Anaergia Singapore Pte. Ltd. Signs Conditional Contract to Design and Build Biogas Facility in Jeju Island, South Korea
SINGAPORE & BURLINGTON, Ontario--(BUSINESS WIRE)--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.
'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.
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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.
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.
'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.'
'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.'
About New Jeju Bio
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.
About Anaergia
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.
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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