EVGN:CC - InvestorNewsBreaks - EverGen Infrastructure Corp. (TSX.V: EVGN) (OTCQB: EVGIF) Releases Q4 FY 2022 Financial Results Quarterly Update
EverGen (TSX.V: EVGN) (OTCQB: EVGIF), Canada’s renewable natural gas (“RNG”) infrastructure platform, is reporting its audited financial results for the fourth quarter and year ended Dec. 31, 2022. Highlights of the report include the execution of a $31 million definitive agreement with Roynat Capital and Export Development Canada providing funding for the company’s core expansion projects and derisking near-term growth; the execution of several waste-processing contracts by Sea to Sky Soils; the completed commissioning of phase I of GrowTEC RNG expansion as well as the 60% completion of the FVB RNG expansion project; and the settlement of flood-related insurance claims and receipt of $1.6 million in proceeds. Financially, the company is reporting cash and cash equivalents of $8.9 million as of Dec. 31, 2022; revenues of $1.7 million and $7.5 million for Q4 and fiscal year 2022, respectively; a net loss of $1.5 million and $4.1 million for Q4 and fiscal year 2022, respectively; and Adjusted EBITDA of $0.3 million and $2.0 million for Q4 and fiscal year 2022, respectively. “It is an exciting time for EverGen as 2022 set a strong foundation for the company's success in 2023,” said EverGen CEO Chase Edgelow in the press release. “We are pleased with the milestones we have achieved at our core RNG expansion projects, including execution of construction at our recently acquired GrowTEC facility, and progress across our BC portfolio including construction at FVB and securing of additional feedstock contracts at Sea to Sky Soils. Additionally, the company's $31 million senior term loan with Roynat and EDC derisks and fully funds the growth of our core expansion projects and positions EverGen for a strong 2023.”
To view the full press release, visit https://ibn.fm/K3kjR
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.
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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