EverGen Infrastructure Corp (TSX-V:EVGN) saw its second-quarter 2021 revenue increase by 111% compared to the previous quarter, driven by its acquisition of Western Canada’s first renewable natural gas producing facility.
The Vancouver-based energy company reported C$3.3 million in revenue during the three-month period to end June 30, 2021, compared to C$1.6 million in 1Q 2021.
The group also posted adjusted EBITDA of C$1.9 million, an 830% increase from the previous quarter when the group was in the midst of acquiring the Fraser Valley Biogas facility and taking the company public in Canada.
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EverGen, which commenced trading on the TSX Venture Exchange on August 4, 2021, saw its net loss narrow to C$180,000 compared to the C$1.2 million it saw in 1Q.
“Our second-quarter performance was in line with seasonal expectations for our existing assets, and included the acquisition & integration of Fraser Valley Biogas, an existing RNG facility that we have begun to optimize in line with our focused renewable natural gas (RNG) expansion strategy,” Chase Edgelow, EverGen’s CEO, said in a statement accompanying the numbers.
Fraser Valley Biogas currently produces over 80,000 gigajoules of RNG annually and has supplied RNG to a local British Columbia energy company for the last decade.
Edgelow told investors that the firm “continue(s) to optimize efficiencies across all of our operating facilities” despite the challenges of combining business operations and difficult weather circumstances in the quarter.
“We are also pleased to have executed our 20-year offtake agreement underpinning our RNG expansion project at Net Zero Waste Abbotsford,” Edgelow added. “These milestones bolster our immediate growth potential and enhance our competitive positioning enabling us to show leadership in accelerating build out of renewable gas infrastructure in Canada.”
EverGen acquires, develops, builds, owns and operates a portfolio of renewable natural gas, waste to energy, and related infrastructure projects. The company currently has three facilities in its portfolio and plans to grow its platform into other regions in North America.
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