Blue Orca claims that after geolocating Enviva's harvests, satellite imagery reveals hundreds of images of clear-cut forests, suggesting that the practice is widespread and that Enviva is misleading investors. Blue Orca further contends that contrary to the company's public statements of purchasing on average less than 30% of the wood from each harvest, Enviva's track and trace data and interviews with former employees demonstrate that the company takes upwards of 70% of the volume. In addition, Blue Orca concludes, Enviva is "a dangerously levered serial capital raiser whose deteriorating cash conversion and unprofitability will drain it of cash next year" and is "a product of deranged European climate subsidies which incentivize the destruction of American forests so European power companies can check a bureaucratic box."