- EverGen commenced construction at its Core RNG Expansion Project at Fraser Valley Biogas; project is advancing on schedule and on budget with expected completion in Q1 2023
- Expansion is estimated to double FVB’s capacity to ~160,000 GJ of RNG per year; coupled with new long-term offtake agreement executed in current robust RNG market, it is expected to provide significant boost to company’s revenues and EBITDA
- As Canada’s early mover, EverGen seeks to consolidate assets across the country and leverage its expertise in designing and optimizing resilient facilities; with team that has seen more than a hundred RNG projects, company boasts a distinctive competitive advantage
EverGen Infrastructure (TSX.V: EVGN) (OTCQX: EVGIF), Canada’s Renewable Natural Gas infrastructure platform that helps the fight against climate change and transition to a sustainable future, has announced that the company started construction work at its Core RNG Expansion Project at Fraser Valley Biogas –the Abbotsford, BC facility that combines anaerobic digestion and biogas upgrading to produce RNG. The project broke ground in Q3 2022 and is expected to complete in Q1 2023, when the facility will ramp up RNG production to the expanded capacity (https://nnw.fm/nxhGN).
“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.”
The initial work is focused on an additional anaerobic digestor and upgrades of the existing feedstock processing system with a view to increase the facility’s production capacity. Upon the completion of this expansion project, the new RNG production volumes are expected to double the capacity of the facility to produce ~160,000 GJ of RNG per year.
Established in 2011, Fraser Valley Biogas is Canada’s first agricultural digester to produce renewable natural gas. The RNG generated through this project that EverGen acquired in early 2021 is part of FortisBC’s program to supply renewable gas to homes and businesses. Fraser Valley Biogas also provides Abbotsford farms with renewable fertilizer via the digestate produced as part of the process (https://nnw.fm/Sl4cm).
As an established independent renewable energy producer focused on acquiring, developing, owning and operating a portfolio of RNG waste-to-energy, and related infrastructure projects, EverGen is confident that it is heading to a catalyst-rich quarter. “We’re one of the first movers in Canada in terms of consolidating assets across the country. I think when we look at the RNG space today, it’s very similar to what the wind and solar space looked like, maybe ten or fifteen years ago. There’s a number of single project owners that are smaller businesses with greenfield projects. There are some existing assets that probably need more capital to be invested. We’ve taken an approach that we want to be a developer developing new projects from scratch, an owner and an operator of these facilities and to have a platform to be able to be in multiple provinces to share resources. That’s been our strategy and we’ve been effectively growing at a rapid pace with acquisitions that we’ve done in BC. This year we’ve done additional acquisitions in Alberta. We’ve got a significant development project, project Radius, the facilities in Ontario that give us our next leg of growth. We are looking at other provinces for other development projects that sit within our pipeline”, said Chase Edgelow describing the company’s growth plans (https://nnw.fm/W4Omx).
“It’s about having technical expertise in the RNG space, so having the personnel that understands how to optimize these facilities, how to ensure you’re designing a facility that will be resilient. Our team has seen over a hundred projects in the space and that really helps us have an advantage with some of the smaller asset owners to be able to bring these projects into our portfolio to share the upside with them and to be able to continue to develop and grow across the country,” he concluded as he described the competitive advantage of the company that seeks to position itself as a leader in the RNG market.
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://nnw.fm/EVGIF
NetworkNewsWire (“NNW”) is a financial news and content distribution company, one of 50+ brands within the InvestorBrandNetwork (“IBN”), that provides: (1) access to a network of wire solutions via InvestorWire to reach all target markets, industries and demographics in the most effective manner possible; (2) article and editorial syndication to 5,000+ news outlets; (3) enhanced press release solutions to ensure maximum impact; (4) social media distribution via IBN to millions of social media followers; and (5) a full array of corporate communications solutions. As a multifaceted organization with an extensive team of contributing journalists and writers, NNW is uniquely positioned to best serve private and public companies that desire to reach a wide audience comprising investors, consumers, journalists and the general public. By cutting through the overload of information in today’s market, NNW brings its clients unparalleled visibility, recognition and brand awareness. NNW is where news, content and information converge.
To receive SMS text alerts from NetworkNewsWire, text “STOCKS” to 77948 (U.S. Mobile Phones Only)
For more information, please visit https://www.networknewswire.com
NetworkNewsWire is part of the InvestorBrandNetwork