New England Wood Pellet Announces New Board, Investors

The booming market for wood pellets has clearly had its effect on the nascent but growing industry. New England Wood Pellet LLC, the largest manufacturer of wood pellet fuel in the northeastern U.S., announced its reorganization as a limited liability corporation, with a new board of managers and new private stockholders.

The reorganization is in anticipation of significant growth plans requiring new board expertise and investment capital. Steven Walker, founder and Chief Executive Office of New England Wood Pellet LLC, will serve as president of the board of managers. He founded the company in 1992. In 1998, New England Wood Pellet moved its manufacturing facility to its current Jaffrey, New Hampshire, location. The company has grown steadily and is on target for annual production of 100,000 tons of clean, renewable wood-pellet fuel. The company employs 36 people. New managers include Dean Kamen (NH-based inventor of the Segway Human Transporter), Thomas Colgan of Wagner Forest Management Ltd., and Harriet Todd. Wagner Forest Management Ltd. is also among the new investors. New England Wood Pellet is expanding rapidly to meet growing demand and maintain and build its position as the most competitive, lowest cost producer of premium wood pellet fuel in the Northeast. Expansion plans are under way that include the following major actions in the next 12-18 months: — Construction of a $1.5 million fabrication plant in Jaffrey where machinery for multiple new plants will be designed, tested, refined and efficiently produced (under construction; opening in spring 2006) — Evaluation of new plant sites in Massachusetts and New York (under way), representing a capital investment of $16 million, with the eventual goal of increasing company-wide production to 300,000 tons annually (late 2007). — Bulk shipping, bagging and distribution of nearly 100,000 tons annually from a Canadian pellet manufacturer, to supplement production capability (fall 2006) — Increasing employment to nearly 60 full-time positions (late 2007).
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