- Funds will be used for the expansion of the RNG facility at Pacific Coast Renewables to produce ~185,000GJ of RNG annually
- Project funding was announced at the Government of Canada and British Columbia’s First Regional Energy and Resource Table
- The Pacific Coast Renewables RNG expansion project is now fully funded unlocking further EBITDA growth
EverGen Infrastructure Corp. (“EverGen” or the “Company”) (TSXV: EVGN) (OTCQX: EVGIF), is pleased to announce that it has been awarded funding of $10.5 million from Natural Resources Canada’s (“NRCan”) Clean Fuels Fund to support the development of EverGen’s Renewable Natural Gas (“RNG”) expansion at the Pacific Coast Renewables facility (“PCR”, formerly Net Zero Waste Abbotsford), subject to the execution of a contribution agreement.
"We are honored to be recognized and awarded funding by NRCan’s Clean Fuels Fund. As a leader in Canada’s domestic clean fuels industry, the confidence and support from the federal government is an important endorsement." said Chase Edgelow, CEO of EverGen. “We are a Canadian-based platform focused on building, owning, and operating RNG infrastructure, and are actively consolidating Canada's fragmented RNG industry to create a more sustainable future for all Canadians."
While the award recognizes EverGen's broader impact, it will specifically help the expansion of the PCR RNG facility. The capital expansion project at PCR will add anaerobic digestion ("AD") capabilities to produce biogas, which will then be upgraded to RNG to feed into FortisBC’s gas network under an existing 20-year off-take agreement. The expansion is designed to produce ~185,000 GJ of RNG per year. In addition to RNG, the facility will produce liquid digestate fertilizer, alongside the solid organic fertilizer that is produced through the AD process.
The British Columbia Regional Energy and Resource Tables Framework
The PCR RNG Expansion Project was selected as part of the collaborative framework of the Regional Energy and Resource Tables hosted by the Government of Canada and British Columbia for accelerating a low-carbon economy. This announcement underscores EverGen’s pivotal role in driving sustainable energy solutions and commitment to a greener future.
The Regional Energy and Resource Tables, jointly organized by the Government of Canada and British Columbia, serves as a platform to foster collaboration, innovation, and shared objectives in the energy sector. The inclusion of PCR’s RNG Expansion Project showcases EverGen’s dedication to advancing renewable energy and aligning with government efforts to build a sustainable future for Canada.
Investor Relations
During 2022, the Company engaged Investor Brand Network (“IBN”) to provide editorial content, custom media, additional branding, and marketing support in exchange over a 14-month period for total consideration of $125,000. The engagement was completed in April 2023.
RSU and Stock Options Grant
Pursuant to the Company’s Equity Incentive Plan, on June 23, 2023, the Company granted a total of 26,004 restricted share units (RSUs) and 222,857 stock options to officers of the Company. The stock options each have an exercise price of $3.01 per share and are exercisable over a seven-year term from the date of the grant.
About the Clean Fuels Fund
The Clean Fuels Fund is a program developed by the Government of Canada's NRCan department, aimed at supporting the growth of the domestic clean fuels industry and reducing Canada's greenhouse gas emissions. The program aims to create a low-carbon economy, advance clean technology, and promote sustainable development. The Clean Fuels Fund is part of the Government of Canada's larger plan to reach net-zero emissions by 2050, and it aligns with Canada's strengthened climate plan - A Healthy Environment and a Healthy Economy. By supporting the growth of the clean fuels industry in Canada, the program will help to reduce emissions and create a more sustainable future for all Canadians.
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.
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