EarthRenew Announces Preliminary Results From Its Feasibility Study on Partner and Site Location for Its First U.S. Facility
August 19 2020 - 7:00AM
EarthRenew Inc. (CSE:ERTH) (“EarthRenew” or the “Company”)
announced on June 19, 2020 that it had identified a partner (the
“Partner”) for its first potential site for an EarthRenew facility
in the U.S., and that it was initiating a feasibility study to
assess the viability of the location. The site is one of the
largest feedlots in the southwestern U.S., finishing over 200,000
head of cattle per year. The site is projected to provide the
Company with a strategic operational location, since the
southwestern U.S. is the one of the world’s largest organic farming
markets. With an anticipated modular design, we estimate that the
production capacity at the facility constructed at this site could
be expanded from an initial capacity similar to that of our
Strathmore facility to up to four times its capacity. For
more information on the potential site, including estimated costs,
please see the Company’s press release dated June 19, 2020, which
is available under the Company’s profiles on SEDAR at www.sedar.com
and www.thecse.com.
The preliminary results of the feasibility study
indicate that there are no significant regulatory barriers that
will inhibit EarthRenew from moving forward with the Partner. Local
county, air, environmental and electricity permitting requirements
have all been considered by third-party consultants and initial
results indicate that permitting could take between 12 and 18
months.
The Company’s next step is to finalize key terms
for the LOI, which is expected to include: terms for lease and
shared services, parameters for feedstock delivery and co-marketing
of end-products and terms for potential electricity sales to the
Partner for its electrified fences.
“The early results of our study, including
feedback from our third-party consultants, are extremely
encouraging. We know that different regulatory regimes can prove
difficult, and understanding this process before we make the
decision to move forward will definitely help streamline permitting
and development,” said EarthRenew’s Director, Catherine Stretch.
Ms. Stretch continued, “This key site could, in future, allow us to
service key accounts in the southwestern United States.”
Ms. Stretch further added, “We look forward to finalizing our
feasibility study, signing a letter of intent with the Partner and
finishing preliminary engineering later this quarter.”
About EarthRenew
EarthRenew’s mission is to support a farm system
that puts healthy soils and grower profitability back on the
table. EarthRenew transforms livestock waste into a
high-performance organic fertilizer to be used by organic and
traditional growers in Canada and the United States. 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:
Catherine Stretch Director EarthRenew Inc.
E-mail: catherine.stretch@earthrenew.ca
Cautionary Note regarding
Forward-Looking InformationThis 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 potential partnership with the Partner for
a new EarthRenew facility in the U.S. Southwest, fertilizer pellet
production capacity at the new facility, the terms of the LOI, the
contents of the feasibility study, our ability to sell products in
the organic fertilizer market in U.S. Southwest, our ability to
execute our business plan, and our 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, and
fertilizer 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.
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