Anaergia Singapore Pte. Ltd. Signs Conditional Contract to Design and Build Biogas Facility in Jeju Island, South Korea
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SINGAPORE & BURLINGTON, Ontario — Anaergia Inc.'s ('Anaergia', the 'Company', 'us', or 'our') (TSX:ANRG) (OTCQX:ANRGF), subsidiary, Anaergia Singapore Pte. Ltd., has received a contract from New Jeju Bio Co. Ltd. ('New Jeju Bio') to design and build the Jeju Bio Energy Biogas Plant ('Facility'), to be constructed in Jeju Island, South Korea. The contract consists of a main agreement worth approximately C$30 million plus a supplement agreement valued at approximately C$10 million, and the company currently anticipates that the project will be completed in mid- to late-2027. The contract is subject to a number of routine conditions, including that the client arrange the financial close of this project.
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This development represents an expansion of Anaergia's involvement, previously disclosed on September 3, 2024, when a Letter of Award for this Facility was announced. The increase in Anaergia's projected revenues from the amount disclosed at that time reflects both the expanded scope and the increased project size.
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The Facility aims to convert approximately 54,000 tons per year of organic waste, including waste from slaughterhouses and undigested sludge from local sewage treatment plants, into about two (2) megawatts of renewable energy. The biogas produced will be used to power a combined heat and power (CHP) system, providing electricity and heat to support various operations, including digestion, pasteurization, evaporation, and digestate drying. Additionally, the wastewater generated will be treated and recycled on-site, adhering to strict discharge regulations, while significantly reducing greenhouse gas emissions and promoting waste recycling across Jeju Island.
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'New Jeju Bio chose Anaergia for this project due to its proven ability to deliver integrated, complex solutions,' said Sae Hyun Cho, CEO of New Jeju Bio. 'Throughout the design process, we expanded our use of Anaergia's technologies to address the diverse organic waste streams generated on Jeju Island and optimally transform them into valuable resources.'
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'Finalizing the contract with New Jeju Bio marks an even more significant achievement than we had previously envisioned,' said Assaf Onn, CEO of Anaergia. 'Not only is this a very significant project in a key new market, but it also clearly demonstrates how our industry-leading, integrated suite of technologies provides a proven, comprehensive solution for project developers seeking reliable, innovative organic waste to energy systems.'
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About New Jeju Bio
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New Jeju Bio Co Ltd is a developer of organic waste to energy and recycling projects leading to production of biogas and fertilizer in South Korea. Its mission is to support the 2021 Declaration of '2030 Waste Free Jeju.' It believes in creating environmental value through co-evolution of Jeju's natural environment and humanities. Founded with the principles of developing state of the art biogas facilities by integrating advanced and proven technologies, New Jeju Bio intends to be the leading biogas player not only in Jeju but also in South Korea.
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About Anaergia
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Anaergia is a pioneering technology company in the renewable natural gas (RNG) sector, with over 250 patents dedicated to converting organic waste into sustainable solutions such as RNG, fertilizer, and water. We are committed to addressing a significant source of greenhouse gases (GHGs) through cost-effective processes. Our proprietary technologies, combined with our engineering expertise and vast experience in facility design, construction, and operation, position Anaergia as a leader in the RNG industry. With a proven track record of delivering hundreds of innovative projects over the past decade, we are well-equipped to tackle today's critical resource recovery challenges through diverse project delivery methods. As one of the few companies worldwide offering an integrated portfolio of end-to-end solutions, we effectively combine solid waste processing, wastewater treatment, organics recovery, high-efficiency anaerobic digestion, and biomethane production. Additionally, we operate RNG facilities owned by both third parties and Anaergia. This comprehensive approach not only reduces environmental impact but also significantly lowers costs associated with waste and wastewater treatment while mitigating GHG emissions.
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For further information please see: www.anaergia.com Forward-Looking Statements This news release contains forward-looking information within the meaning of applicable securities legislation, which reflects Anaergia's current expectations regarding future events. Forward-looking information is based on a number of assumptions, including, but not limited to counterparty contractual performance and its procurement of the financing that is a necessary condition to proceed with detailed engineering and construction of the Facility, the capability of the Company's technology and performance with respect to the project objectives, the sufficient sourcing of food waste, heat and power generation, and the sufficient production of digestate and recycled water for the project objectives. The Company is subject to a number of risks and uncertainties, many of which are beyond the Company's control. Such risks and uncertainties include, but are not limited to, the factors discussed under 'Risk Factors' in the Company's annual information form for the fiscal year ended December 31, 2024, and under 'Risks and Uncertainties' in the Company's most recent management's discussion and analysis. Actual results could differ materially from those projected herein. Anaergia does not undertake any obligation to update such forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required under applicable securities laws. Additional information on these and other factors that could affect Anaergia's operations or financial results are included in Anaergia's reports on file with Canadian regulatory authorities.
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Renewable cleanup rules making Alberta less competitive for investment: report
Power transmission lines and wind turbines as seen with the Rocky Mountains in the background near Pincher Creek, Alta., Thursday, June 6, 2024. THE CANADIAN PRESS/Jeff McIntosh CALGARY — A report says new cleanup rules for renewable energy sites are hurting the competitiveness of Alberta's industry. Business Renewables Centre-Canada analyzed the reclamation security requirements for renewables in 27 jurisdictions and found Alberta's are now the most costly. Under a code of practice for solar and wind projects published last week, the Alberta government says operators must provide an estimate for the cost of dismantling turbines and panels, removing underground concrete infrastructure, hauling waste away, replanting vegetation and other items. A 30-per-cent security is required upfront, rising to 60 per cent after 15 years to ensure there is enough money for proper cleanup at the sites' end of life. 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In addition to the reclamation security requirements, the province has placed buffer zones around wind turbines so as not to impede 'pristine viewpoints' and is taking an 'agriculture first' approach to deciding what can be built on farmland. The province is also working through consultations on the structure of its energy market as well as transmission regulations. 'If you take one by itself, it's OK — we might be able to live with it, or we can work around it,' said Dye. 'It's kind of getting to the totality of the decisions that's really driving some of the concerns.' The BRC-Canada study noted some jurisdictions — such Illinois and Tennessee — require a 100-per-cent reclamation security, but only 10 per cent of that must be paid upfront. 'Renewable energy projects are really sensitive to the upfront capital cost,' Dye said. 'Having that as an operating annual cost is a lot different to whether a project will go forward than if it's an upfront cost.' 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In announcing the renewables policy in February 2024, Alberta Premier Danielle Smith said the province was looking for a different and better way to approach solar and wind cleanup than what had been done for oil and gas. 'It is critical that we do not repeat errors of the past, and that we have reclamation rules and costs accounted for at the beginning of any development,' she said. The reclamation bond or security can be paid to the Alberta government, or be negotiated between the renewable developer and a landowner. Janetta McKenzie, oil and gas program director at the Pembina Institute think-tank, said the rules for wind and solar are fundamentally different than 'generous and flexible' ones for oil and gas. In that sector, companies are required to pay about one per cent of cleanup costs in upfront securities, with no firm timelines, she said. The industry-funded Orphan Well Association looks after closure costs when an energy company has gone bankrupt or otherwise cannot meet its obligations. But that organization 'is also buttressed by some interest-free loans from the provincial and federal government and is pretty persistently underfunded,' McKenzie said. 'This is a province that wants to unleash its energy sector, but there is an energy sector that's waiting for a stable regulatory environment and then one that is being given a lot of options to not reclaim and not clean up itself in a timely manner.' This report by The Canadian Press was first published June 10, 2025. Lauren Krugel, The Canadian Press