EarthRenew Reports Power Generation Revenues Of $378,000 For 2020

EarthRenew (CSE: ERTH) this morning reported its power production revenue for calendar year 2020. The company revealed total revenues of $377,667 for the year, generated through operating the power production facility as a peaking plant.

The power generator itself is capable of producing up to 4MW per hour, with the firm generating a total of 1,500MWh last year from the facility. With the company effectively operating the generator as a “peaking plant,” meaning the generator is only turned on at significant price peaking points throughout the year, the company was able to generate gross margins of 74% at the facility.

January, July, and October were the most profitable during the period, a function of cold and hot weather increasing demand for power. Those months respectively saw revenues of $176,192, $70,093 and $107,225 as a result of high demands for power on the Alberta energy grid. The average energy price throughout the year amounted to $46.75 per MWh, however at these peak times, prices were as high as $999.99 per MWh.

While revenues amounted to $377,667 for the year from power generation, costs amounted to just $99,400.

“The results from electricity sales over the last year indicate that we have been successful in our operations for the facility as a peaking plant. We intend to continue to operate the facility as a peaking plant until we recommission our existing operations. Once fully recommissioned, the Strathmore Plant will only require approximately 1.5 MW of the 4 MW capacity we have available from the turbine so selling the excess electricity to the grid on a peaking basis or to an onsite user such as a co-located agriculture facility represents an important secondary revenue stream for an EarthRenew facility.”

Keith Driver, CEO of EarthRenew

EarthRenew last traded at $0.385 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.

Video Articles

2026 Could Be Gold’s Biggest Year Yet!? | Ryan King – Equinox Gold

Gold Is Screaming Higher While Currencies Burn | Simon Ridgway – Rackla Metals

We Have the Highest-Grade Antimony Deposit in North America!? | Jim Atkinson -Antimony Resources

Recommended

Canadian Copper Secures $8 Million Lead Order From Ocean Partners As Part Of Larger Funding Round

Northern Superior Expands Philibert With 350 Metre Step Out Testing 1.10 g/t Gold Over 25.5 Metres

Related News

EarthRenew Enters LOI For First Facility In The USA

EarthRenew Inc (CSE: ERTH) is in the process of expanding its presence in the western...

Tuesday, March 2, 2021, 07:50:27 AM

EarthRenew Signs LOI With K+S Potash As Part Of Proposed 100,000 Tonne Manufacturing Facility

EarthRenew Inc (CSE: ERTH) this morning had a major announcement, in that it has entered...

Tuesday, May 18, 2021, 08:19:14 AM

EarthRenew Looks To Raise $8.0 Million At $0.25 Per Unit

Despite recent drawdowns within the larger market, EarthRenew Inc (CSE: ERTH) is looking to capitalize...

Friday, June 3, 2022, 07:58:45 AM

EarthRenew Increases Proposed Acquisition Of Replenish Nutrients To 100% Stake

EarthRenew Inc (CSE: ERTH) this morning announced that it has renegotiated the acquisition of Replenish...

Thursday, February 18, 2021, 08:55:12 AM

EarthRenew Sees Strong Growth In Electricity Revenue To Start 2021

EarthRenew Inc (CSE: ERTH) this morning provided a market update for its electricity production facility...

Wednesday, March 31, 2021, 07:21:17 AM