EverGen Infrastructure Corp. Provides Development Update on Phase 1 of the GrowTEC RNG Expansion Project

Rhea-AI Summary

EverGen Infrastructure Corp. (TSXV: EVGN, OTCQX: EVGIF) announces that construction on Phase 1 of the GrowTEC RNG Expansion Project is 80% complete and ahead of schedule. This biogas facility focuses on converting organic waste to renewable natural gas (RNG) and is set to produce 80,000 gigajoules of RNG annually, supported by a long-term offtake agreement with FortisBC. Phase 2 is projected to add another 60,000 gigajoules, totaling 140,000 gigajoules of annual production. The project is expected to enhance EverGen's cash flow position.

Positive

• Phase 1 of GrowTEC RNG Expansion Project is 80% complete and ahead of schedule.
• Projected annual production of 80,000 gigajoules of RNG from Phase 1, supported by a long-term offtake agreement with FortisBC.
• Phase 2 expected to add an additional 60,000 gigajoules, bringing total annual production to 140,000 gigajoules.

Negative

• None.

VANCOUVER, British Columbia--(BUSINESS WIRE)-- EverGen Infrastructure Corp. (“EverGen” or the “Company”) (TSXV: EVGN) (OTCQX: EVGIF), is pleased to announce that construction on Phase 1 of the GrowTEC RNG Expansion Project is 80% complete and is tracking ahead of schedule.

GrowTEC is an operating biogas facility which focuses on sustainable agriculture through the conversion of organic waste to soil amendments and clean energy. Since acquiring a 67% interest and assuming operatorship of the Project earlier this year, EverGen has been successful to date in implementing the Project designed to upgrade existing biogas and power production to renewable natural gas (RNG). The Project is finalising construction of the injection infrastructure for tie-in into the local pipeline network and is anticipated to be ready to commission in the next month.

Once complete, Phase 1, is expected to produce 80,000 gigajoules of RNG annually, which is underpinned by a long-term offtake agreement with FortisBC. The Phase 2 expansion is expected to add an additional 60,000 gigajoules of RNG annually for a total of 140,000 gigajoules of RNG production annually from the Project.

“We are thrilled with the pace at which our team has delivered this project,” said Chase Edgelow, CEO of EverGen. “Phase 1 is tracking ahead of schedule and once commissioned, the project will further contribute to and strengthen our positive cash flow position.”

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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20221004005462/en/

EverGen Investor Contact

Victoria Rutherford

480-625-5772

Victoria@adcap.ca

Source: EverGen Infrastructure Corp.

FAQ

What is the GrowTEC RNG Expansion Project by EverGen (EVGIF)?

The GrowTEC RNG Expansion Project is a biogas facility that converts organic waste into renewable natural gas, with Phase 1 expected to produce 80,000 gigajoules annually.

What are the expected benefits of the GrowTEC RNG Expansion Project for EverGen (EVGIF)?

The project is anticipated to enhance EverGen's cash flow and support its sustainability goals by increasing renewable energy production.

When is the GrowTEC RNG Expansion Project expected to be operational?

Phase 1 of the GrowTEC RNG Expansion Project is expected to be commissioned within the next month.

What is the long-term offtake agreement related to the GrowTEC project (EVGIF)?

EverGen has a long-term offtake agreement with FortisBC, ensuring a stable market for the 80,000 gigajoules of RNG produced annually.

How much RNG will the complete GrowTEC project (EVGIF) produce annually?

Upon completion of both phases, the GrowTEC project is expected to produce a total of 140,000 gigajoules of RNG annually.