- Chase Edgelow, Co-Founder and CEO of EverGen Infrastructure was featured in a recent Bell2Bell Podcast episode where he discussed the company’s milestones achieved in 2022, such as public debut on the OTCQX, $31m debt facility and expansion of core assets portfolio, as well as operational plans for 2023
- Company boasts liquidity that allows it to continue to build infrastructure assets out, grow and expand its team, and accelerate development projects in the space
- EverGen’s business model based on low-risk, long-term contracted recurring revenue positions the company in a unique place within RNG – the space increasingly eyed by large-scale enterprises
“We’ve come a tremendous way in building out our platform over the last 12 months. If you look at where we started from about 12 months ago, we had three core assets. We now have five core assets”, said in a recent Bell2Bell Podcast episode Chase Edgelow, Co-Founder and CEO of EverGen Infrastructure (TSX.V: EVGN) (OTCQX: EVGIF), Canada’s renewable natural gas infrastructure platform. “And we raised a $31 million debt facility from a subsidiary of Scotiabank and Export Development Canada, which gives us liquidity to continue to build these infrastructure assets out and continue to grow and expand our team and put our foot on some significant development projects in the space”, he continued.
As a renewable natural gas infrastructure platform, EverGen develops, owns and operates facilities that take organic waste, and output digestate and biogas, a carbon-negative fuel that can be injected back into the grid and used by local gas utilities. “If we look at the renewable natural gas space, there are a lot of large-scale enterprises looking to get into this as a transition fuel. Think BPs and Shells of the world. And when you look around, there are very few dedicated platforms like ours”, Edgelow said.
EverGen appears poised for growth as demand for RNG continues to grow and Canadian utilities remain hungry for renewable energy sources. Throughout the interview, Edgelow discussed the company’s achievements in 2022, including the public debut on the OTCQX in February 2022, as well as the progress in the first quarter of 2023, such as the expansion of core portfolio assets and the company’s strategies around them.
The company has two projects under construction today, both of which are expansions of existing brownfield facilities. The first is the Fraser Valley biogas project, where the company is doubling the facility’s capacity that has been producing RNG on a long-term contract to a utility for the last decade. The second project is the GrowTEC facility located in southern Alberta, which the company is looking to upgrade with a system that will allow it to feed RNG into the local network where it can secure a more lucrative contract and pricing for the gas.
Now a burgeoning industry, the RNG space has come a long way to become a mainstream commodity in the energy transition race. Due to its economic and environmental benefits, the industry is rising from humble beginnings to taking great strides. In the words of Edgelow, the economics are very strong now, without any requirements for government subsidies.
One of the main advantages of RNG as a green energy source is that it can blend seamlessly into existing natural gas distribution and transportation networks, which is already being implemented in British Columbia, Québec and Ontario (https://ibn.fm/RskxL). For example, FortisBC, a utility delivering renewable energy, natural gas and electricity, is promoting the adoption of RNG as a cost-effective and convenient way for British Columbia residents to reduce their carbon footprint. EverGen’s Fraser Valley Biogas was the first project to produce RNG into FortisBC’s network (https://ibn.fm/IaQn6).
With a business model based on the low-risk, long-term contracted recurring revenue stream, EverGen boasts a unique position, operating at the crux of two sustainable markets in North America – waste reduction and green energy. “We are cash-positive today; we’ve got two projects under construction today that will significantly step up that cash flow into $8-10 million EBITDA and build out capacity through 2023. Then we’re sitting with a ton of growth from our pipeline what we are seeing right now in terms of interest from strategics and infrastructure clients in the RNG space,” Edgelow concluded.
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
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