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VANCOUVER, British Columbia — EverGen Infrastructure Corp. (“EverGen” or the “Company”) (TSXV: EVGN) (OTCQX: EVGIF) is pleased to announce that the new 20-year Biomethane Purchase Agreement previously entered into between FortisBC Energy Inc. (“FortisBC”) and EverGen’s wholly owned subsidiary, Fraser Valley Biogas Ltd. (“FVB”), for Renewable Natural Gas (“RNG”) produced at the FVB facility (the “BPA”) is now in effect.
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Under the BPA, FortisBC will purchase RNG from FVB for inclusion in its natural gas system. When RNG is added to the North American gas system, it mixes with conventional natural gas. The more RNG is added to the gas system, the less conventional natural gas is needed, thereby helping to reduce the use of fossil fuels and overall GHG emissions. The agreement supports FortisBC’s growing renewable and lower carbon gas supply while providing EverGen with a long-term, contracted revenue stream from one of British Columbia’s earliest RNG supply relationships. FortisBC works with farms, landfills, energy companies and municipalities in British Columbia and elsewhere.
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“We would like to thank FortisBC for their continued support as a valued stakeholder of EverGen and the Fraser Valley Biogas RNG facility,” said Chase Edgelow, Co-founder and CEO of EverGen. “This agreement reflects the strength of our long-standing relationship with FortisBC and reinforces the stability and durability of our RNG platform.”
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“Our agreement with EverGen strengthens a long‑standing partnership that has helped build British Columbia’s renewable and lower 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 lower carbon, more resilient energy system while meeting BC climate action goals.”
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About Fraser Valley Biogas
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FVB, a wholly owned subsidiary of EverGen, is the original producing RNG project in Western Canada and first project to inject RNG into FortisBC’s network, part of the North American natural gas infrastructure network. The facility combines anaerobic digestion and biogas upgrading to produce RNG, including converting agricultural waste from local dairy farms. FVB also produces an organic liquid fertilizer that is used by surrounding farms to displace synthetic fertilizers. This macronutrient rich, odour free fertilizer has been a key part of many local farms’ nutrient management planning for over a decade.
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About EverGen Infrastructure Corp.
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EverGen, Canada’s Renewable Natural Gas Infrastructure Platform, is combating climate change and helping communities contribute to a sustainable future. Headquartered on the West Coast of Canada, EverGen is an established independent renewable energy producer which acquires, develops, builds, owns, and operates a portfolio of Renewable Natural Gas, waste to energy, and related infrastructure projects. EverGen is focused on Canada, with continued growth expected across other regions in North America and beyond.
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For more information about EverGen Infrastructure Corp. and our projects, please visit www.evergeninfra.com.
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EverGen uses certain financial measures referred to in this press release to quantify its results that are not prescribed by IFRS. The terms EBITDA, adjusted EBITDA and working capital are not recognized measures under IFRS and may not be comparable to that reported by other companies. EverGen believes that, in addition to measures prepared in accordance with IFRS, the non-IFRS measurement provide useful information to evaluate the Company’s performance and ability to generate cash, profitability and meet financial commitments. These non-IFRS measures are intended to provide additional information and should not be considered in isolation or as a substitute for other measures of performance prepared in accordance with IFRS. EBITDA is defined as net income (loss) before interest, tax and depreciation and amortization. Adjusted EBITDA is EBITDA adjusted for share-based payment expenses, unusual or non-recurring items, contingent consideration gains and losses and non-controlling interests in adjusted EBITDA. Working capital is calculated as current assets less current liabilities.
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Forward-Looking Information
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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, such words as “would”, “will”, “anticipates”, “believes“, ”explores“, ”expects“ and similar expressions, as they relate to EverGen, or its management, are intended to identify such forward-looking statements. More particularly, and without limitation, this press release contains forward looking statements and information concerning the Company’s expectations regarding revenue growth and future financial or operating performance and the completion of a debt refinancing and a second tranche of the private placement, including the timing and amounts thereof. Such forward-looking statements reflect the current views of EverGen with respect to future events, and are subject to certain risks, uncertainties and assumptions., including the receipt of all approvals and satisfaction of all conditions to completion of the debt refinancing and the extension and completion of the private placement and the acceptance by the Exchange of the engagement of ITG. Many factors could cause EverGen’s actual results, performance or achievements to be materially different from any expected future results, performance or achievement that may be expressed or implied by such forward-looking statements and, accordingly, no assurance can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do, what benefits EverGen will derive therefrom, and accordingly, readers are cautioned not to put undue reliance on the forward-looking statements contained in this press release.
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The Company cautions that these forward-looking statements are subject to numerous risks and uncertainties, including but not limited to: counterparty risk to closing the debt refinancing and the second tranche of the private placement; the impact of general economic conditions in Canada, including the current inflationary environment; industry conditions including changes in laws and regulations and/or adoption of new environmental laws and regulations and changes in how they are interpreted and enforced, in Canada; volatility of prices for energy commodities; change in demand for clean energy to be offered by EverGen; competition; lack of availability of qualified personnel; obtaining required approvals of regulatory authorities in Canada; ability to access sufficient capital 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 realized from the Company’s completed acquisitions; the sufficiency of EverGen’s liquidity to fund operations and to comply with covenants under its credit facility; continued growth through strategic acquisitions and consolidation opportunities; continued growth of the feedstock opportunity from municipal and commercial sources, and the factors discussed under ”Risk Factors” in the Company’s Annual Information Form dated April 22, 2024, which is available on SEDAR+ at