EverGen Infrastructure Announces 20-Year RNG Offtake Agreement with FortisBC and Secures Long Term Feedstock Supply at the Fraser Valley Biogas Facility
Agreement provides for the purchase of up to 160,000 GJs of RNG annually by FortisBC
Feedstock supply agreement representing more than 50% of off-farm waste required to achieve name plate capacity
VANCOUVER, British Columbia, June 24, 2024--(BUSINESS WIRE)--EverGen Infrastructure Corp. ("EverGen" or the "Company") (TSXV: EVGN) (OTCQX: EVGIF) is pleased to announce the execution of a 20-year offtake agreement with FortisBC Energy Inc ("FortisBC") through its wholly owned subsidiary Fraser Valley Biogas Ltd. ("FVB"), subject to the acceptance by the British Columbia Utilities Commission.
Under the terms of the agreement, FortisBC will purchase Renewable Natural Gas ("RNG") from FVB for injection into its natural gas system. This agreement ensures a stable and predictable supply of RNG for FortisBC, while providing EverGen with a dependable customer and long-term revenue stream.
"The execution of this agreement has further solidified EverGen’s long-standing relationship with FortisBC," said EverGen CEO, Mischa Zajtmann. "We would like to thank FortisBC for their continued support as a valued stakeholder of the EverGen platform."
"We are pleased to continue our relationship with EverGen and Fraser Valley Biogas, one of our very first RNG suppliers," said David Bennett, director, renewable gas and low carbon fuels at FortisBC. "By continuing to increase our RNG supply, we are helping to reduce greenhouse gas emissions and supporting our vision to have around 75 per cent of the gas in our system be renewable and low-carbon by 2050."
EverGen has also secured a long-term feedstock supply agreement with a waste disposal consolidator in the region. The feedstock secured represents greater than 50% of the off-farm waste required to achieve name plate capacity.
"Securing this long-term energy rich waste, along with our previously secured feedstock streams, ensures input security for the FVB project," said EverGen CEO, Mischa Zajtmann. "With both offtake and feedstock agreements in place on a long-term basis, EverGen has significantly de-risked the FVB project."
About Fraser Valley Biogas
FVB, a wholly owned subsidiary of EverGen, is the original producing RNG project in Western Canada and first project to inject RNG into FortisBC’s network, part of the North American natural gas infrastructure network. The facility combines anaerobic digestion and biogas upgrading to produce RNG, including converting agricultural waste from local dairy farms. FVB also produces an organic liquid fertilizer that is used by surrounding farms to displace synthetic fertilizers. This macronutrient rich, odour free fertilizer has been a key part of many local farms’ nutrient management planning for over a decade.
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.
Forward-Looking Information
This news release contains certain forward-looking statements and/or forward-looking information (collectively, "forward looking statements") within the meaning of applicable securities laws. When used in this release, such words as "would", "will", "anticipates", "believes", "explores", "expects" and similar expressions, as they relate to EverGen, or its management, are intended to identify such forward-looking statements. More particularly, and without limitation, this press release contains forward looking statements and information concerning the Company’s expectations regarding revenue growth and future financial or operating performance. Such forward-looking statements reflect the current views of EverGen with respect to future events, and are subject to certain risks, uncertainties and assumptions. Many factors could cause EverGen’s actual results, performance or achievements to be materially different from any expected future results, performance or achievement that may be expressed or implied by such forward-looking statements and, accordingly, no assurance can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do, what benefits EverGen will derive therefrom, and accordingly, readers are cautioned not to put undue reliance on the forward-looking statements contained in this press release.
The Company cautions that these forward-looking statements are subject to numerous risks and uncertainties, including but not limited to: the impact of general economic conditions in Canada, including the current inflationary environment; industry conditions including changes in laws and regulations and/or adoption of new environmental laws and regulations and changes in how they are interpreted and enforced, in Canada; volatility of prices for energy commodities; change in demand for clean energy to be offered by EverGen; competition; lack of availability of qualified personnel; obtaining required approvals of regulatory authorities in Canada; ability to access sufficient capital from internal and external sources; optimization and expansion of organic waste processing facilities and RNG feedstock; the realization of cost savings through synergies and efficiencies expected to be realized from the Company’s completed acquisitions; the sufficiency of EverGen’s liquidity to fund operations and to comply with covenants under its credit facility; continued growth through strategic acquisitions and consolidation opportunities; continued growth of the feedstock opportunity from municipal and commercial sources, and the factors discussed under "Risk Factors" in the Company’s Annual Information Form dated April 22, 2024, which is available on SEDAR+ at www.sedarplus.ca, many of which are beyond the control of EverGen. Forward-looking statements included in this news release should not be read as guarantees of future performance or results. The forward-looking statements contained in this release are made as of the date of this release, and except as may be expressly required by applicable law, EverGen disclaims any intent, obligation or undertaking to publicly release any updates or revisions to any forward-looking statements contained herein whether as a result of new information, future events or results or otherwise. This news release shall not constitute an offer to sell or the solicitation of an offer to buy the securities in any jurisdiction.
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