John Stirling

Pacific BioEnergy Corporation (PacBio) will close permanently next year, putting 55 people out of work. The company today announced it has reached an agreement to assign some of its assets, including the wood pellet long term sales contracts, to the Drax Group. After satisfying certain closing conditions, which is expected by the end of 2021, certain assets owned by PacBio will be assigned to Pinnacle Renewable Energy Inc., part of the Drax Group. It is intended that the PacBio wood pellet plant at Prince George will be permanently closed in 2022 once the assets are assigned.  The shutdown date will be finalized in early 2022. …“Sawmill closures in the region have reduced the volume of available raw materials and increased their cost significantly. Our sales contracts have been sold to Pinnacle to mitigate the impact on our customers,” said PacBio CEO John Stirling.