- The Renewable Natural Gas (“RNG”) market is forecast to grow to an annual market size of $72.13 billion by 2027
- EverGen purchased a 66% stake in Albert-based agri operation, GrowTEC for a gross consideration of $2.1 million
- EverGen are in the process of building out the required infrastructure needed to inject the company’s RNG production into the local electric grid
- Elsewhere, the company also announced that Sean Hennessey would take over the vacant CFO position, substituting the company’s existing interim CFO, Natasha Monk
On October 9th, Chevron announced their intention to produce and market dairy biomethane as a renewable natural gas (“RNG”) transportation fuel in California. Meanwhile and across the country, Michigan regulators began to review permit applications for a new renewable natural gas plant situated on a landfill site as a way to tackle the land mass’ toxic air contaminant emissions. With growth within the renewable natural gas sector proceeding at a breakneck pace, it comes as no surprise that a recent study has forecast the renewable natural gas market size to swell to an annual value of $72.13 billion by 2028, equivalent to a CAGR of 44.0% over the next six years. British-Columbia based natural gas operator, EverGen Infrastructure (TSX.V: EVGN) (OTCQX: EVGIF) in particular has been on the very forefront of the sector’s development within Canada and the world.
In early October, EverGen Infrastructure revealed that construction on Phase 1 of their GrowTEC RNG Expansion project was 80 percent complete, whilst simultaneously tracking ahead of schedule. Having acquired a 66 percent shareholding in the Alberta-based agricultural operation earlier this year for a gross consideration of $2.1 million, EverGen has sought to expand GrowTEC’s production capacity – one which had previously seen it capture the methane emanating from upwards of 15,000 tonnes of organic waste annually. The expansion works are now nearing completion, with construction of the injection infrastructure needed to tie the operation’s biogas and power production into the local pipeline network expected to conclude as early as next month (https://ibn.fm/H0F7J).
Once complete, the operation is expected to produce and sell approximately 80,000 gigajoules of RNG on an annual basis to FortisBC, with the British-Columbia based gas utility having recently entered into a long-term offtake agreement with GrowTEC. Going forward, EverGen Infrastructure and GrowTEC anticipate adding a further 60,000 gigajoules of RNG to their existing production capacity, taking total production capacity within the operation to 140,000 gigajoules per annum.
Chase Edgelow, CEO of EverGen commented in regard to the project, “We are thrilled with the pace at which our team has delivered this project.” He continued, “Phase 1 is tracking ahead of schedule and once commissioned, the project will further contribute to and strengthen our positive cash flow position.
Separately and in addition to the development of its GrowTEC project and alongside the operation of its existing production facilities, EverGen Infrastructure also used the opportunity to disseminate a recent and significant management change among its various stakeholders. EverGen announced the appointment of Sean Hennessy as Chief Financial Officer (“CFO”), effective immediately. Prior to his appointment as CFO, Sean had held the position of Vice President, Finance & Controller within the company.
“We are excited to add Sean to our executive team,” said Chase Edgelow, CEO of EverGen (https://ibn.fm/XjUiF). “Sean brings extensive financial and strategic experience to EverGen. He has been deeply involved with EverGen since the beginning of this year and this move is a seamless transition to bring our CFO role in-house.”
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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