Enviva Inc. - EVA STOCK NEWS

Enviva Partners, LP (NYSE: EVA) has amended and restated its senior secured revolving credit facility, increasing its size from $525 million to $570 million. This transaction, which closed on December 17, 2021, aims to support the company’s growth initiatives. Shai Even, CFO, highlighted the expanded lending relationships as a positive aspect for financial flexibility, as they continue to build their fleet of wood pellet production plants.

Enviva Partners, LP (NYSE: EVA) announced the overwhelming approval of its conversion to a corporation, Enviva Inc., by unitholders during a special meeting on December 17, 2021. With 99.75% voting in favor, the conversion will be effective December 31, 2021, with shares of Enviva Inc. expected to trade under the same ticker, EVA, starting January 3, 2022. This change aims to enhance investor participation and facilitate a dividend-paying structure, according to CEO John Keppler, who emphasized the potential for value creation and lower capital costs.

Enviva Partners, LP (NYSE: EVA) has announced multi-year agreements with four Historically Black Colleges and Universities (HBCUs) in the Southeast U.S. to enhance its recruitment and career development efforts. The company plans to recruit a diverse talent pool across various fields, including engineering and agriculture, to support its growing operations, which include ten biomass production plants and six port terminals. Enviva is committed to fostering diversity in its workforce and will engage in career fairs and scholarship initiatives at these institutions.

Enviva has partnered with J-Power to establish a global supply chain for up to 5 million metric tons of sustainable woody biomass, aiming to replace coal in J-Power's Japanese power plants. This memorandum of understanding (MOU) emphasizes reducing greenhouse gas emissions and advancing biomass as a renewable energy source. The collaboration supports J-Power's goal of achieving carbon-neutrality by 2050. The project plans to repurpose existing coal infrastructure for biomass, significantly lowering lifecycle emissions by over 80%.

Enviva Partners, LP (NYSE: EVA) reported its financial results for Q3 2021, including a net loss of $0.1 million but an adjusted net income increase of 75.8% to $28.3 million. The company declared its 25th consecutive distribution increase, now at $0.840 per unit, and expects to pay $3.30 and $3.62 per unit for 2021 and 2022, respectively. Enviva signed a significant 10-year off-take contract to supply wood pellets for renewable fuels, furthering its growth prospects. The Simplification Transaction has positioned Enviva favorably for expansion, with a contracted revenue backlog exceeding $21 billion.

Enviva Partners, LP (NYSE: EVA) announced a record date of November 19, 2021, for a special meeting where unitholders will vote on a Plan of Conversion to change from a limited partnership to a corporation named Enviva Inc. The meeting is scheduled for December 17, 2021, at 10 a.m. ET and will be held virtually due to COVID-19. Subject to customary conditions, the Conversion is expected to be completed by December 31, 2021. Unitholders are encouraged to review the proxy statement to be filed with the SEC for important information regarding the vote.

Enviva Partners, LP (NYSE: EVA) will meet with investors at the RBC Capital Markets Midstream and Energy Infrastructure Conference in Dallas, Texas, on November 16, 2021. The management team will discuss the company's operations and future prospects. Enviva, a leader in wood fiber processing, produces wood pellets primarily for the UK, EU, and Japan markets through long-term contracts. The company operates 10 plants with a total capacity of approximately 6.2 million metric tons annually and exports through several marine terminals along the U.S. coast.

Enviva Partners, LP (NYSE: EVA) announces a 10-year RNG offtake agreement with GreenGasUSA aimed at reducing carbon emissions from its operations. This collaboration is projected to eliminate over 64,000 metric tons of CO2 annually, equivalent to removing 14,000 cars from the road. The project will convert methane emissions from a food processing facility in South Carolina into renewable natural gas (RNG), offsetting approximately 75% of Enviva's direct emissions for the duration of the agreement. This initiative aligns with Enviva's goal to achieve net-zero emissions by 2030.