Soren Aandahl of Blue Orca Capital makes the case that Enviva (EVA), the world’s largest maker of wood pellets, inflates EBITDA, will be forced to cut its dividend, and is greenwashing its wood procurement.  Blue Orca argues that there is overwhelming independent evidence that contrary to Company claims, Enviva (1) procures a substantial volume of wood from the widely condemned practice of clear-cutting forests and (2) drives demand for deforestation. Blue Orca’s short thesis also highlights Enviva’s negative cash flows, dangerous leverage, and makes the case that Enviva will have no choice but to cut its dividend. Please refer to the full report, including the full disclaimer (incorporated by reference) at