EverGen Infrastructure Announces Award of 5-Year Compostable Waste Processing Agreement with the City of Abbotsford

Rhea-AI Summary

EverGen Infrastructure Corp. (EVGN) has renewed a 5-year agreement with the City of Abbotsford to process 16,000 tonnes of organic waste annually at its Pacific Coast Renewables facility. The agreement includes a 40% increased average price and a strategic compost marketing agreement. The company has completed major upgrades at the facility and signed a marketing agreement for the exclusive supply of all soil produced at PCR.

Positive

• Renewed 5-year agreement with City of Abbotsford for processing organic waste
• 40% increased average price for the organic waste processing agreement
• Completion of major upgrades at Pacific Coast Renewables facility
• Strategic compost marketing agreement signed for exclusive supply of all soil produced at PCR

Negative

• None.

• Renewed City of Abbotsford agreement will supply up to 16,000 tonnes of organic waste to Pacific Coast Renewables annually at a 40% increased average price
• Completion of composting infrastructure upgrades
• Marketing agreement signed for the exclusive supply of all soil produced at Pacific Coast Renewables

VANCOUVER, British Columbia--(BUSINESS WIRE)-- EverGen Infrastructure Corp. (“EverGen” or the “Company”) (TSXV: EVGN) (OTCQX: EVGIF), is pleased to announce that it has been awarded a new 5-year agreement with the City of Abbotsford (the “City”) to process all of the City’s organic waste pursuant to its curbside collection program, which is expected to be 16,000 tonnes annually, at EverGen’s Pacific Coast Renewables (“PCR”) facility.

This renewed agreement and continued partnership signifies the City of Abbotsford’s confidence in EverGen’s waste management capabilities. The facility continues to process all the organic waste from the City of Abbotsford, as well as the Cities of Chilliwack and Coquitlam, making it one of the few permitted organics processing facilities in the region.

“We are excited to continue our partnership with the City of Abbotsford in managing their organic waste. With our recently completed composting upgrades at the Pacific Coast Renewables facility we have established a state-of-the-art central processing hub for the region,” said Mischa Zajtmann, CEO & President of EverGen. “With the support of the City, this contract will supply the valuable feedstock for a future RNG processing facility at PCR.”

Upgrades at Pacific Coast Renewables

Major upgrades at Pacific Coast Renewables, which supported the award of the 5-year agreement with the City, have been completed and include a new aerated flooring system, advanced automation and improvements to compost blowers, upgraded temperature monitoring equipment, and the construction of stormwater diversion infrastructure. These advancements underscore EverGen’s dedication to responsible waste management and environmental protection.

Compost Marketing Agreement

A strategic compost marketing agreement has been executed with a third-party vendor to manage the distribution of all soil produced at Pacific Coast Renewables. This partnership streamlines logistical operations at the facility and is expected to result in significant cost reductions through reduced marketing expenses and an expected 90% reduction in disposal costs associated with by-products of the composting process, with the potential to convert a once significant cost for the Pacific Coast Renewables facility into an additional revenue stream.

Find the latest Corporate Presentation in the Investor Center: https://www.evergeninfra.com/investor-center

About EverGen Infrastructure Corp.

EverGen, Canada’s Renewable Natural Gas Infrastructure Platform, is combating climate change and helping communities contribute to a sustainable future. Headquartered on the West Coast of Canada, EverGen is an established independent renewable energy producer which acquires, develops, builds, owns, and operates a portfolio of Renewable Natural Gas, waste to energy, and related infrastructure projects. EverGen is focused on Canada, with continued growth expected across other regions in North America and beyond.

For more information about EverGen Infrastructure Corp. and our projects, please visit www.evergeninfra.com.

Forward-Looking Information

This news release contains certain forward-looking statements and/or forward-looking information (collectively, “forward looking statements”) within the meaning of applicable securities laws. When used in this release, such words as “would”, “will”, “anticipates”, “believes“, ”explores“, ”expects“ and similar expressions, as they relate to EverGen, or its management, are intended to identify such forward-looking statements. More particularly, and without limitation, this press release contains forward looking statements and information concerning the Company’s expectations regarding revenue growth, cost reductions and future financial or operating performance. Such forward-looking statements reflect the current views of EverGen with respect to future events, and are subject to certain risks, uncertainties and assumptions. Many factors could cause EverGen’s actual results, performance or achievements to be materially different from any expected future results, performance or achievement that may be expressed or implied by such forward-looking statements and, accordingly, no assurance can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do, what benefits EverGen will derive therefrom, and accordingly, readers are cautioned not to put undue reliance on the forward-looking statements contained in this press release.

The Company cautions that these forward-looking statements are subject to numerous risks and uncertainties, including but not limited to: the impact of general economic conditions in Canada, including the current inflationary environment; industry conditions including changes in laws and regulations and/or adoption of new environmental laws and regulations and changes in how they are interpreted and enforced, in Canada; volatility of prices for energy commodities; change in demand for clean energy to be offered by EverGen; competition; lack of availability of qualified personnel; obtaining required approvals of regulatory authorities in Canada; ability to access sufficient capital from internal and external sources; optimization and expansion of organic waste processing facilities and RNG feedstock; the realization of cost savings through synergies and efficiencies expected to be realized from the Company’s completed acquisitions; the sufficiency of EverGen’s liquidity to fund operations and to comply with covenants under its credit facility; continued growth through strategic acquisitions and consolidation opportunities; continued growth of the feedstock opportunity from municipal and commercial sources, and the factors discussed under ”Risk Factors” in the Company’s Annual Information Form dated April 12, 2023, which is available on SEDAR+ at www.sedarplus.ca, many of which are beyond the control of EverGen. Forward-looking statements included in this news release should not be read as guarantees of future performance or results. The forward-looking statements contained in this release are made as of the date of this release, and except as may be expressly required by applicable law, EverGen disclaims any intent, obligation or undertaking to publicly release any updates or revisions to any forward-looking statements contained herein whether as a result of new information, future events or results or otherwise. This news release shall not constitute an offer to sell or the solicitation of an offer to buy the securities in any jurisdiction.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

View source version on businesswire.com: https://www.businesswire.com/news/home/20231128729087/en/

Co-founder & CEO

Mischa Zajtmann

604-202-7004

mischa@evergeninfra.com

Source: EverGen Infrastructure Corp.

FAQ

What is the renewed agreement between EverGen and the City of Abbotsford?

The renewed 5-year agreement involves processing 16,000 tonnes of organic waste annually at EverGen's Pacific Coast Renewables facility.

What are the major upgrades completed at Pacific Coast Renewables?

The upgrades include a new aerated flooring system, advanced automation, improvements to compost blowers, upgraded temperature monitoring equipment, and the construction of stormwater diversion infrastructure.

What is the strategic compost marketing agreement?

The agreement is signed with a third-party vendor to manage the distribution of all soil produced at Pacific Coast Renewables, resulting in significant cost reductions and potential additional revenue streams.

Where can I find the latest Corporate Presentation of EverGen?

You can find the latest Corporate Presentation in the Investor Center on the company's website: https://www.evergeninfra.com/investor-center