- EverGen appears poised to deliver on its rapid growth strategy and solidify its market position within the RNG space
- Company announced acquisition of 50% stake of Ontario’s Project Radius, following recently announced plans to acquire a 67% interest in Alberta-based GrowTec
- Deal positions EverGen as leading RNG infrastructure platform in Canadian market
EverGen Infrastructure (TSX.V: EVGN) (OTCQB: EVGIF), a company that develops, owns, and operates projects that convert organic waste into renewable natural gas (“RNG”), appears poised for rapid growth as the green energy market heats up. “We’re a young company, but we’re establishing ourselves very quickly as one of the leaders in the space – especially in Canada,” said in a recent interview Chase Edgelow, Co-Founder and CEO of EverGen (https://ibn.fm/WYPf0). The company has recently announced the acquisition of a 50% stake in Ontario’s Project Radius, a move that catapults EverGen into a whole new stratosphere of growth as the leading RNG infrastructure platform in its domicile Canadian market (https://ibn.fm/352PK). The company is forging ahead, eyeing opportunities to expand its market presence both internationally and in Canada.
Poised to become a leading player in the burgeoning RNG space, EverGen aims to deliver on its aggressive growth strategy. Following the letter of intent to acquire a 67% interest in Alberta-based GrowTec that was announced in March, the company continues to eye compelling market opportunities to capitalize on the booming RNG market. EverGen announced that on May 20, 2022, it entered into definitive agreements with Northeast Renewables LP to acquire a 50% interest in Ontario-based Project Radius for a cash contribution of $1.5 million. As a result, EverGen now boasts a unique market position as the leading RNG infrastructure platform in Canada, with a presence in three of the four largest Canadian jurisdictions with plans to expand further.
As a late-development-stage portfolio of three high-quality, on-farm RNG projects, Project Radius is in late-stage negotiations for feedstock supply with multiple aggregators, as well as offtake agreements with utility-scale distribution companies. The deal is expected to advance the projects to the Notice-to-Proceed development phase within the next six months. The investment, which represents 50% of the initial development funding tranche of $3.0 million, is financed from EverGen’s existing working capital and operating cash flow.
“The acquisition of Project Radius provides a foothold in Ontario – a new and strategic jurisdiction in which EverGen can continue to participate in the consolidation and growth of the RNG industry in the near-term, as well as benefit from project economics in line with or exceeding those we have seen with our initial projects,” said Chase Edgelow, CEO of EverGen.
The move comes against the backdrop of a rapidly expanding renewable energy market, with Canadian utilities increasingly keen to embrace the RNG energy trend. For example, in British Columbia, EverGen’s home jurisdiction, FortisBC leads the field with its 20-year contracted offtakes to companies like EverGen to supply green energy. Partnerships like this provide certainty for the company’s business, allowing it to continue to expand its project pipeline.
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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