With this acquisition can participate and help manage the distribution of biomass wood chip materials.
Under a three-year contract an expected $174m worth wood biomass will be sold and CMI will pocket $7.2m of that. NCNE will net $ 2.9m over the three year period – almost a million annually.
The transaction will close subject to final due diligence with terms and conditions being agreed upon by both parties.
NCNE manages alternative renewable energy solutions like biofuels, wind energy, agriculture and livestock.