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Anaergia Singapore Pte. Ltd. Signs Conditional Contract to Design and Build Biogas Facility in Jeju Island, South Korea
Anaergia’s first project in South Korea is increased in scope and in size Anae...
About this update from Anaergia, Inc.
[{"type":"text","content":"Anaergia Singapore Pte. Ltd. Signs Conditional Contract to Design and Build Biogas Facility in Jeju Island, South Korea\n\n\n .bwalignc { text-align: center; list-style-position: inside }\n \n\n\n\n\n Anaergia’s first project in South Korea is increased in scope and in size\n \n\n\n\n\n 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.\n \n\n 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.\n \n\n 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.\n \n\n “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 organ...