A wood-pellet biofuel plant which has been in Prince George for 25 years will close its doors permanently next year.
Pacific BioEnergy announced today that they would be shutting down operations in early 2022, putting 55 people out of work.
According to a release from the company, numerous challenges in recent years have led to significant increases in operation costs.
Sawmill closures in the region have limited their ability to acquire raw materials, leading to an increase in costs.
On top of that, wildfires, landslides, and floods have severely hampered their ability to transport their product to North Vancouver in a cost effective manner.
Many of the company’s existing assets will be sold to Pinnacle Renewable Energy, one of the world’s leading wood-pellet distributors.
A final closing date has not yet been announced and will be determined early next year.
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