EverGen Infrastructure Corp. (TSX.V: EVGN) (OTCQX: EVGIF) RNG Production Planned End of 2022 as GrowTEC Expansion Nears Completion

  • EVGIF announced 80% completion of GrowTEC expansion, finalizing construction of injection infrastructure to connect system to local RNG pipeline network
  • GrowTEC RNG production expected end of 2022, planned capacity of approximately 140,000 GJ/year
  • Released Q3-2022 financial results, highlights included YOY revenue increase to C$2.0 million, cash and cash equivalents of C$12.8 million
  • Key milestones achieved included signed term sheet for long-term RNG offtake agreement, signed term sheet for C$31 million senior term loan, commencement of Fraser Valley Biogas RNG Expansion Project

EverGen Infrastructure (TSX.V: EVGN) (OTCQX: EVGIF), a renewable energy company that is developing Canada’s renewable natural gas (“RNG”) infrastructure platform, recently announced that its GrowTEC expansion is 80% complete with production planned by the end of 2022 (https://ibn.fm/pX5t3).

GrowTEC is an operating biogas facility that converts organic waste to soil amendments and clean energy. EVGIF acquired a 67% interest and assumed operations of the biogas facility earlier this year. The company recently completed the acquisition and is currently finalizing the construction of the injection infrastructure that connects the system to the local pipeline network. Production is expected to commence by the end of 2022 with a planned capacity of approximately 140,000 GJ/year of RNG (https://ibn.fm/5kJTe).

“We are thrilled with the pace at which our team has delivered this project,” said EverGen CEO Chase Edgelow. “Phase 1 is tracking ahead of schedule and once commissioned, the project will further contribute to and strengthen our positive cash flow position.”

EverGen is dedicated to helping meet Canada’s sustainability targets by building RNG infrastructure across the country. The company aims to own over 20 facilities across Canada within five years, an investment made possible through long-term contracted revenue agreements with Canada’s utility companies. Concurrently, the Canadian Gas Association aims to blend natural gas with a target of 5% RNG or hydrogen by 2025, and 10% by 2030 (https://ibn.fm/5PpfT). According to the agency, the move will reduce greenhouse gas emissions by 24 megatons – equivalent to removing 5.2 million passenger cars from the road.

EVGIF recently provided project status updates in the company’s Q3-2022 financial results report for the three- and nine-month periods ended September 30, 2022 (https://ibn.fm/DEAi2). Highlights included revenues of C$2.0 million – an increase from C$1.9 million in Q3-2021, and cash and cash equivalents of C$12.8 million. Key milestones achieved included a signed term sheet for a long-term RNG offtake agreement at Fraser Valley Biogas, the completed acquisition of GrowTEC, a signed term sheet for a C$31 million Senior Term Loan, and the commencement of the Fraser Valley Biogas RNG Expansion Project.

Based in Vancouver, British Columbia, EverGen is an established independent renewable energy producer committed to developing Canada’s RNG infrastructure. With projects located across the country, the company is emerging as a leader committed to powering a sustainable, net-zero future based on renewable energy sources.

For more information, visit the company’s website at www.EverGenInfra.com.

NOTE TO INVESTORS: The latest news and updates relating to EVGIF are available in the company’s newsroom at https://ibn.fm/EVGIF

About ESGWireNews

ESGWireNews delivers up-to-date information and actionable intelligence on public companies committed to sustainable corporate practices. As one of 50+ brands within the InvestorBrandNetwork (“IBN”), ESGWireNews provides: (1) access to a network of wire solutions via InvestorWire to reach all target markets, industries and demographics in the most effective manner possible; (2) article and editorial syndication to 5,000+ news outlets; (3) enhanced press release solutions to ensure maximum impact; (4) social media distribution via IBN to reach millions of social media followers; and (5) a full array of corporate communications solutions. Environmental, social and governance (ESG) issues aren’t just buzzwords. The growing threat of climate change has moved large investors, like pension funds and insurance reserves, to action and screen investments based on sustainability and environmental impact. ESG criteria are increasingly guiding the investment choices of large institutional investors, and blue-chip companies have taken notice. ESGWireNews aims to uncover the emerging growth companies following their lead. If you’re interested in aligning your values with your investment portfolio, you’re in the right place.

To receive SMS text alerts from ESGWireNews, text “ESG” to 888-902-4192 (U.S. Mobile Phones Only)

For more information, please visit https://www.ESGWireNews.com

Please see full terms of use and disclaimers on the ESGWireNews website applicable to all content provided by ESGWireNews, wherever published or re-published: https://www.ESGWireNews.com/Disclaimer

ESGWireNews
Los Angeles, California
www.ESGWireNews.com
310.299.1717 Office
Editor@ESGWireNews.com

ESGWireNews is part of the InvestorBrandNetwork

Archives

Select A Month

Contact us: (310) 299-1717