Anaergia Signs Definitive Agreement to Divest Non-Core Assets, Charlotte and Rhode Island Bioenergy Facilities

The transaction is expected to improve earnings profile, remove approximately C$20 million of project-level debt and provide Anaergia with approximately C$9 million of equity in the buyer

CARLSBAD, California & BURLINGTON, Ontario--BUSINESS WIRE--Anaergia Inc. (“Anaergia” or the “Company”) (TSX: ANRG; OTCQX: ANRGF) announced today that certain of its affiliates, together with IIF Anaergia HoldCo, LLC (“North Sky”), have entered into a definitive Master Purchase Agreement (the “Agreement”).

Under the Agreement, the buyer has acquired the assets of Charlotte Bioenergy Facility (“CBF”) in Charlotte, North Carolina, and 100% interests in the Rhode Island Bioenergy Facility HoldCo, LLC and Rhode Island Bioenergy Facility, LLC (“RIBF”) in Johnston, Rhode Island (the “Transaction”).

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The Transaction advances Anaergia’s strategy to concentrate its portfolio around profitable growth opportunities and eliminate the negative earnings associated with non-core assets, as CBF has not been operating and RIBF has been operating below its expected capacity.

Under the Transaction, Anaergia sold CBF and deconsolidated its interest in RIBF. Approximately C$20 million of project-level debt will be removed from Anaergia’s balance sheet. In exchange, Anaergia has received approximately C$9 million of equity in the buyer, a privately held company. The Transaction is expected to result in a non-cash gain on sale.

Assaf Onn, Chief Executive Officer of Anaergia, said, “This definitive agreement is a meaningful step in Anaergia’s transformation.”

“It addresses two non-core facilities, is expected to reduce project-level debt and improve our earnings profile. At the same time, the equity consideration allows Anaergia to retain potential upside through an ownership interest in the buyer. The Transaction enables our team to focus capital and management attention on the technologies, projects and markets where we see the strongest opportunities for profitable growth,” added Assaf Onn.

About Anaergia

Anaergia Inc. is a global technology and project delivery company focused on converting organic waste into renewable natural gas, fertilizer, and clean water. Through its proprietary technologies, engineering expertise, and integrated portfolio of solutions, Anaergia helps municipalities, utilities, industrial customers, and project owners reduce waste management costs, recover valuable resources, and lower greenhouse gas emissions. The Company offers comprehensive end-to-end capabilities spanning solid waste processing, wastewater treatment, organics recovery, anaerobic digestion, biomethane production, facility construction, and long-term operations.

For further information, please see: www.anaergia.com