- EverGen Infrastructure CEO, Chase Edgelow recently joined a webinar hosted by Adelaide Capital to provide investors and stakeholders with an update on the company’s operations
- Edgelow elaborated on the company’s portfolio, including its 4 existing revenue generating assets, 2 projects currently under construction as well as its Ontario-based Greenfield project, Project Radius
- By 2Q 2023, EverGen anticipated that the completion of its RNG projects would drive gross generating capacity to 240,000 GJ/annum, whilst growing EBITDA by $5-7m per year
- In the longer term, successful execution on EverGen’s Ontario-based Greenfield project could see the company expand its RNG production by as much as 1.7 million GJ/year
British-Columbia based natural gas operator, EverGen Infrastructure (TSX.V: EVGN) (OTCQX: EVGIF), has long held aspirations of transforming into Canada’s leading RNG infrastructure platform, in the process securing strong long-term contracted cash flows. The company today operates 4 revenue generating assets across 3 key regions in Canada, alongside 2 RNG projects currently under construction as well as one Ontario-based project in development. EverGen Infrastructure Corp CEO, Chase Edgelow recently participated in a webinar hosted by Adelaide Capital to provide investors with an update on the company’s ongoing operations as well as their prospects going forward (https://nnw.fm/YGxCL).
Edgelow revealed that following the completion of its two RNG projects currently under construction, namely Fraser Valley Biogas and GrowTEC, both of which are anticipated to be ready as of the end of Q1 2023–EverGen Infrastructure will see its built-up capacity expanded to 240,000 gigajoules of RNG per annum, a growth which could drive an additional $5-7 million dollars worth of EBITDA per year for the company. Meanwhile and on a longer-term basis, EverGen is simultaneously pursuing the expansion of all its ongoing projects through a broad-based $45m pre-funded capital expenditure plan; successful completion of all its initiatives will see the company grow its cumulative gross generating capacity to 480,000 gigajoules of renewable natural gas on an annual basis, whilst simultaneously tripling EverGen’s current run-rate EBITDA.
Over 37 billion tons of carbon emissions are released into the world’s atmosphere on a yearly basis (https://nnw.fm/uRiXt); in one recent study, BNY Mellon estimated that over $100 trillion in investments was necessary to tackle emissions if the world was to successfully achieve its stated Net Zero ambitions by 2050 (https://nnw.fm/PmD70). Today and with over $1 trillion being invested annually into building out clean energy capacity (https://nnw.fm/PmL36), EverGen Infrastructure Corp finds itself operating at the center of what former Bank of England Governor, Mark Carney, referred to as the “greatest commercial opportunity of our age.”
EverGen Infrastructure’s path to becoming one of Canada’s largest RNG platforms owes its origins to the province of British Columbia’s decision in March 2017 to amend the Greenhouse Gas Reduction Regulation. The amendment, which sought to increase the production and use of renewable gas as well as green and waste hydrogen in British Columbia to simultaneously generate jobs and economic opportunities while reducing GHG emissions, has played a significant role in driving the sector’s growth prospects in recent years.
Since starting its operations and expanding its presence in British Columbia to three operating assets, EverGen Infrastructure made a bold decision to expand its presence nationwide over the past year. In 2022, the company broadened its Canadian footprint by acquiring a 67% stake in GrowTEC, an Alberta-based biogas project. EverGen would subsequently go on to purchase a 50% ownership in a large joint venture consisting of three high-quality, on-farm RNG projects in Ontario dubbed Project Radius.
It is within the latter Greenfield project that EverGen Infrastructure could stand to make its fortunes. Project Radius, located in southern Ontario, is a late-development-stage portfolio of three high-quality, on-farm RNG projects, collectively capable of producing ~1.7 million GJ/year of RNG that will contribute to the reduction of emissions from agricultural operations in southern Ontario. Each of the three projects is expected to produce ~550,000 GJ/year and will be constructed throughout 2023 and 2024.
“The acquisition of Project Radius provides a foothold in Ontario – a new and strategic jurisdiction in which EverGen can continue to participate in the consolidation and growth of the RNG industry in the near-term, as well as benefit from project economics in line with or exceeding those we have seen with our initial projects,” said Chase Edgelow, CEO of EverGen (https://nnw.fm/ZNq1s). “Working alongside Northeast to advance the projects, EverGen will deliver on our platform expansion commitments with the potential to exceed 1,000,000 GJ of RNG production annually.”
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
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