Riverstone’s investment will enable Intrinergy to acquire and develop low-cost wood pellet operations and other fiber processing assets, principally in the Southeastern US and other selected regions, the company said.
The company added that this will help it to extend its ability to offer sustainable, carbon-neutral biomass to many utilities across the world that seek to reduce their carbon footprint.
John Keppler, CEO of Intrinergy, said: ”The capital from Riverstone will enable us to build on our market position and take advantage of the significant growth opportunities we see for biomass, here and in Europe.
”Demand for biomass from utilities and consumers committed to clean energy and carbon reduction will soon outstrip biomass resources available in Europe. This, along with rising demand for biomass in North America, creates significant opportunities for Intrinergy, a company with operations in both continents.
He added, ”Utilities and commercial energy users require reliable, experienced, and creditworthy counterparties to help them meet CO2 reduction requirements. Biomass-fired energy has proven a compelling means of reducing these emissions.”
