EverGen Secures 20-Year Long-Term RNG Deal with FortisBC

EverGen Infrastructure Corp. ("EverGen" or the "Company") has announced the execution of a 20-year offtake agreement with FortisBC Energy Inc. ("FortisBC") through its wholly owned subsidiary Fraser Valley Biogas Ltd. ("FVB"), contingent upon approval from the British Columbia Utilities Commission. This agreement marks a significant milestone for EverGen, ensuring long-term stability and growth.

FortisBC has finalized an agreement to purchase up to 160,000 gigajoules (GJs) of Renewable Natural Gas (RNG) annually. This deal supports their goal of increasing renewable and low-carbon gas in their system to 75% by 2050. Concurrently, EverGen secured a significant feedstock supply agreement covering over 50% of the off-farm waste needed to reach the nameplate capacity at the Fraser Valley Biogas project.

Under the terms of the agreement, FortisBC will purchase Renewable Natural Gas ("RNG") from FVB for injection into its natural gas system. This arrangement guarantees FortisBC a reliable and consistent supply of RNG, aligning with their sustainability goals. For EverGen, this partnership secures a dependable customer and a steady revenue stream over the next two decades, reinforcing its position in the renewable energy market.

EverGen CEO Mischa Zajtmann emphasized the strengthened relationship with FortisBC following the execution of a new agreement. This development solidifies the long-standing partnership between EverGen and FortisBC, a key stakeholder in EverGen's platform. Zajtmann expressed gratitude for FortisBC's ongoing support, acknowledging its importance in EverGen's growth and operations. The collaboration highlights the mutual commitment to advancing shared goals and reflects the trust and synergy between the two entities. This agreement is a testament to EverGen's strategic partnerships and its dedication to fostering robust relationships within the industry, further propelling their initiatives and projects forward.

David Bennett, Director of Renewable Gas and Low Carbon Fuels at FortisBC, expressed satisfaction in maintaining their partnership with EverGen and Fraser Valley Biogas, one of their initial suppliers of renewable natural gas (RNG). He highlighted that by boosting their RNG supply, FortisBC is contributing to the reduction of greenhouse gas emissions. This initiative aligns with FortisBC's vision to have approximately 75% of the gas in their system be renewable and low-carbon by 2050, supporting their long-term sustainability goals.

EverGen CEO Mischa Zajtmann stated that securing this long-term, energy-rich waste, along with previously secured feedstock streams, guarantees input security for the Fraser Valley Biogas (FVB) project. With both offtake and feedstock agreements now established on a long-term basis, EverGen has significantly reduced the risks associated with the FVB project. This strategic move ensures stable operations and supports the project's success in producing renewable natural gas.

EverGen strategically secured a long-term feedstock supply agreement with a key regional waste disposal consolidator. This move significantly mitigates concerns around feedstock availability, a critical factor for biogas facilities. The agreement guarantees access to over half the off-farm organic waste EverGen requires to operate at full capacity, putting them well on track to achieve their production goals.