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EverGen Infrastructure Breaks Ground at the Fraser Valley Biogas RNG Expansion Project and Provides Construction Update
Rhea-AI Impact
(Low)
Rhea-AI Sentiment
(Very Positive)
Tags
Rhea-AI Summary
EverGen Infrastructure Corp. (TSXV: EVGN, OTCQX: EVGIF) has commenced construction on its Core RNG Expansion Project at Fraser Valley Biogas, which is set to double the facility's renewable natural gas (RNG) production capacity to approximately 160,000 GJ annually. The project, started in Q3 2022, remains on schedule and within its capital budget of C$13M-C$15M. Additionally, a new long-term offtake agreement aligns with a stronger RNG market, expected to significantly enhance revenues and EBITDA. The expansion is anticipated to complete by Q1 2023.
Positive
Core RNG Expansion Project will double production capacity to ~160,000 GJ/year.
Construction is on schedule and within a capital budget of C$13M-C$15M.
New long-term offtake agreement leverages a stronger RNG market to boost revenues and EBITDA.
Negative
None.
VANCOUVER, British Columbia--(BUSINESS WIRE)--
EverGen Infrastructure Corp. (“EverGen” or the “Company”) (TSXV: EVGN) (OTCQX: EVGIF), is pleased to announce that construction has commenced at the company’s Core RNG Expansion Project at Fraser Valley Biogas.
Fraser Valley Biogas
Fraser Valley Biogas (“FVB”), located in Abbotsford, BC, has been in operation since 2011 and is the original producing renewable natural gas (RNG) project in Western Canada to supply FortisBC’s network. The facility combines anaerobic digestion and biogas upgrading to produce RNG, primarily by converting agricultural waste from local dairy farms. Once the FVB Core RNG expansion project is complete, the new RNG production volumes are expected to double the capacity of the facility to produce ~160,000 GJ of RNG per year.
The FVB RNG Expansion Project broke ground during the third quarter of 2022, with the initial construction focused on an additional anaerobic digestor and improvements to the existing feedstock processing system designed to increase production capacity of the facility. We anticipate that the expansion project will be completed in Q1 2023, at which time the facility will ramp-up RNG production to the expanded capacity.
“We are proud of what our team has been able to achieve at FVB to date and pleased to see the project advancing on schedule and on budget,” said Chase Edgelow, CEO of EverGen. “All major mechanical equipment is on track for delivery and costs are within our C$13M-C$15M capital budget. These developments, coupled with the execution of a new long-term offtake agreement in a significantly stronger RNG market, will provide a substantial lift to our revenues and EBITDA.”
RSU Grant
Pursuant to the Company’s Equity Plan, on October 5, 2022, the Company granted 20,000 restricted share units (RSUs) to an officer of the Company.
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.
EverGen Investors Victoria Rutherford 480-625-5772
Victoria@adcap.ca
Source: EverGen Infrastructure Corp.
FAQ
What is EverGen Infrastructure Corp.'s latest project update regarding the EVGIF stock?
EverGen has started construction on its Core RNG Expansion Project, which aims to double RNG production capacity at Fraser Valley Biogas to ~160,000 GJ/year.
When is the Core RNG Expansion Project expected to be completed?
The expansion project is anticipated to be completed by Q1 2023.
How much is EverGen investing in the Core RNG Expansion Project?
EverGen has allocated a capital budget of C$13M-C$15M for the Core RNG Expansion Project.
What impact will the new offtake agreement have on EverGen's revenue?
The new long-term offtake agreement is expected to significantly raise EverGen's revenues and EBITDA due to a stronger RNG market.
