EverGen (TSX.V: EVGN) (OTCQB: EVGIF), Canada’s renewable natural gas (“RNG”) infrastructure platform, is reporting its financial results for first quarter of 2022, or the period ended March 31, 2022. Highlights of the report, which are all in Canadian dollars, include revenues of $1.4 million, similar to the $1.6 million reported in the first quarter of 2021; net loss of $0.2 million, a significant improvement from the $1.2 million from the same period in 2021; adjusted EBITDA of $0.6 million, another increase from the $0.2 million reported for the same period the year before; and cash and cash equivalents of $20.2 million with a working capital surplus of $19.2 million as at March 31, 2022. Corporate highlights include more than $1.7 million of insurance progress payments, which the company noted covers lost revenues and flood-related expenses to date at its FVB facility and an estimated 60% of flood-related expenses through March 31, 2022, at its NZWA facility, as well as the signing of a letter of intent to acquire a 67% interest in Grow the Energy Circle Ltd., a biogas facility in Alberta. In addition, the report also included a mention of the company’s second-quarter acquisition of a 50% interest in Project Radius, a portfolio of late-development-stage projects in Ontario. The report noted that collectively the three projects have the potential to produce ~1.7 million GJ/year and will be constructed throughout 2023 and 2024. “EverGen is in a strong position to expedite growth as Canada’s RNG infrastructure platform, and we have continued to deliver on our goals,” said EverGen CEO Chase Edgelow in the press release. “We were able to expand our footprint into Alberta with the LOI to acquire a 67% interest in GrowTEC, a stepping-stone project towards our regional expansion in a strategic jurisdiction and expected consolidation of the RNG industry in Canada.”
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About EverGen Infrastructure Corp.
EverGen, Canada’s renewable natural gas infrastructure platform, is combating climate change and helping communities contribute to a sustainable future. 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.
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