Canada based Biomass Secure Power has signed a purchase agreement with Korea-based LG International.
As per the purchase agreement, Biomass Secure Power will provide LG International with biomass pellets starting next year.
The ten-year purchase agreement is expected to provide Biomass Secure Power with an estimated annual gross income of $37.5m.
Biomass Secure Power is focused on the development of its torrefied wood pellet plant business.
The company has entered into negotiations on two sites on which pellet plants will be constructed.
Construction of the two plants is expected to start this year and the production will start in 2012.