By CKPG Today

Industry

PacBio to permanently close

Dec 14, 2021 | 1:58 PM

PRINCE GEORGE — A tough blow to the local economy.

This as Pacific BioEnergy (PacBio) Corporation announced today that it will close next year in Prince George. The company says this will mean the direct loss of 55 jobs.

PacBio says it has reached an agreement to assign some of its assets, including the wood pellet long-term sales contacts, to the Drax Group. After satisfying certain closing conditions, which is expected by the end of this year, certain assets owned by PacBio will be assigned to Pinnacle Renewable Energy Inc., part of the Drax Group.

“Our company has been battling several challenges the past few years,” says PacBio CEO John Stirling. “Sawmills closures in our region have reduced the volume of available raw materials and increased their cost significantly. Forest fires, landslides, and floods have severely impacted our ability to transport our product by rail to the export terminal in North Vancouver.”

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He says the impact has meant “a significant increase in operating costs.”