- Traditional natural gas extraction pollutes air, contaminates water, disturbs landscape
- Renewable natural gas is derived from organic sources, compatible with existing traditional natural gas pipeline grid
- EverGen operates projects in British Columbia and Alberta, recently acquired 50 percent stake in Ontario-based Project Radius located in Eastern Canada
- Company recently signed $31 million senior term loan to help fund RNG facility upgrades and expand projects
Traditional pipeline natural gas is extracted by vertical or horizontal drilling, and hydraulic fracturing. Well-drilling activities pollute the air, disturb lands, and contaminate water, while hydraulic fracturing – widely referred to as “fracking” – has similar consequences in addition to causing earthquakes (https://ibn.fm/ldZri).
In contrast, renewable natural gas (“RNG”) is derived from organic sources while still being compatible with North America’s existing gas pipeline grid. EverGen Infrastructure (TSX.V: EVGN) (OTCQX: EVGIF) is leading the movement in Canada by acquiring, developing, building, and operating a portfolio of RNG, waste-to-energy, and related infrastructure projects.
“Renewable natural gas, in Canada and the U.S., is a market that’s really starting to pick up steam,” said EverGen’s CEO and Co-Founder Chase Edgelow on a recent episode of IBN’s Bell2Bell Podcast (https://ibn.fm/fJLS8). “The gas utilities on both sides of Canada – the West Coast and Quebec – have both set targets of 15-20 percent of their volume to come from RNG or renewable products by 2030.”
As part of its national expansion, EverGen recently acquired a 50 percent interest in Project Radius, a portfolio of RNG development projects in Ontario that include three RNG projects collectively capable of producing approximately 1.7 million RNG GJ/year. Scheduled to be constructed throughout 2023 and 2024, the acquisition provides EverGen with a foothold in the East that the company can use to participate in the consolidation and growth of the Canadian RNG industry.
“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,” said Edgelow (https://ibn.fm/lSObZ). “Ontario has an abundant amount of excess organic feedstock, and as a leader in the RNG industry, EverGen can develop the sustainable infrastructure that contributes to carbon-negative energy production and the greening of the province.”
To support its West coast projects, EverGen recently signed a $31 million senior term loan to help fund RNG facility upgrades and expand projects. “We’re fully funded to take our core expansion projects from where they are today (we’re cash flow positive today) to north of $13 million in EBITDA from those core assets, which are located in British Columbia and Alberta now with our acquisition of GrowTEC,” said Edgelow in comments referring to the company’s acquisition of the Alberta-based renewable natural gas facility.
“When you add it all together, we’ve got a business capable of delivering $30 million of EBITDA from the portfolio that we have in front of us, and we see 25+ projects in Canada that could deliver 4x growth beyond that. There’s a tremendous amount of opportunity in this space right now.”
Based in Vancouver, British Columbia, EverGen is an established independent renewable energy producer that is committed to combating climate change and contributing to a sustainable future. The company currently focuses on Canada with the long-term goal of developing RNG infrastructure throughout North America and beyond.
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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