Viridis Merchants has received around 30,000 tons of wood pellets from a southeast US producer; and the company, acting as a principal in the trade, provides services such as logistics and marketing to the producer.
The quantity represents around 30% of the manufacturer’s capacity to be delivered over the next one year to customers and the first shipment has already left from the port to the European residential market.
With this transaction, Viridis can generate around $8m in annual revenue, which will be realized after each recurring monthly shipment, and will immediately be added to earnings.
Viridis CEO Christopher Robertson said, "We anticipate a profitable growth year in 2014 with revenues from production alone more than doubling to over $30 million, as we realize the full year production of our manufacturing plant in Nova Scotia.
"In addition, we expect Viridis Merchants to be a complementary and profitable addition to our production capability, and we are encouraged to see how quickly the first transaction has come together.
"As of today, with this first bulk export transaction in Viridis Merchants, Viridis enters 2014 with approximately 240,000 tons in combined annual production and purchased capacity, a significant increase from 2013."
