EverGen Infrastructure Corp., a leader in Canada’s renewable energy sector, reported revenue growth and strategic expansions but faced increased net losses in fiscal 2023.
EverGen Infrastructure Corp., a key player in Canada’s renewable energy sector, headquartered in Vancouver, British Columbia, has recently unveiled its financial results for the fourth quarter and the entire fiscal year of 2023. The company, which specializes in the development of Renewable Natural Gas (RNG) and other renewable energy projects, highlighted significant expansions and strategic agreements aimed at enhancing its infrastructure and production capabilities.
In fiscal 2023, EverGen reported an increase in revenues to $8.4 million, up from $7.5 million in 2022, marking a growth of 13%. This rise is primarily attributed to the completion of the first phase of the RNG project at GrowTEC and the commencement of a decade-long organic waste processing contract with the City of Regina. Despite these positive developments, the company experienced a net loss of $4.7 million in 2023, a slight increase from $4.1 million the previous year. This loss expansion was influenced by higher finance costs related to investments in infrastructure projects but was partly mitigated by the revenue increase.
2023 marked a pivotal year for EverGen as the company successfully brought the Fraser Valley Biogas project online. The project’s completion, recorded in February 2024, represents a significant milestone, achieving record monthly production. This project underscores the company’s strategy to enhance its biogas output, contributing to its overall growth trajectory.
Furthermore, EverGen entered into a strategic five-year organic waste processing agreement with the City of Abbotsford, reinforcing its commitment to expanding its operations and impacting community-driven renewable energy solutions. Additional backing came in the form of financial agreements, including a loan agreement for up to $3.5 million to support the expansion of GrowTEC, and a substantial contribution agreement involving $10.5 million from Natural Resources Canada to support the Pacific Coast Renewables RNG expansion project.
The financial undertakings and the operational expansion highlight EverGen’s proactive approach to securing the necessary capital and agreements to support its growth and sustainability initiatives. Despite the reported net loss, which the company attributes mainly to investment in its expansion projects, the adjusted EBITDA decreased slightly compared to the previous year.
EverGen’s results underline its strategic focus on the burgeoning RNG market in Canada, emphasizing renewable energy’s role in combatting climate change. The firm’s activities align with national goals for a greener economy and showcase the increasing importance of RNG as a clean energy source.
As the renewable energy landscape continues to evolve, EverGen is poised to play an integral role in the transition to sustainable energy production in Canada and potentially beyond its borders. Looking forward, the company remains optimistic about its commercial strategies and the ongoing expansion of its operations to meet the growing demand for renewable and clean energy solutions.
For more detailed insights, EverGen encourages interested parties to consult the audited financial statements and management discussion available online and attend the upcoming results conference call hosted by CEO Mischa Zajtmann. This meeting will further delve into the company’s strategies, operational enhancements, and financial health in a dynamic and evolving energy market.