SusGlobal(R) Announces Creation of 105,000 VERRs from its Belleville Composting Project and Opening Sale of Credits
Toronto, Ontario--(Newsfile Corp. - September 21, 2022) - SusGlobal Energy Corp. (OTCQB: SNRG) ("SusGlobal" or the "Company"), the developer of SusGro™, an award winning, revolutionary and pathogen free organic liquid fertilizer, today announced that its wholly owned subsidiary SusGlobal Energy Belleville Ltd. ("SusGlobal Belleville") has generated its first Verified Emission Reductions and Removals ("VERRs") and sold its first carbon credits as part of the Anew™ SusGlobal Belleville Composting Offset Project in Ontario (the "Project"). The Project generated approximately 105,000 VERRS (generated from 2017 through 2021) with an approximate market value of between CA$5.00 (US$3.76) and CA$10.00 (US$7.52) per VERR. The Project report was submitted to the GHG CleanProjects® Registry, a business unit of the Standards Division of the Canadian Standards Association ("CSA"). The Project is part of the Offset Development and Marketing Agreement with Anew Canada ULC (formerly known as Blue Source Canada ULC) ("Anew Canada") for developed and marketed greenhouse gas ("GHG") offset credits from the Company's 49-acre Organic & Non-Hazardous Waste Processing & Composting Facility in Belleville, Ontario.
SusGlobal Belleville is an aerobic composting facility that processes residential source separated organic ("SSO") waste into compost. Waste is collected from local municipalities including the County of Northumberland, the Municipality of Port Hope, and the Township of Cavan Monaghan.
The Project has enabled an increase in the diversion of organic waste from landfills, thereby avoiding methane generation. Methane is a highly potent greenhouse gas which is 28 times more effective at trapping heat energy in our atmosphere than carbon dioxide. As organic wastes decompose in landfills, the methane builds up and must be released to prevent dangerous working conditions. By diverting waste that contributes to this problem, the Project benefits the community as well as the climate.
This initial sale of carbon credits expands the Company's ability to deliver on its mission to reduce organic wastes from wood, leaf and yard material, treated municipal sewage waste (biosolids), residential curbside green bin material or SSO and paper sludge otherwise destined for landfills.
GHG CleanProjects® Registry, a business unit of the Standards Division of CSA, is the service provider which owns and operates the Registry for the purpose of complementing ISO 14064-1, ISO 14064-2, ISO 14064-3, and ISO 14065 Standards and facilitating transparency, accuracy, consistency, completeness and relevance in reporting, validating and verifying of greenhouse gas emission reductions or removal enhancements relating to methodologies and existing and yet-to-be developed greenhouse gas programmes.
The VERRs are greenhouse gas emission reductions or removals relating to the Project as verified by an independent third party in accordance with the ISO 14064 Standards and all applicable GHG Programme requirements. Without limiting the foregoing, VERRs also encompass such verified project-based environmental products as they occur and are known in specific GHG Programmes including GHG credits, registered emission reductions, carbon credits, certificates, credits, offsets and similar environmental products.
Anew Canada is a wholly owned subsidiary of Anew Climate, LLC ("Anew™"), a Climate as a Service company that has pioneered creative solutions to climate change for over 20 years. The Project complements Anew's high-quality portfolio of over 400 greenhouse gas reduction, removal, and avoidance projects across the globe. The partnership with SusGlobal is a core example of Anew's experience in identifying, creating, acquiring and marketing verified climate benefits.
"We are pleased with the amounts that Anew marketed and sold as part of our Company's initial carbon credits monetization initiative, allowing us to generate additional revenues," stated Marc Hazout, Executive Chairman, President and CEO of SusGlobal Energy Corp. "Reflecting the value of these credits in the third quarter of 2022 is an exciting milestone, one we anticipate repeating annually and at our second facility in Hamilton, as we continue our diversion from landfill objective while producing regenerative products as part of our Circular Economy model, with the goal of further maximizing shareholder value."
"SusGlobal's model of diverting organic waste streams from landfills and reducing greenhouse gas emissions while producing regenerative products is setting an example that others can follow," said Ben Massie of Anew. "We identified SusGlobal's Belleville facility as a promising offset development project and the listing of the verification report with the registry resulting in the sale of the offsets validates our initiative, inspiring others to do the same."
Municipalities continue to seek out opportunities to divert organic waste from landfills. Composting facilities and the level of sustainability built into their management model, will play a key role in this redistribution of waste. The revenue from these credits is anticipated to drive technological advancements that will expand composting efforts at the Belleville facility and other municipalities throughout North America.
About SusGlobal Energy Corp.
SusGlobal Energy Corp., the developer of SusGro™, an award winning and revolutionary pathogen free organic liquid fertilizer, is an industrial, environmental and agricultural biotechnology company focused on acquiring, developing, and monetizing a portfolio of proprietary technologies in the waste to energy and regenerative product applications globally. It is management's objective to grow SusGlobal into a significant sustainable waste to energy and regenerative products provider and a trusted brand for the fertilizer, soil and aquaculture market, as LEADERS IN THE CIRCULAR ECONOMY®. For more information, please visit the Company's website at: www.susglobalenergy.com.
Anew is accelerating the fight against climate change by enabling any company or organization to align its goals for conservation and impact with actionable next steps. With a comprehensive solutions portfolio that includes advisory services, carbon credits, renewable natural gas, renewable energy credits, EV credits, plastic credits, and emission reduction credits, we lower barriers to participation in environmental markets for clients across the private and public sectors. As the leading marketer and originator of carbon and environmental credits in North America, we bring together strategic finance, regulatory expertise, scientific knowledge, and impact focus to make it possible for businesses to thrive while building a sustainable future. Anew emerged from the February 2022 combination of durational industry leaders Element Markets, LLC and Blue Source, LLC. The company has offices in the U.S., Canada and Europe, and an environmental commodities portfolio that extends across five continents.
Safe Harbor Statement
This news release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding the Company's objectives. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects," "plans," "anticipates," "believes," "intends," "estimates," "projects," "aims," "potential," "goal," "objective," "prospective," and similar expressions, or that events or conditions "will," "would," "may," "can," "could" or "should" occur. The Company cautions investors that any forward-looking statements by the Company are not guarantees of future results or performance, and that actual results may differ materially from those in forward looking statements as a result of various factors, including, but not limited to, lack of sufficient financial resources; variations in market conditions, currency and our stock; the Company's ability to obtain any necessary permits, approvals, consents or authorizations required for its activities; the Company's ability to produce energy, biogas, compost or organic fertilizer from its properties successfully or profitably, to continue its projected growth, or to be fully able to implement its business strategies and other risk factors described in the Company's filings with the U.S. Securities and Exchange Commission, which may be viewed at www.sec.gov.
SusGlobal Energy Corp.
Marc Hazout, President and CEO
(416) 223-8500 or Toll Free: 1-866-512-7374
SOURCE: SusGlobal Energy Corp.
Jeanethe Falvey, Senior Director, Marketing & Communications
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