EverGen Infrastructure Announces New 20-Year Insolvency Agreement with FortisBC Energy Inc. Now It’s Working

0 0 5 minutes read

Article content

VANCOUVER, British Columbia — EverGen Infrastructure Corp. (“EverGen” or the “Company”) (TSXV: EVGN) (OTCQX: EVGIF) is pleased to announce that a 20-year Biomethane Purchase Agreement was previously entered into between FortisBC Energy Inc. (“FortisBC: EVGN”) and Evertis. (“FVB”), for Renewable Natural Gas (“RNG”) produced at the FVB facility (“BPA”) is now operational.

Article content

Under the BPA, FortisBC will purchase RNG from FVB for inclusion in its natural gas system. When RNG is added to the North American natural gas system, it is mixed with regular natural gas. When RNG is added to the gas system, less natural gas is needed, thus helping to reduce fossil fuel consumption and overall GHG emissions. The agreement supports FortisBC’s growing renewable and low carbon footprint while providing EverGen with a long-term contract revenue stream from one of British Columbia’s first RNG supply partnerships. FortisBC works with farms, landfills, energy companies and municipalities in British Columbia and elsewhere.

Article content

“We would like to thank FortisBC for their continued support as key stakeholders of EverGen and the Fraser Valley Biogas RNG facility,” said Chase Edgelow, Co-founder and CEO of EverGen. “This agreement demonstrates the strength of our long-standing relationship with FortisBC and reinforces the stability and strength of our RNG platform.”

Article content

“Our agreement with EverGen strengthens a long-standing relationship that has helped build British Columbia’s renewable carbon gas system,” said Nick Bloomfield, director of renewable gas and low carbon fuels at FortisBC. “This 20-year Biomethane Purchase Agreement reinforces our commitment to securing a stable supply of locally produced RNG and supports the continued growth of a low-carbon, sustainable energy system while meeting BC’s climate action goals.”

Article content

About Fraser Valley Biogas

Article content

FVB, a wholly owned subsidiary of EverGen, is the first RNG producing system in Western Canada and the first RNG injection project into the FortisBC network, part of the North American natural gas infrastructure network. The facility combines anaerobic digestion and biogas development to produce RNG, including converting agricultural waste from local dairy farms. FVB also produces organic liquid fertilizers that are used by surrounding farms to replace artificial fertilizers. This rich, odorless fertilizer has been an important part of the nutrient management plan of many farms for more than a decade.

Article content

About EverGen Infrastructure Corp.

Article content

EverGen, Canada’s Renewable Natural Gas Infrastructure Platform, is fighting climate change and helping communities contribute to a sustainable future. Headquartered on Canada’s West Coast, EverGen is an independent renewable energy producer that acquires, develops, builds, manages and operates a portfolio of Renewable Natural Gas, waste-to-energy, and related infrastructure projects. EverGen is focused on Canada, with continued growth expected in other regions in North America and beyond.

Article content

For more information about EverGen Infrastructure Corp. and our projects, please visit www.evergeninfra.com.

Article content

EverGen uses certain financial measures discussed in this press release to calculate its non-IFRS results. The terms EBITDA, adjusted EBITDA and working capital are not recognized measures under IFRS and cannot be compared to those reported by other companies. EverGen believes that, in addition to measures prepared in accordance with IFRS, non-IFRS measurements provide useful information to evaluate the Company’s performance and ability to generate cash, profitability and meet financial obligations. These non-IFRS measures are intended to provide additional information and should not be considered alone or as a substitute for other performance measures prepared in accordance with IFRS. EBITDA is defined as earnings (loss) before interest, taxes and depreciation and amortization. Adjusted EBITDA is EBITDA adjusted for share-based payment expenses, extraordinary or non-recurring items, deemed gains and losses and non-controlling interests in adjusted EBITDA. Working capital is counted as current assets under current liabilities.

Article content

Forward-Looking Information

Article content

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, words such as “would”, “expect”, “believe”, “expect”, “expect” and similar expressions, as they relate to EverGen, or its management, are intended to identify forward-looking statements. In particular, and without limitation, this press release contains forward-looking statements and information regarding the Company’s expectations regarding revenue growth and future financial or operational performance and the completion of the debt repayment and the second phase of the private placement, including its timing and amounts. Such forward-looking statements reflect the current situation EverGen’s opinions regarding future events, and are subject to certain risks, uncertainties and assumptions., including the receipt of all approvals and satisfaction of all conditions for the completion of the debt repayment and the extension and completion of the private placement and the acceptance by the Exchange of the engagement of ITG. A number of factors could cause EverGen’s actual results, performance or achievements to differ materially from any expected future results, performance or achievements that may be expressed or implied by such forward-looking statements and, accordingly, no assurance can be given that any events anticipated by the forward-looking statements will or will occur, or if any, what benefits EverGenom will bring to the customer. undue reliance on the forward-looking statements contained in this press release.

Article content

The Company cautions that these forward-looking statements are subject to a number of risks and uncertainties, including but not limited to: risks from foreign countries closing the debt financing and the second phase of the private placement; the impact of general economic conditions in Canada, including the current state of inflation; industry conditions including changes in laws and regulations and/or the adoption of new environmental laws and regulations and changes in the way they are interpreted and applied, in Canada; volatility in energy commodity prices; changes in the demand for clean energy to be supplied by EverGen; competition; lack of qualified personnel; obtaining necessary approvals from regulatory authorities in Canada; the ability to obtain sufficient funds 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 derived from the completed acquisition of the Company; the adequacy of EverGen’s capital to fund operations and to comply with the covenants under its credit facility; continued growth through strategic acquisitions and merger opportunities; continued growth in food stock opportunities from municipal and commercial sources, and the factors discussed under “Risk Factors” in the Company’s Annual Information Form dated April 22, 2024, available on SEDAR+