- EverGen Infrastructure Corp. is a Canadian Renewable Natural Gas (“RNG”) operator creating a world class RNG infrastructure platform
- Renewable natural gas, which is largely obtained as a by-product of decomposing organic waste, has been hailed as a key tool in the global drive towards decarbonization
- EverGen currently operates three organic waste processing and RNG projects in British Columbia, Canada, including Fraser Valley Biogas, Western Canada’s first RNG facility which has been in continuous operation since 2011
- The company anticipates the sector to expand to an annual value of upwards of C$16 billion by 2030
North American Natural Gas prices have risen by over 35% in what may be the most tumultuous start to a year in recent history. Strong demand from across the North American region, coupled with multiple cold fronts, and geo-implications resulting from the Russia-Ukraine war have all come together to drive natural gas prices to some of their highest levels in recent history. Meanwhile, the combination of skyrocketing fossil fuel prices coupled with a global drive to reduce carbon emissions has prioritized the need to seek out alternative energy sources.
EverGen Infrastructure (TSX.V: EVGN) (OTCQB: EVGIF), a British Columbia-based RNG developer, owner and operator, has been one of the principal companies involved in the development of Canada’s RNG Infrastructure, a programme seeking to combat climate change and help communities contribute to a sustainable future by acquiring, developing, building, owning and operating a portfolio of renewable natural gas, waste-to-energy and related infrastructure projects.
Unlike conventional natural gas, which is obtained through wells and as a by-product of oil drilling, RNG is derived from biogas, which in turn gets captured from decomposing organic waste in landfills, food waste, agricultural waste matter and wastewater from treatment facilities. EverGen, which was founded two years ago by Chase Edgelow, has been designed to simultaneously tackle two of the world’s most pressing environmental issues – decreasing carbon emissions whilst reducing waste.
“We need to deal with our waste, as humans,” stated Edgelow in a recent interview. “We need waste infrastructure. But we also want to decrease carbon emissions. So why would we let the energy from that waste infrastructure go straight into the atmosphere and go to waste?” (https://ibn.fm/EFnCx)
According to the World Biogas Association, organic waste resulting from food production, farming and landfills is responsible for approximately 25% of methane production, a harmful greenhouse gas. Through its focus on RNG, EverGen Infrastructure harnesses the methane from organic waste to create an environmentally friendly alternative to natural gas, which can subsequently be used to heat homes and even power automobiles.
EverGen has already successfully embarked on this goal, through its ownership of Fraser Valley Biogas, Western Canada’s first RNG facility, which has been in continuous operation since 2011. The facility combines anaerobic digesting and biogas upgrading technologies to produce RNG from the manure produced by local dairy farms. The RNG is then contracted to FortisBC, British Columbia’s largest privately-owned utility, which has expressed a desire to source up to 15% of its gas supply from RNG by 2030. With three projects, including Fraser Valley Biogas, currently in its portfolio within the region, EverGen forecasts the sector to balloon to an annual value upwards of C$16billion+ by 2030 (https://ibn.fm/X8j36).
Joe Mazza, vice-president of energy supply and resource development for FortisBC, remarked in relation to the company’s drive towards sourcing more of its energy through RNG: “It’s a cost-effective solution for decarbonization.” While RNG is more expensive than traditional natural gas, it comes with the advantage of being a “drop-in fuel,” meaning no costly changes to transmission infrastructure or appliances are required.
Cost has historically been an impediment towards widespread RNG adoption; despite its laudable green credentials, a 2019 study prepared for the American Gas Foundation found that the median cost of developing RNG projects was approximately $18 per million BTUs (“MMBTUs”) (https://ibn.fm/YNYd8), a cost which has historically far surpassed that of conventional natural gas. However, and with liquefied natural gas prices hitting a record high of more than $59 per MMBTU in early March 2022 (https://ibn.fm/JhdUY), the idea of an environmentally friendly and renewable alternative to traditional natural gas has rapidly gained attention the world over. While more costly, RNG production generates valuable renewable attributes and a cost effective decarbonization path. As one of the most significant RNG producers in Western Canada, EverGen is well placed to take part in one of the most dramatic shifts within global energy production in recent history.
For more information about EverGen Infrastructure Corp. and its projects, please visit 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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