Coal Export Company Faces A Financial Challenge
A Seattle think tank is questioning the financial stability of a company that wants to build two coal export terminals in the Pacific Northwest.
Sightline Institute today released a review of Ambre Energy, a company that has plans to build those terminals. Sightline has been critical of exporting coal through the Northwest.
Clark Williams-Derry is with Sightline.
“It’s undercapitalized, it’s got lots of weakness on its balance sheet, it’s got lots of expenses, it’s got very low revenues. It is a very high-risk company operating in a very high-risk game.”
Ambre’s most recent annual report shows the company was in the red by $66 million.
Ambre spokesman Brian Gard says the company has raised $25 million since then. He says there is no reason Ambre won’t continue to be successful.
The company is proposing one coal export terminal in Longview, Wash., and another one that would operate at ports in Boardman and Clatskanie, Ore.
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