- Global atmospheric methane emissions hit new record growth rates in both, 2020 and 2021
- Methane is responsible for a third of the 1.1c increase in global temperatures since pre-industrial times
- The recent increase in methane emissions have been traced to microbial sources, a finding which has increased the urgency to decarbonize organic and agricultural waste products
- EverGen Infrastructure have established themselves as the leading renewable natural gas infrastructure platform in Canada, recently expanding its asset portfolio through two major acquisitions
- The Company has also recently agreed to a $31 million loan facility, fully financing its upcoming capital requirements
Every year, 6,000 flasks of air arrive at the US National Oceanic and Atmospheric Administration’s Global Monitoring Laboratory in Boulder, Colorado. Inside each of the flasks is a sample of air, drawn from one of a chain of 50 monitoring stations that span the globe. About 15 years ago, researchers at the laboratory observed an uptick in atmospheric methane within the samples they were receiving, a phenomenon initially attributed to the prolific use of fossil fuels around the world. Since then, that uptick has become a veritable surge – a source of growing concern given its implications for global warming: over a third of the 1.1-centigrade increase in global temperatures since pre-industrial times can be directly attributed to rising concentrations of methane in the atmosphere (https://ibn.fm/EqJrd).
Scientists have now attributed the recent increase of Methane production to microbial sources, a term encompassing emissions resulting from the like of wetlands, cattle, and landfills. The record growth rate witnessed within atmospheric methane releases in 2021 in particular has increased the urgency to ‘decarbonize’ these sources, a remit increasingly being met by British-Columbia based natural gas operator, EverGen Infrastructure (TSX.V: EVGN) (OTCQB: EVGIF).
In recent years, EverGen Infrastructure Corp have established themselves as the leading renewable natural gas (“RNG”) infrastructure platform in Canada, with a footprint in three of the four largest jurisdictions within the nation. The company recently revealed a goal to own over 20 producing facilities across the country within five years – a goal further buttressed by the EverGen’s announcement in March stating that they had acquired a 50 percent interest in a portfolio of RNG development projects in Ontario (“Project Radius”). Southern Ontario-based Project Radius, a late-development-stage portfolio of three high quality, on farm RNG projects will be collectively capable of producing approximately 1.7 million GJ/year, thus driving a marked reduction of agricultural-linked emissions from the area.
The company further broadened its asset-base through the recent acquisition of a majority stake in GrowTEC, an Alberta-based agricultural operation boasting the capability to capture the methane emanating from upwards of 15,000 tonnes of organic waste annually. EverGen purchased a 67 percent shareholding in the renewable natural gas provider for $2.1 million, with subsequent plans to fund the investments needed to upgrade the company’s gas production potential, thereby enabling it to be injected into the pipeline network under a 20-year offtake agreement with FortisBC, British Columbia’s main gas utility.
Having recently signed a term sheet with existing lender, Roynat Capital (a subsidiary of Scotiabank) and Export Development Canada for a $31 million syndicated senior term loan to support their ongoing upgrade and construction work across its RNG portfolio, EverGen finds itself suitably funded for its ongoing expansion plans (https://ibn.fm/zd8MO). Moreover, and backed by highly visible EBITDA and cash flow projections resulting from their long-term offtake agreements, EverGen Infrastructure looks exceptionally well placed to execute on its upcoming strategic roadmap.
“The Facility is an integral component to EverGen’s capital structure as we embark on our planned upgrade and expansion projects, and we are very pleased to have the support of high-quality debt partners in Roynat and EDC,” said Chase Edgelow, CEO of EverGen. “This Facility ensures our near-term Core RNG Expansion projects are fully funded to deliver 480,000 GJ of RNG annually and compliments our strong balance sheet, positive cash flow & anticipated grant funding available to EverGen.”
For more information about EverGen Infrastructure Corp. and its projects, 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
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