America’s Biggest Wood Pellet Exporter Warns Its Future Is in Jeopardy; Stock Crashes

U.S. wood pellets have never been more in demand around the world as a replacement for coal. Yet investors are dumping shares of the biggest U.S. pellet exporter after it warned that it may not be able to remain in business.

Enviva—which grinds up trees at facilities across the South and ships the resulting pellets abroad to be burned in power plants—gave investors a litany of bad news on Thursday, prompting a 78% drop in its shares to less than $1.

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