- 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
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