CM Biomass is the world’s largest independent wood pellet trading companies. Image Credit: CM Biomass
United Shipping & Trading Company (USTC), the parent company of marine fuels conglomerate Bunker Holding, has bought a majority stake in a biomass trading firm.
USTC has acquired 60% of CM Biomass, the company said in an emailed statement on Thursday. The deal is still subject to regulatory approval.
"In addition to being the world's largest independent wood pellet trading companies for both utility companies and the residential market, CM Biomass also has a strong focus on sustainable sourcing and an ambitious strategy of becoming a significant player in production of wood pellets and alternative biomass based on residues," the company said in the statement.
"USTC has strong ambitions to support and enable the global transition to sustainable energy within the industries the Group is engaged in.
"The acquisition of the majority of CM Biomass is very intentionally aligned with that long-term agenda."
CM Biomass was founded in 2009 as part of brokerage Copenhagen Merchants Group.