EarthRenew Generates $505,097 In Revenue From Electricity Sales In Q1

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.


FULL DISCLOSURE: EarthRenew Inc is a client of Canacom Group, the parent company of The Deep Dive. The author has been compensated to cover EarthRenew Inc on The Deep Dive, with The Deep Dive having full editorial control. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security.

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