September 15, 2020
TORONTO, Sept. 15, 2020 (GLOBE NEWSWIRE) -- EarthRenew Inc. (CSE:ERTH) (“EarthRenew” or the “Company”) is pleased to announce a very successful power generation month in July 2020. EarthRenew’s Strathmore facility generated 80MWh and earned an estimated CDN$38,450 in electricity sales revenue. The direct costs for the turbine unit at the facility were CDN$8,177 and the gross margin corresponding to such revenue was an estimated CDN$30,273.
The power generation facility at EarthRenew is capable of generating up to four megawatts per hour. The facility was particularly successfully at delivering electricity to the Alberta electrical grid during the high-power peaks during the last week of July 2020, which we associate with the hotter summer weather. As a result, the month of July 2020 was especially profitable for our power production business line. The pool price for electricity reached CDN$779.78 per MWh in July 2020 and over the last 30-days of the month the average power price was CDN$55.48 per MWh, as reported by the Alberta Electric System Operator (AESO).
EarthRenew’s chief executive officer, Keith Driver, commented, “we are very pleased with the power sales in July. This cashflow from current operations supports the company as we continue the redevelopment of the Strathmore fertilizer operations.” Mr. Driver further added, “months like July demonstrate our ability to generate additional value from our electricity production beyond what we require to operate by delivering excess power to the grid.”
EarthRenew transforms livestock waste into a high-performance organic fertilizer to be used by organic and traditional growers in Canada and the United States. Our mission is to support a farm system that puts healthy soils and grower profitability back on the table. Located on a 25,000 head cattle feedlot, our flagship Strathmore plant is capable of producing up to four megawatts (MW) per hour of low-cost electricity powered by a natural gas fired turbine. The exhausted heat from the turbine is used to convert manure into certified organic fertilizer.
For additional information, please contact:
CEO of EarthRenew
+1 (403) 860-8623
Cautionary Note regarding Forward-Looking Information
This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, statements with respect to the redevelopment of EarthRenew’s Strathmore fertilizer operations, EarthRenew’s ability to execute its business plan and EarthRenew’s proposed business activity. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including but not limited to: general business, economic, competitive, geopolitical and social uncertainties; regulatory risks; and other risks of the energy, fertilizer and cryptocurrency industries. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
Neither the Canadian Securities Exchange nor its Market Regulator (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.