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EverGen completes majority acquisition of GrowTEC

EverGen completes majority acquisition of GrowTEC
EverGen Infrastructure Corp. (EverGen) has completed a previously announced majority stake in Alberta’s Grow the Energy Circle Ltd (GrowTEC) biogas facility (photo courtesy EverGen).

In Canada, EverGen Infrastructure Corp. (EverGen), an independent renewable energy producer which acquires, develops, builds, owns, and operates a portfolio of renewable natural gas (RNG), waste-to-energy (WtE), and related infrastructure projects, has announced that it has completed a previously announced majority stake in a biogas facility in Alberta (AB).

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EverGen has completed the acquisition of a 67 percent interest in Alberta’s Grow the Energy Circle Ltd (GrowTEC).

GrowTEC, located on the Perry Family farm near Lethbridge, Alberta (AB), is a multi-faceted bioenergy venture of sustainable agriculture, integrating responsible best practices and renewable energy.

We are very pleased to complete the acquisition of GrowTEC and begin working alongside the GrowTEC team to convert the project to an RNG facility that supports the transition to carbon-negative energy production in Alberta, said Chase Edgelow, CEO of EverGen.

Upgrade biogas to RNG

At the core of GrowTEC is an operating farm-scale biogas facility consisting of an anaerobic digester (AD) that has been converting biodegradable waste into biogas and generating renewable power for over seven years.

EverGen and GrowTEC will be completing additions to the facility this year to process the biogas and upgrade it to biomethane (aka RNG) which will be tied into the local pipeline network.

The project has an offtake agreement with FortisBC and will contribute to FortisBC’s target to have at least 15 percent of its gas supply carbon neutral by 2030.

RNG under development

The project is currently in Phase 1 of development which is expected to produce 80 000 gigajoules (GJ) of RNG annually and will be complete by Q4 2022.

EverGen will work with the GrowTEC team to commence Phase 2 expansion which is expected to add an additional 60 000 GJ of RNG annually for a total of 140 000 GJ of RNG production annually from the project.

Along with our recently announced acquisition of RNG development projects in Ontario, EverGen is expanding across the country, now in three of the four largest Canadian jurisdictions for RNG. Our focus on industry consolidation and the build-out of our RNG infrastructure platform is well underway as we move toward the potential to produce over one million GJ of RNG annually, Chase Edgelow said.

EverGen acquired a 67 percent interest in the project for cash consideration of CA$2.1 million, subject to working capital adjustments, and the issuance of 600 000 common shares of EverGen that were issued on July 13, 2022.

Additional cash consideration of up to CA$4.0 million will be made upon achievement of certain operational milestones. Cash consideration for EverGen’s interest in the project was funded from existing working capital and cash flow from operations.

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