Archaea Signs 5-Year Renewable Natural Gas Agreement with UGI Utilities, Inc.
27 Juli 2022 - 10:15PM
Business Wire
Contract to deliver over 300,000 MMBtu per year
of RNG
Archaea Energy Inc. (“Archaea”) (NYSE: LFG), an industry leading
renewable natural gas (“RNG”) company, announced today that its
wholly-owned subsidiary Archaea Energy Marketing LLC has entered
into a medium-term RNG purchase and sale agreement with UGI
Utilities, Inc. (“UGI Utilities”), a Pennsylvania-based natural gas
and electric utility and wholly-owned subsidiary of UGI Corporation
(NYSE: UGI). UGI Corporation is a distributor and marketer of
energy products and services, including natural gas, liquified
petroleum gas, electricity and renewable energy solutions.
Under the agreement, which was recently signed and received the
necessary regulatory approvals, UGI Utilities will purchase 331,785
MMBtu of RNG generated by Archaea annually from its Assai RNG
facility for a fixed fee for a period of 5 years. Deliveries under
the agreement commenced on July 1, 2022.
“We are very excited to launch an RNG sales partnership with UGI
with the signing of this five-year agreement,” said Brian McCarthy,
Archaea’s Co-founder, Chief Investment Officer, and Interim Chief
Financial Officer. “This is our second term agreement signed with a
U.S. utility, and we are excited to be expanding our partnerships
with entities across new geographies that are supportive of RNG and
its decarbonization impacts. We also believe this partnership is
the first step toward additional, longer-term commercial offtake
opportunities with Pennsylvania utilities that can utilize our RNG
to reduce their environmental footprints and enhance their
sustainability.”
"The commencement of this pilot program is a significant step
forward as we continue to develop sustainable, environmentally
responsible energy solutions for our customers,” said Robert F.
Beard, Executive Vice President - Natural Gas, Global Engineering,
Construction and Procurement, UGI. “UGI remains committed to
developing renewable energy sources for the communities we
serve.”
ABOUT ARCHAEA
Archaea Energy Inc. is one of the largest RNG producers in the
U.S., with an industry-leading platform and expertise in
developing, constructing, and operating RNG facilities to capture
waste emissions and convert them into low carbon fuel. Archaea’s
innovative, technology-driven approach is backed by significant gas
processing expertise, enabling Archaea to deliver RNG projects that
are expected to have higher uptime and efficiency, faster project
timelines, and lower development costs. Archaea partners with
landfill and farm owners to help them transform potential sources
of emissions into RNG, transforming their facilities into renewable
energy centers. Archaea’s differentiated commercial strategy is
focused on long-term contracts that provide commercial partners a
reliable, non-intermittent, sustainable decarbonizing solution to
displace fossil fuels.
Additional information is available at
www.archaeaenergy.com.
FORWARD-LOOKING STATEMENTS
This release contains certain statements that may include
forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. Statements that do not
relate strictly to historical or current facts are forward-looking
and usually identified by the use of words such as “anticipate,”
“estimate,” “could,” “would,” “should,” “will,” “may,” “forecast,”
“approximate,” “expect,” “project,” “intend,” “plan,” “believe” and
other similar words. Forward-looking statements may relate to
expectations for future financial performance, business strategies
or expectations for Archaea’s business. Forward looking statements
are based on current expectations, estimates, projections, targets,
opinions and/or beliefs of Archaea, and such statements involve
known and unknown risks, uncertainties and other factors.
The risks and uncertainties that could cause those actual
results to differ materially from those expressed or implied by
these forward looking statements include, but are not limited to,
general economic conditions and the possibility that Archaea may be
adversely affected by general economic, business and/or competitive
factors; and other risks and uncertainties indicated in Archaea’s
Annual Report on Form 10-K for the year ended December 31, 2021 and
Archaea’s Quarterly Report on Form 10-Q for the quarter ended March
31, 2022, including those under “Risk Factors” therein, and other
documents filed or to be filed by Archaea with the Securities and
Exchange Commission.
Accordingly, forward-looking statements should not be relied
upon as representing Archaea’s views as of any subsequent date.
Archaea does not undertake any obligation to update forward-looking
statements to reflect events or circumstances after the date they
were made, whether as a result of new information, future events,
or otherwise, except as may be required under applicable securities
laws.
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version on businesswire.com: https://www.businesswire.com/news/home/20220727005800/en/
ARCHAEA
Megan Light mlight@archaea.energy 346-439-7589
Blake Schreiber bschreiber@archaea.energy 346-440-1627
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