- EverGen renews offtake agreement at Fraser Valley Biogas that covers up to 190,000 gigajoules of RNG annually at more favorable pricing compared to original agreement
- Offtake marks key milestone that enables full funding of company’s Core RNG Expansion project at FVB and another step towards its target of 1,000,000 GJ of RNG per year
- Company partnered with Adelaide, investor relation firm with developed network of investors across North America and globally, to raise its visibility before expanded pool of investors as it prepares to embark on rapid expansion chapter in its growth trajectory
EverGen Infrastructure (TSX.V: EVGN) (OTCQX: EVGIF) has announced that its wholly owned subsidiary Fraser Valley Biogas Ltd. has signed a term sheet for a long-term RNG offtake agreement intended to replace the existing agreement as it approaches the end of the term (https://ibn.fm/rw136). As a legal contract in which a buyer agrees to purchase a certain amount of the product at set price points, offtakes are an essential tool for producers to secure a predictable revenue stream for the project and improve access to funding. The term sheet for the new deal, expected to cover the purchase of up to 190,000 gigajoules of RNG annually from FVB, is penned amid considerably stronger market pricing compared to when the facility initially started. This milestone supports full funding of EverGen’s Core RNG expansion project at FVB and marks an important step towards the company’s goal of 1,000,000 GJ of RNG per year from its core RNG expansion and development project portfolio.
EverGen acquired Fraser Valley Biogas in 2021 and is currently working to enhance and expand the facility. Located in Abbotsford, BC, Fraser Valley Biogas, has been digesting manure and off-farm organics since 2011, combining anaerobic digestion and biogas upgrading to produce RNG, mainly by processing agricultural waste from local dairy farms. Known as the original producing RNG facility in Western Canada, it is also the first project to produce RNG into FortisBC’s network.
“This marks another key milestone for EverGen and underpins our expansion at Fraser Valley Biogas,” said Chase Edgelow, CEO of EverGen. “Our Core RNG expansion projects are fully funded to deliver RNG production of nearly half a million GJ annually, using a solution that captures greenhouse gases to supply low-carbon energy, supporting the energy transition,” he concluded.
As EverGen seeks to accelerate growth to achieve ambitious targets, it has partnered with Adelaide Capital, a major investor relations and capital markets advisory firm specializing in small and mid-cap companies, to provide investor relations and consulting services to the company. To respond to the new market reality, growing public companies often need investor relation partners to help them raise their visibility, create investor awareness, improve investor communication, and strengthen relationships with the broader investment community. Through its capital markets program, Adelaide – which prides itself on personal connections to a sizable network of investors across North America and globally – will assist EverGen in activities such as non-deal roadshows, virtual campaigns, conferences, and investor communication. The deal, which is to be approved by the company’s Board of Directors, involves a monthly fee of C$10,000, as well as 15,000 stock options at an exercise price of $2.75 per share and a three-year term.
“We are thrilled to be working with Adelaide Capital, who will provide us with a comprehensive investor relations platform and help strengthen our communication with current and prospective shareholders as we pursue our next leg of growth,” said Chase Edgelow as he announced the partnership.
Positioned as a leading RNG platform boasting a robust pipeline of projects with the potential to deliver significant RNG volumes and help Canada accelerate the energy transition, EverGen seeks to make a meaningful impact on both the industry and the environment. The company appears to have a strong position to expedite growth as the country’s RNG infrastructure platform as it remains committed to delivering on its ambitious goals for a more sustainable future.
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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