As you are aware NewFuels suffered an unfortunate accident in January of this year. We wish to provide a brief update on the current status of the plant and the actions going forward.
We are pleased to announce that we signed cooperation and support agreement with the German Company Büttner GmbH. Being one of the most reputable suppliers in the wood pellet drying industry, the company has assumed full responsibility over the technical operations of the plant, including the Vandenbroek International dryer.
During the past six months we have completely rebuilt the furnace and the dryer as well putting in place enhanced operational and safety procedures. Büttner GmbH have supervised all the repairs, improvements, and staff training as well as taking responsibility for future maintenance and support.
Currently being commissioned, we anticipate the plant will be back to producing pre-accident production volumes during the month of September. With the assistance of Büttner GmbH, we fully anticipate growing the annual production output to between 120K -130K MT in the near future.
We have also put in place new insurance policies for the plant, including business interruption with the reputable Norwegian insurance company, Gjensidige Baltic.
In addition recent GGL and FSC® C021123 audits have renewed our certifications.
We would like to take this opportunity to thank all our customers and suppliers for their support and understanding during this difficult period, and look forward to once again re-starting the production and delivery of high quality wood pellets in the near future.