Drax Group Announces Purchase of Princeton Pellet Corp. in Princeton, BC

On Wednesday (8-3-22), the Drax Group announced that it has signed an agreement with Princeton Pellet Corp. to acquire its pellet plant located in Princeton, British Columbia, Canada. Terms of the agreement were not disclosed.

The Princeton pellet plant has been in operation since 1995 and has the capacity to produce 90,000 metric tons of wood pellets, predominately made from sawmill residues. Currently about half of the Princeton plant’s production is contracted to Drax.

The Princeton facility is located in close proximity to the Drax Group’s Armstrong and Lavington plants and the Port of Vancouver. The Princeton facility has 32 employees, and all are expected to transition to Drax.

The purchase is expected to be completed in Q3 of 2022. Following completion of the acquisition, the plant is expected to contribute to the Group’s strategy to increase pellet production to 8 million metric tons a year by 2030.

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Original Source:
Drax to acquire Canadian pellet plant from PSPC