Green Energy Resources Signs US $28M in Wood Pellet Orders

Green Energy Resources has signed two separate wood pellet export orders to Europe valued at approximately US $14 million each. The exports are expected to commence between July and September of this year and the pellets are being sourced from Texas. Joe Murray, CEO of Green Energy Resources told that the company receiving pellet order is located in Scandinavia. Each order represents a volume of approximately 120,000 tons over a 12-month period.

The two pellet orders come in addition to 2 woodchip orders that the company has already received in 2009. One of the woodchip exports is currently in progress and the other expected to commence in August/September of this year. Each woodchip shipment represents slightly more than $2 million dollars in sales or close to $25 million per year.

Green Energy Resources said that it anticipates record sales year in 2009 through strong exports. In 2010 Green Energy Resources said that it expects significant growth in addition to exports as the U.S. renewable energy market grows. This growth in the wood pellet area is likely to be encouraged by carbon cap and trade legislation that is likely to be considered by Congress and the Obama Administration sometime this year.

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