EarthRenew Inc (CSE: ERTH) this morning released its power production results for the first quarter of 2021. The company reported a total of $505,097 in revenue was generated from the segment, based on a total of 1,016.42 MWh of electricity being sold.
The production figures come from the firms Strathmore plant, wherein it is capable of producing up to 4 MW per hour in electricity via a low-cost natural gas based turbine. The company currently operates the facility as a peaking plant, wherein it only generates electricity once certain pricing thresholds are met.
Revenue from electricity sold to the grid totaled out at $382,928 for the quarter, a significant improvement over the $141,327 generated in the year-ago period. Additional revenues of $122,169 were generated by the facility from Fortis Option M payment credits. Gross margins reportedly hit 81% as well.
The company also indicated this morning that it has seen the Alberta government extend the facilities environmental approval to operate as a power facility for a ten year period, until April 14, 2031.
EarthRenew last traded at $0.295 on the CSE.
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