EverGen (TSX.V: EVGN) (OTCQX: EVGIF), Canada’s renewable natural gas (“RNG”) infrastructure platform, is reporting on its second-quarter 2023 financial results and corporate milestones. Highlights of the report include the company being awarded $10.5 million in funding from Natural Resources Canada’s Clean Fuels Fund, with the funds earmarked for its Pacific Coast Renewables RNG expansion project; the announcement by GrowTEC of the first injection of RNG to the grid, marking the completion of phase I of the RNG expansion project; and the draw down of a $15 million tranche from $31 million senior term loan facility, which will provide funding for the Fraser Valley Biogas RNG expansion project. The report also noted that progress on the Fraser Valley Biogas Project construction has made significant advancement and is on track for completion next month. In addition, the company reported $9.5 million in cash and cash equivalents as of June 30, 2023; revenues of $2.2 million, a 9% decrease from Q2 2022, mostly due to lower RNG production at Fraser Valley Biogas during the construction period of the core RNG expansion project; net loss of $0.9 million for the quarter; and adjusted EBITDA of $0.4 million for Q2 2023, which was consistent with Q2 2022. “Our recent achievements underpin EverGen’s successful transition into the execution phase of our core expansion projects,” said EverGen CEO Chase Edgelow in the press release. “This, coupled with the substantial funding support we recently received for the Pacific Coast RNG project, validates our leadership and commitment to our stakeholders while furthering Canada’s energy transition goals.”
To view the full press release, visit https://ibn.fm/AZm77
About EverGen Infrastructure Corp.
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 that 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. For more information about EverGen and its products, visit 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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