Image

Altus wood pellets business in receivership

4 September 2023

FTI Consulting has given wood pellets maker Altus Renewables’ suitors until September 15 to prepare their indicative bids for the business, which went into receivership last week.

Altus has production facilities close to forestry areas with access to port infrastructure. Its Tuan Facility has a 125,000 tonnes annual capacity and is running at 90,000 tonnes, according to the flyer. Prospective bidders were told that the company is in the third year of a 10-year offtake. It also has a development site, the Green Triangle Project, near Portland.

Queensland-based Altus used pine sawdust to make pellets, supplying the product as a complementary source of fuel for power stations. It was hurt by rising raw material costs, which ate into profitability despite rising revenues.

It appointed McGrathNicol as the administrators this month, which was followed by lender Mitsui calling FTI as the receivers. Mitsui, which is an offtake counterparty as well as a lender, was owed AU$14.5 million at June last year.

Source: AFR

Read More
Image

FIEA wood residues conference – Call for speakers

Following on from last year’s record turnout, planning for Residues2Revenues 2024 is now well underway. The NZ forest industry is looking to capitalise on the growth and demand in biofuels, bioenergy and a range of renewable bioproducts. This event helps ...
Read more
Image

February NZ log market update

Opinion Piece: Marcus Musson, Director, Forest360 February has kicked off with a hiss and a roar with log exporters pulling out the pencil sharpeners and publishing prices in the mid to high $130’s for A grade (except for Bluff and Lyttleton where you ...
Read more
Image

Whiteheads partners with Springer for sawmill upgrade

A decade-long partnershipIn a move dating back to 2008, Australian company WHITEHEADS Timber Sales initially conceived the idea of modernizing its sawmill. Strategically aligning with SPRINGER and its partners, this ambitious project for the company brings top-notch technology to Australia’s ...
Read more
Image

Blenheim company turning wood chips into graphite

In New Zealand, a Blenheim company is turning wood chips and sawdust into graphite to be used in EV batteries. CarbonScape was founded in 2006 – with a focus on making carbon products using waste biomass like wood chips to ...
Read more
Image

€150 m LVL and I-beam plant underway

Construction, the first sustainable construction factory of its kind in the Baltics and only the third in Europe, has begun operations with plans to produce €150 million of products a year for Scandinavia, North America, Australia, and major European markets. ...
Read more
Image

Steam rises again from Pan Pac

Almost a year since Cyclone Gabrielle flooded Pan Pac’s mill site at Whirinaki, steam has begun rising from one of the stacks. For nearly 50 years, Hawke’s Bay residents have been able to locate Pan Pac’s mill site by the ...
Read more