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Enviva Issues Statement Following Destructive Storms and Tornadoes in Mississippi
Rhea-AI Impact
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Rhea-AI Sentiment
(Negative)
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Rhea-AI Summary
Enviva Inc. (NYSE: EVA) reported that all employees are safe following a tornado that struck Amory, Mississippi on March 24, 2023. Although the storm damaged the Company's wood pellet production facility, operations at larger plants were unaffected. The facility's insurance covers property damage and loss of business, and since it is relatively small compared to the Company’s total capacity of over 6 million metric tons, the overall impact is expected to be minimal. Enviva is actively assisting the Amory community with disaster relief and assessing the extent of operational disruptions.
Positive
All employees are reported safe after the tornado.
Insurance coverage includes property damage and business interruption.
Minimal impact on operations due to the small size of the affected facility relative to overall production capacity.
Negative
The Amory plant sustained damage due to the tornado, leading to temporary suspension of operations.
Company reports that all employees are safe; evaluation of damage to Amory plant underway; Enviva and its employees assisting with disaster relief
BETHESDA, Md.--(BUSINESS WIRE)--
Enviva Inc. (NYSE: EVA) (“Enviva,” the “Company,” “we,” “us,” or “our”), the world’s leading producer of sustainably sourced woody biomass, reported that all of its associates are safe and accounted for following a strong tornado that touched down in Amory, Mississippi, on March 24, 2023. The storm did, however, damage the Company’s 115,000 metric ton per year wood pellet production facility, although Enviva’s larger plants and ports in the region were not impacted. Enviva’s Amory facility insurance covers property damage, inclusive of business interruption and casualty. Operations at the plant have been suspended pending a full review of the damage, but given the small size of the facility relative to the more than six million metric tons of installed production capacity across the Company’s portfolio, the impact to customers and to the financial performance of the Company is expected to be minimal.
“Amory was our very first plant in the Southeast U.S. and this community holds a special place in our hearts. We are heartbroken by the devastating damage the tornado has had on our colleagues, friends, and families, and in the broader Amory community, which we’ve been proud to call home for more than 17 years,” said Thomas Meth, Enviva’s President and CEO. “Our sympathies go out to everyone affected. We are already hard at work making sure our employees have what they need and helping the wonderful people of Amory rebuild amid this terrible tragedy,” Meth concluded.
Enviva will continue to coordinate with local officials and first responders to understand the extent of the damage to the community and how it can best assist with disaster relief. The Company will continue to assess any temporary impact on its operations and expects to provide an update as more information becomes available.
About Enviva
Enviva Inc. (NYSE: EVA) is the world’s largest producer of industrial wood pellets, a renewable and sustainable energy source produced by aggregating a natural resource, wood fiber, and processing it into a transportable form, wood pellets. Enviva owns and operates ten plants with a combined production capacity of approximately 6.2 million metric tons per year in Virginia, North Carolina, South Carolina, Georgia, Florida, and Mississippi, and is constructing its 11th plant in Epes, Alabama. Additionally, Enviva is planning to commence construction of its 12th plant near Bond, Mississippi. Enviva sells most of its wood pellets through long-term, take-or-pay off-take contracts with primarily creditworthy customers in the United Kingdom, the European Union, and Japan, helping to accelerate the energy transition and to defossilize hard-to-abate sectors like steel, cement, lime, chemicals, and aviation. Enviva exports its wood pellets to global markets through its deep-water marine terminals at the Port of Chesapeake, Virginia, the Port of Wilmington, North Carolina, and the Port of Pascagoula, Mississippi, and from third-party deep-water marine terminals in Savannah, Georgia, Mobile, Alabama, and Panama City, Florida.
To learn more about Enviva, please visit our website at www.envivabiomass.com. Follow Enviva on social media @Enviva.
The information included herein and in any oral statements made in connection herewith include “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of present or historical fact included herein are forward-looking statements. These forward-looking statements are based on management’s current expectations and assumptions about future events and are based on currently available information as to the outcome of future events. Except as otherwise required by applicable law, Enviva disclaims any duty to revise or update any forward-looking statements, all of which are expressly qualified by the statements in this section, to reflect events or circumstances after the date hereof. Enviva cautions you that these forward-looking statements are subject to risks and uncertainties, most of which are difficult to predict and many of which are beyond the control of Enviva.
Actual results and plans could differ materially from those expressed in any forward-looking statements. Additional information concerning these and other factors that may impact Enviva’s expectations and projections can be found in Enviva’s periodic filings with the SEC. Enviva’s SEC filings are available publicly on the SEC’s website at www.sec.gov.
