EverGen Infrastructure Corp. Reports Q2 2022 Results & Provides Quarterly Update and Highlights


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  • Acquired a 50% interest in Project Radius
  • Completed the acquisition of a 67% interest in GrowTEC
  • Term sheet agreed for $31 million Senior Term Loan Facility with Roynat and EDC
  • Cash and cash equivalents of $17 million
  • Core RNG expansion projects fully funded
  • Confirmation of additional $1.5 million of insurance proceeds

VANCOUVER, British Columbia — EverGen Infrastructure Corp. (“EverGen” or the “Company”) (TSXV: EVGN) (OTCQB: EVGIF), today reported financial results as at and for the three- and six-month periods ended June 30, 2022 (“Q2 2022”). All amounts are in Canadian dollars unless otherwise stated and are in accordance with IFRS.

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For further information on the results please see the Company’s Consolidated Financial Statements and Management’s Discussion and Analysis filed on SEDAR at www.sedar.com and on EverGen’s website at www.evergeninfra.com.

“We are excited to see the recent transformative tailwinds develop for the RNG sector with governments and utilities around the globe increasingly focused on supporting sustainable energy infrastructure. We have positioned EverGen as a leading RNG platform with a core operating portfolio and pipeline of projects in Canada set to deliver significant RNG volumes and accelerate the energy transition”, said Chase Edgelow, CEO of EverGen. “Having achieved key milestones in our core expansion projects, we have a clear path to deliver increased RNG production in excess of 2 million GJ per year and are primed for a catalyst-rich second half of 2022.”

Second Quarter Update & Highlights

Project Radius

During Q2 2022, EverGen acquired a 50% interest in Project Radius, which is a late development-stage portfolio of three high-quality, on-farm RNG projects, collectively capable of producing ~1.7 million GJ/year of RNG and will be constructed throughout 2023 and 2024.

Event Subsequent to the Second Quarter


On July 14, 2022, EverGen completed the acquisition of a 67% interest in Alberta’s Grow the Energy Circle Ltd. (“GrowTEC”), which is currently in the first phase of a core RNG expansion project designed to produce ~80,000 GJ/year of RNG and is expected to be completed in Q4 2022. The facility will then move into the second phase of the project, which is expected to produce a total of 140,000 GJ/year of RNG.


On August 10, 2022, EverGen announced that is had signed a term sheet with its existing lender, Roynat Capital (a subsidiary of Scotiabank) and Export Development Canada (“EDC”) for a $31 million syndicated senior term loan (the “Facility”) to support the funding of its near-term Core RNG Expansion Projects at Fraser Valley Biogas (“FVB”) and Net Zero Waste Abbotsford (“NZWA”). The Facility ensures that EverGen’s near-term Core RNG Expansion Projects are fully funded.

Q2 2022 Financial Highlights

The operating results for Q2 2022 were impacted by unseasonal weather during the period and the timing of flood-related lost revenue and expenditures incurred relative to the recognition of insurance proceeds.

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  • Cash and cash equivalents of $17.4 million.
  • Revenues of $2.4 million decreased from Q2 2021 due to lower volumes of incoming organic feedstock and seasonal impacts on organic compost and soil sales.

In August 2022, EverGen received confirmation from its insurers of the approval of an additional $1.5 million of partial insurance proceeds, of which a significant portion of this amount will be included in Net income (loss) and Adjusted EBITDA for Q3 2022.

  • Net income (loss) of ($0.5) million was impacted by flood-related lost revenue and expenditures.
  • Adjusted EBITDA of $0.4 million included estimated flood related lost revenue and expenditure of approximately $1 million and was impacted by lower revenue due to unseasonal weather, as described above.

The following table presents EverGen’s Consolidated Financial and Operating Summary:

Three Months Ended

Six Months Ended

Jun 30,

Jun 30,

Jun 30,

Jun 30,

In thousands of Canadian Dollars






Revenue (1)





Net loss (2)





Net loss per share ($), basic and diluted










Adjusted EBITDA (3)





Capital expenditures





Total assets





Total long-term liabilities





Cash and cash equivalents





Working capital surplus (3)






Incoming organic feedstock (tonnes)





Organic compost and soil sales (yards)





RNG (gigajoules) (1)






RNG volumes commenced on April 16, 2021, upon the acquisition of FVB. RNG volumes were impacted during the first quarter of 2022 as a direct result of flooding events in the Abbotsford and Sumas Prairie regions, which resulted in the shut down of the FVB facility on November 15, 2021, until operations were restored. Since March 2, 2022, FVB has been operating and producing daily volumes of up to 334 GJ/d, restoring production volumes to historical levels.


Operating expenses and cost of goods sold increased during Q2 2022, Q1 2022 and Q4 2021 at FVB and NZWA as a direct result of the flooding events.


Please refer to “Non-IFRS Measures”.

EverGen will hold a results and corporate update conference call at 10:00 a.m. eastern time on Wednesday, August 24, 2022, hosted by Chief Executive Officer, Chase Edgelow.

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Conference call details are as follows:

Investor Relations

EverGen has entered into an investor relations service agreement (the “IR Agreement”) with Apollo Shareholder Relations (“Apollo”) to provide investor relations services to the company, expected to become effective August 29, 2022 for an initial term of three months. Apollo will be paid a monthly fee of up to $10,500 per month based on the fulfilment of key performance indicators. Other than personally-owned common shares of EverGen, neither Apollo nor any employees of Apollo have any direct or indirect interest in EverGen or its securities. EverGen and Apollo are unrelated and unaffiliated entities as at the date hereof. The IR Agreement is subject to the policies of the TSX Venture Exchange and applicable securities laws.

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 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.

For more information about EverGen Infrastructure Corp. and our projects, please visit www.evergeninfra.com.

Non-IFRS Measures

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 (recoveries) and unusual or non-recurring items. Working capital is calculated as current assets less current liabilities.

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Forward-Looking Information

This news release contains 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” and similar expressions, as they relate to EverGen, or its management, are intended to identify such forward-looking statements. Such forward-looking statements reflect the current views of EverGen with respect to future events, and are subject to certain risks, uncertainties and assumptions. 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. These forward-looking statements are subject to numerous risks and uncertainties, including but not limited to: the impact of general economic conditions in Canada, including the ongoing COVID19 pandemic; 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 January 31, 2022, many of which are beyond the control of EverGen.

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Forward-looking statements included in this news release should not be read as guarantees of future performance or results. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from those implied by such forward looking statements.

The forward-looking statements contained in this release are made as of the date of this release, and except as may be expressly required by law, EverGen disclaims any intent, obligation or undertaking to publicly release any updates or revisions to any forward-looking statements contained herein whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.

This news release shall not constitute an offer to sell or the solicitation of an offer to buy the securities in any jurisdiction.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220823005874/en/



EverGen Investor Contact
Kelly Castledine

EverGen Media Contact
Katie Reiach




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