Image

Altus wood pellets business in receivership

28 August 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: time for action

Low carbon economies, extreme weather events, and building resilient domestic supply chains are critical issues in 2024 and beyond. In New Zealand, this has created opportunities for the forestry sector, including significant investments in forest residues. Harvesting regulations are mandating more wood be collected from the forest ...
Read more
Image

Successful trials of remote-controlled wood chip scraper

Nippon Paper, trucking company Iwakuni Sangyo Unyu successfully trial remote-controlled robot that scrapes wood chips in hold of wood-chip carrier at Iwakuni mill; scraping robot aims to address safety, workforce shortage in wood-chip scraping operations Through the development of the ...
Read more
Image

When it all falls down

This video tells the story of how New Zealand Forest Managers (NZFM) in Turangi, New Zealand dealt with a 3.4million + ton wind blow event in the central north island. In the video everything from before the cyclone in Feb ...
Read more
Image

NZ$300 million torrefied wood pellet planned

Plans to build New Zealand’s first plant to produce low emissions fossil free fuel to replace coal have moved a step closer with the signing of an agreement to lease a site at Kawerau. Australian listed company Foresta has announced the signing of ...
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

Cheese from trees: Fonterra running on wood biomass

Fonterra’s Stirling manufacturing site is celebrating becoming the Co-op’s first manufacturing site in the South Island to get off coal and the first site to be running on 100% renewable thermal energy.  Moving to wood biomass means a reduction of 18,500 tonnes ...
Read more
Image

99% of Northland’s energy could be met through biomass

A new report, published by EECA (the Energy Efficiency and Conservation Authority), shows the significant role currently unutilised, forestry residues could play – as the region reduces its reliance on fossil fuels in favour of renewable energy. Up to 99% of Northland’s ...
Read more
Image

NZ forestry industry establishing pan sector body

Ten organisations have signed an accord establishing as a pan sector body. Called the NZ Forest & Wood Sector Forum (NZFWSF), NZ sector associations will engage on issues of common interest or concern to the national industry and act as a ...
Read more
Image

Wood biomass boiler swings into action

Fonterra’s NZ Waitoa manufacturing site is now using around 50% less coal as its new wood biomass boiler swings into action. Waitoa is the third Fonterra manufacturing site to reduce coal in 2023, as part of the Co-op’s plan to ...
Read more