June 26, 2019
TORONTO, June 26, 2019 (GLOBE NEWSWIRE) -- EarthRenew Inc. (CSE:ERTH) (“EarthRenew” or the “Company”) is pleased to announce the completion of Phase 1 of the re-development of the site in Strathmore, Alberta. As of today, EarthRenew has restarted the turbine at the site to generate electricity that can be used on-site or sold to the Alberta electricity grid.
This electricity will be delivered to the Alberta grid on a peaking basis in the near-term to take advantage of price spikes on the grid. The pool price for electricity has peaked out at over $779.04 per MWh within the past week. In the longer-term, EarthRenew will be able to deliver some of this power on-site for behind the fence users and to power operations of the fertilizer facility.
As currently configured, the plant at the Company’s Strathmore site (the “Strathmore Plant”) is capable of producing up to four MegaWatts per hour (4MWh) of low-cost electricity powered by a natural gas fired industrial size Rolls Royce turbine. Electricity produced at the Strathmore Plant can be sold to generate revenue for the Company as a peaking electricity supplier to the Alberta grid.
Although capable of running 24 hours a day, 7 days a week, the Strathmore Plant turbine will run during periods when the price paid for electricity in Alberta starts peaking. The configuration allows the turbine to be turned on and off to respond to electricity price volatility on an hourly basis. Over the last 30 days, prices have ranged from $8.77/MW to $969.14/MW with an average price of $79.84/MW as reported by the Alberta Electric System Operator.
Phase 2 of the Strathmore Plant restart is targeted for the second half of 2019. EarthRenew intends to use about 1.5MWh of the 4.0 MWh generated by the Strathmore Plant to power the Strathmore dryer to produce pelleted organic fertilizers made from cattle manure waste. The Strathmore Plant is located on a 25,000 head cattle feedlot.
The unique patented EarthRenew waste conversion process capitalizes on the high temperature exhaust from the on-site natural gas-fired turbine for the thermal drying of fresh manure, a process which removes pathogens, pharmaceutical residue and weeds that when left untreated can contaminate soil and leach into waterways. We believe that the resulting organic granular product is an ideal fertilizer for use in home gardens, organic farming, marijuana cultivation, turf and in municipal areas subject to chemical fertilizer bans or restrictions.
CEO Keith Driver commented, “Restarting the turbine is a major milestone for EarthRenew this year and will provide a source of ongoing revenue as we move into Phase 2 of our redevelopment plans at Strathmore. Our initial plan is to sell the electricity into the Alberta electricity grid on an opportunistic basis as prices peak, but we will also be exploring opportunities to use the power onsite to capture a more consistent revenue stream from the electricity. This could include entering into long term power purchase agreements with electricity consumers that would co-locate with us at Strathmore.”
EarthRenew is a low-cost sustainable power-generation company with a patented production process that converts livestock waste to nutrient-rich, slow-release pelleted organic fertilizer. EarthRenew converts natural gas to electricity from an industrial-sized gas turbine which it intends to capitalize on through various revenue drivers. These include selling surplus electricity to the electrical grid and to cryptocurrency miners which can co-locate on site and to dry manure feedstock to produce high value organic fertilizer. The Company has a commercial scale operation in Strathmore, Alberta.
For additional information, please contact:
CEO of EarthRenew
Phone: (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 EarthRenew’s ability to sell electricity to the electrical grid or to cryptocurrency miners, 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.