New England Wood Pellet Sells Boiler Subsidiary

New England Wood Pellet LLC (NEWP) and The Sandri Companies have reached an agreement to form a strategic partnership between the two companies. As part of that partnership, Sandri will acquire NEWP’s commercial pellet boiler business, Propell Energy.

Propell was founded in 2008 to market commercial and industrial scale pellet boilers for heating schools, office buildings, apartment complexes and other large buildings. Propell also provides economical bulk pellet delivery to large commercial accounts. Sandri will fold Propell Energy into its emerging renewable energy division. Sandri’s renewable energy group will be led by Jake Goodyear, president of Propell Energy.

“We view this as a tremendously important and strong alliance of strategic interests,” said Steve Walker, president and CEO of NEWP. “We believe the northeast is poised for significant growth in commercial scale central heating using renewable low-carbon pellet fuels. Sandri has the capacity and resources to help advance this sector, as well as an 80 year history of servicing customers.”

The partnership between NEWP and Sandri also involves a multi-year exclusive supply agreement in which Sandri will buy and resell bulk pellet fuels exclusively from NEWP for resale to residential and commercial customers. The two companies also recently partnered to secure a US $3.2 million dollar grant from the Massachusetts Department of Energy Resources to install numerous commercial pellet boilers in western Massachusetts, as well as increase the use of high-efficiency pellet boilers at the residential scale.

To hear more about industrial pellet boilers, watch our interview with Propell Energy’s Jake Goodyear below.

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