Ian Clark of Dichotomy Capital presented his in-depth investment thesis on Pinnacle Renewables (Canada: PL) at Best Ideas 2020.

Thesis summary:

Pinnacle Renewables is a wood pellet manufacturer facing temporary headwinds while enjoying long-term tailwinds. As a stand-in for some coal plants, wood pellets enable countries around the world to embrace baseload renewable energy and transition away from fossil fuels.

Pinnacle is the second-largest wood pellet manufacturer and has years of growth ahead of it as the company expands plants and continues to sign long-term offtake agreements. The company has a backlog of $7.1 billion, with a weighted-average term of nine years.

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About the instructor:

Ian Clark is the Managing Member of Dichotomy Capital, a power-focused investment manager that looks for opportunistic returns in the public and private markets. Mr. Clark leads the public security selection process for Dichotomy Partners, a long/short hedge fund that primarily invests in utilities, power companies, and the power industry daisy chain. He is also the CEO of Dichotomy Power LLC, an entity that owns and operates renewable energy assets that produce more than 16 GWh/yr of power and has a dedicated retail energy arm. He received his M.S. in Chemistry from the University of Oregon.