Enviva is the world’s largest producer of industrial wood pellets, which are used an energy source used to generate electricity and heat. The company was founded in 2004 and was first located in Richmond, Virginia before moving to Bethesda in 2011.
On Wednesday the company announced a memorandum of understanding (MOU) with its first U.S.-based customer, detailing plans to significantly accelerate its capital expansion timeline due to recent commercial momentum with power and heat generators and with industrials in hard-to-abate sectors. The business update also included preliminary 2021 financial results.