Toronto, ON (GLOBE NEWSWIRE) - EarthRenew Inc. (CSE:ERTH) (“EarthRenew” or the “Company”) reports that having recently completed an RTO with Valencia Ventures and a concurrent private placement of $1 million, it has now commenced Phase 1 of the redevelopment of its Strathmore facility (the “Strathmore Plant”).
EarthRenew is currently completing testing and upgrades to restart sustainable electricity production at its Strathmore, Alberta plant (the “Strathmore Plant”) by March 2019. As currently configured, 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 will generate revenue for the Company as a peaking electricity supplier to the Alberta grid.
EarthRenew is also evaluating electricity distribution options that will maximize revenue for its business which may include selling electricity to cryptocurrency mining operations which can co-locate at the Strathmore Plant. Design work to establish on-site infrastructure to host crypto-currency mining units which will be powered by the low-cost electricity generated on-site. This development work is being tendered to qualified electrical contractors for implementation upon signing of an off-take agreement for hosting crypto-currency mining modules. Off-take agreements for hosting are currently being negotiated.
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 Plant dryer to produce pelleted organic fertilizers made from cattle manure waste. The Strathmore Plant is located on a 25,000 head cattle feedlot. The engineering review project to advance the upgrading of the fertilizer production facilities is now underway and targeted for completion within 60 days. This engineering review is designed to support the project financing and final design activities required prior to construction at the site.
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. 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, “With the completion of the RTO and the private placement, we now have the means to complete the upgrades to the plant and initiate the first phase of our restart as a sustainable, low-cost electricity producer selling power to the Alberta grid. Our turbine runs off natural gas and our generation capabilities fit well with the Alberta government’s policy to reduce reliance on electricity generated from coal. Electricity sales will be an ongoing source of revenue for EarthRenew and will help support us as we move into Phase 2 of the fertilizer production restart. We expect 2019 to be a very exciting year for EarthRenew as we bring the Strathmore Plant back to its full capabilities – providing an important and environmentally friendly waste disposal solution for livestock farmers while producing a high quality organic fertilizer.”
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.
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 restart electricity production at the Strathmore Plan, EarthRenew’s ability to sell electricity to the electrical grid or to cryptocurrency miners, EarthRenew’s ability to execute its business plan, EarthRenew’s proposed business activity, the timing and implementation of the reverse take-over transaction, the satisfaction of all conditions precedent, receipt of any required third party and regulatory approvals, the impact of the reverse- take-over transaction on the Company and its stakeholders and other transaction statements. 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 state 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; the actual results of exploration activities; regulatory risks; risks inherent in foreign operations; and other risks of the renewable energy, mining 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.
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SOURCE: EarthRenew Inc.