EverGen Infrastructure Corp. (TSX.V: EVGN) (OTCQB: EVGIF) Acquires Agricultural Energy Producer as It Seeks to Bolster RNG Production Capabilities
Aug 18, 2022
- EverGen Infrastructure recently acquired a majority stake in an Alberta-based potato farming operation, focused around capturing methane emissions from organic waste, and upgrading it to Renewable Natural Gas to sell to utilities
- The company has recently stated a goal to expand to 20 production sites within 5 years as they seek to capitalize on the Canadian electric grid’s move towards securing renewable energy feedstocks
- In recent years, a number of Canadian provinces have introduced RNG mandates for their energy supplies
- That move will soon be mimicked in the United States, with the $430bn climate bill set to be signed into law
Nestled in the foothills of the Canadian Rocky Mountains, the Perry family’s potato farming operations have supplied the likes of Frito-Lay and McCain Foods Ltd for over a generation. In recent years however, the Alberta-based operation has sought to capitalize on their agrarian operations in a manner that may not have been envisioned by its original founders – the production of renewable natural gas (“RNG”). GrowTEC, the Perry family’s power generation operation, seeks to capture the methane produced by over 15,000 tonnes of decomposing potatoes and other waste annually, using the generated electricity to power their farming operations whilst selling any excess power to the provincial grid. In July, the Perrys agreed to sell two-thirds of their budding biogas business to EverGen Infrastructure (TSX.V: EVGN) (OTCQB: EVGIF), a British-Columbia based natural gas operator, for $2.1 million. In return, EverGen will fund the investments needed to upgrade the company’s gas production, enabling it to be injected into the pipeline network under a 20-year contact with FortisBC, British Columbia’s main gas utility.
Since 2010, the global movement to replace coal with gas for power generation has prevented over 500 million tonnes of carbon dioxide from being released into the atmosphere, the carbon equivalent of upwards of 200 million internal combustion engine vehicles being replaced by…
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