Record RNG production pushes EverGen revenues in Q2

Vancouver-based renewable natural gas (RNG) developer EverGen Infrastructure said August 21 its Q2 2024 revenues were 96% higher than a year ago on record RNG production for the period.

Revenue increased to C$4.2mn from C$2.2mn, EverGen said, while EBITDA rose to C$966,000 from an EBITDA loss of C$387,000 in Q2 2023. Net loss for the quarter this year improved marginally, to C$875,000 from a loss of C$891,000 in Q3 2023.

RNG production in the second quarter soared to 42,219 GJ from 6,422 GJ, EverGen said, reflecting the completion and successful post-commissioning operation of the Fraser Valley Biogas (FVB) RNG project in December 2023 and the start of RNG production at the Grow the Circle Energy facility in Lethbridge, Alberta in late Q2 2023.

“The second quarter demonstrated continued revenue growth across the EverGen platform,” EverGen CEO Mischa Zajtmann said. “With the FVB facility proven in operation approaching full capacity and major strides in our development pipeline, we are well positioned for significant, sustained growth as we continue to scale our operations and lead in the renewable energy space.”