Enviva Declares Quarterly Dividend
Dividend Represents 5% Growth Year-over-Year
BETHESDA, Md.–(BUSINESS WIRE)–Enviva Inc. (NYSE: EVA) (“Enviva,” “we,” “us,” or “our”) today announced that the board of directors declared a quarterly dividend of $0.905 per common share for the fourth quarter of 2022. The fourth quarter of 2022 dividend represents a 5.2% increase from the fourth quarter of 2021. The quarterly dividend will be paid on Friday, February 24, 2023, to shareholders of record as of the close of business Tuesday, February 21, 2023. Including this dividend, Enviva has declared dividends in the aggregate of $3.62 per common share for full-year 2022, which represents an increase of 9.7% over 2021.
“Enviva is a growth company with a robust contracted revenue backlog and a large pipeline of new, high-quality customers around the globe,” said Thomas Meth, President and Chief Executive Officer. “As we execute our strategic plan, our goal is to achieve new levels of durable cash flow, and the continued market tailwinds we are experiencing provide us tremendous confidence in our ability to deliver on our long-term growth objectives.”
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. Enviva is planning to commence construction of its 12th plant, near Bond, Mississippi, in 2023. 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 decarbonize hard-to-abate sectors like steel, cement, lime, chemicals, and aviation fuels. 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.
Cautionary Note Concerning Forward-Looking Statements
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, regarding Enviva’s strategy, future operations, financial position, estimated revenues and losses, projected costs, prospects, plans, and objectives of management are forward-looking statements. When used herein, including any oral statements made in connection herewith, the words “could,” “should,” “will,” “may,” “believe,” “anticipate,” “intend,” “estimate,” “expect,” “project,” the negative of such terms, and other similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. 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 and timing 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. These risks include, but are not limited to: (i) the volume and quality of products that we are able to produce or source and sell; (ii) the prices at which we are able to sell or source our products; (iii) failure of our customers, vendors, and shipping partners to pay or perform their contractual obligations to us; (iv) our inability to successfully execute our project development, capacity, expansion, and new facility construction activities on time and within budget; (v) the creditworthiness of our contract counterparties; (vi) the amount of low-cost wood fiber that we are able to procure and process; (vii) changes in the price and availability of natural gas, coal, or other sources of energy; (viii) changes in prevailing economic and market conditions; (ix) inclement or hazardous environmental conditions, including extreme precipitation, temperatures, and flooding; (x) fires, explosions, or other accidents; (xi) changes in domestic and foreign laws and regulations (or the interpretation thereof) related to renewable or low-carbon energy, the forestry products industry, the international shipping industry, or power, heat, or combined heat and power generators; (xii) changes in domestic and foreign tax laws and regulations affecting the taxation of our business and investors; (xiii) changes in the regulatory treatment of biomass in core and emerging markets; (xiv) our inability to acquire or maintain necessary permits or rights for our production, transportation, or terminaling operations; (xv) changes in the price and availability of transportation; (xvi) changes in foreign currency exchange or interest rates, and the failure of our hedging arrangements to effectively reduce our exposure to related risks; (xvii) risks related to our indebtedness, including the levels and maturity date of such indebtedness; (xviii) our failure to maintain effective quality control systems at our wood pellet production plants and deep-water marine terminals, which could lead to the rejection of our products by our customers; (xix) changes in the quality specifications for our products that are required by our customers; (xx) labor disputes, unionization, or similar collective actions; (xxi) our inability to hire, train, or retain qualified personnel to manage and operate our business and newly acquired assets; (xxii) the possibility of cyber and malware attacks; (xxiii) our inability to borrow funds and access capital markets; (xxiv) viral contagions or pandemic diseases, such as COVID-19; (xxv) changes to our leadership and management team; and (xxvi) overall domestic and global political and economic conditions, including the imposition of tariffs or trade or other economic sanctions, political instability or armed conflict, including the ongoing conflict in Ukraine, rising inflation levels and government efforts to reduce inflation, or a prolonged recession.
Should one or more of the risks or uncertainties described herein and in any oral statements made in connection therewith occur, or should underlying assumptions prove incorrect, actual results and plans could different 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.
Contacts
INVESTOR CONTACT:
Kate Walsh
Vice President, Investor Relations
+1 240-482-3856
investor.relations@envivabiomass.com
