EverGen raises $17m for Canadian RNG infrastructure
The drive focused specifically on acquiring and building RNG and sustainable waste-to-energy projects. EverGen has raised $8 million (€5.3 million) in equity capital and secured a senior debt facility of $9 million (€6 million) to pursue this strategy.
This follows the platform’s previous financing and major project acquisitions of Sea to Sky Soils and Net Zero Waste Abbotsford, both in British Columbia (BC), which was completed in December.
Sea to Sky Soils and Net Zero Waste Abbotsford are composting and organic processing facilities that accept organic waste diverted from landfill via green bin programmes and recycle it using composting technology into soil amendments.
“There is a dire need for a Canadian-based platform focused on building, owning, and operating RNG infrastructure to support the clean energy goals and demand of FortisBC and other utilities across Canada,” said EverGen’s co-founder and CEO Chase Edgelow.
“Starting in BC, but with plans for further expansion, EverGen has the leadership and capability to ‘infra-tize’ Canada’s fragmented RNG industry, meaning we apply a disciplined and practical approach to developing the necessary infrastructure to ensure long-term sustainable returns for our investors, communities, and stakeholders.”