Viridis Energy invests in Okanogan pellets and plans expansion.

April 21 2016: Please check updates about Viridis Energy: /Lennart Ljungblom

Viridis Energy invests in Okanogan pellets and plans expansion.

Viridis Energy Inc. owner of two pellets production plants and a pellet trading company reports ongoing investments in the Okanagan pellet plant and also reports a half year loss of 3.2 million Canadian dollar on a sales volume of 14.5 million.

The first phase will provide for a separation of the two main production lines, pellets and shavings, so they can be operated independently. This phase, started in the summer and was then expected to take 8-10 weeks during which production was suspended. It also includes substantial improvements in the wood dust management system.

The second phase is focusing on storage. It includes the addition of new, semi-permanent tent structures for the safe storage of wood fibber. The storage systems will substantially increase OPC’s fibber capacity and include the decommissioning of the current storage building, improving production efficiencies.

The third phase of the upgrades will include the addition of a new pellet press and state-of-the-art dryer that will expand the facility’s capacity by approximately 50 percent. Planning for the third phase will begin in Q4 2015.

This will mark the first significant enhancements of OPC’s facility since the plant was acquired by Viridis in April 2010 and are expected to create mid-term and long-term increases in revenue and profitability.

In the short term, the Company anticipates incurring a production shortfall of approximately 10,000 tons of pellet production; however, it is expected to have less of an impact on sales. OPC is covering its wood pellet delivery obligations through a combination of existing inventory and additional product acquisition via Viridis Merchants Inc. (VMI).

In the 6 month report (June 30) Viridis reports a loss of 3.2 million Canadian dollar (2.1 million Euro),  compared to the loss for same period one year earlier that was 2.5 million Canadian dollar. The sales for the period increased from 12.3M to 14.5M.

About Viridis Energy Inc.

Viridis Energy Inc. (TSXV:VRD) (OTC:VRDSF) is a publicly traded, “Cleantech” manufacturer and distributor of renewable energy providing wood pellet biomass to global residential and industrial markets. Located in Vancouver, B.C., Viridis Energy Inc. operates Okanagan Pellet Company Ltd. (BC), Scotia Atlantic Biomass Company Limited (Nova Scotia) and Viridis Merchants Inc. (Delaware), with over 300,000 tons of trading and manufactured capacity on both coasts of North America. For more information on Viridis Energy Inc. please refer to the company web site. art 3514/Lennart Ljungblom