- Most of the world has stated decarbonization goals for the coming decades to protect the Earth
- EverGen is a leader in renewable natural gas, a viable option today for reach carbon neutrality
- EverGen has been growing rapidly in 18 months and recently struck a deal to generate enough RNG to power 19,000 homes in Ontario
136 countries, home to about 80 percent of the world’s population, have pledged to achieve carbon neutrality, most by the year 2050 with a few as soon as 2030 and others as far out as 2060. So far, Bhutan and Suriname both self-declared that they have achieved the lofty goal. For countries to stay on target, they need to look at available technologies that are simple alternatives to maneuver away from fossil fuels. In Canada, companies like EverGen Infrastructure (TSX.V: EVGN) (OTCQB: EVGIF) are working to develop the sustainable infrastructure that “contributes to carbon-negative energy production and greening the province.”
EverGen specializes in renewable natural gas, or RNG, a sustainable fuel source produced differently than conventional natural gas, without drilling wells. RNG is derived from biogas, which is captured from decomposing organic waste in landfills, food waste, agricultural waste matter and wastewater from treatment facilities. Sometimes called biomethane or biogas, RNG can be processed to pipeline quality as a replacement for fossil-based natural gas.
Research completed by the Canadian Urban Transit Research & Innovation Consortium (“CUTRIC”) was recently published demonstrating the feasibility of RNG as a cleaner and less expensive solution for public transit buses currently using compressed natural gas (“CNG”). Amongst other things, the “Renewable Natural Gas as a Complementary Solution to Decarbonization” report determined, “RNG fuel has the potential of being zero-carbon or even carbon-negative depending on the methods of production because its production can offset both the tailpipe emissions and the emissions of other human activities.”
Headquartered in British Columbia, EverGen has been methodically and quickly expanding its footprint across Canada under the moniker of “Canada’s Renewable Natural Gas Infrastructure Platform.”
At the end of December 2020, EverGen raised over $30 million and acquired two RNG projects in B.C. to get operations rolling. In 2021, EverGen bought Fraser Valley Biogas Ltd., nailed down offtake agreements for its RNG with FortisBC, a unit of Newfoundland-based Fortis Inc., Canada’s biggest private utility company, completed its initial public offering, partnered with municipalities for additional organic feedstock, and kept growing.
Since then, EverGen acquired a 67% interest in a biogas facility in Alberta and continued its move eastward by inking a deal to buy a 50% interest in a portfolio of RNG development projects in southern Ontario called “Project Radius.” Project Radius is a late-development-stage portfolio of three high-quality, on-farm RNG projects, collectively capable of producing approximately 1.7 million gigajoules per year of RNG.
“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, in a press release on the agreement.
To provide some color as to what type of impact EverGen can deliver just from Project Radius, consider the 20-year offtake agreement between EverGen’s subsidiary Net Zero Waste Abbotsford Inc. In that deal, EverGen previously said that Fortis will buy up to 173,000 gigajoules of RNG annually for injection into its natural gas system. It is estimated that the RNG energy meets the needs of about 1,900 residential homes. When complete, the three Project Radius facilities could meet the needs of approximately 19,000 homes.
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://ibn.fm/EVGIF
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