 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.
Source: Pinnacle Renewable Energy