Anaergia Inc.’s (Anaergia), 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 CAD 30M plus a supplement agreement valued at approximately CAD 10M, 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.
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.