Replenish Nutrients receives $7M in non-dilutive funding

OKOTOKS — Replenish Nutrients Ltd., a subsidiary of EarthRenew Inc., has been selected to receive a $7 million grant from Emissions Reductions Alberta (ERA) as part of Alberta’s Industrial Transformation Challenge.

The ERA grant will support the construction of a regenerative fertilizer manufacturing facility near Debolt, Alberta, and will support local Alberta construction and manufacturing jobs and reduce greenhouse gas (GHG) emissions compared to the traditional fertilizer manufacturing process and lead to increased carbon sequestration properties in the soil through the use of regenerative fertilizers.

As part of the ERA application process, an independent study on GHG emissions was conducted showing that over 22,000 tons of CO2e per year would be avoided based on the facility’s contemplated production of 50,000 metric tons of regenerative fertilizer per year. Also contemplated under the ERA application was the creation of 200 cumulative construction jobs and 50 permanent and direct and indirect jobs as a result of the construction and ongoing operation of the Debolt facility.

The Debolt facility will produce up to 50,000 metric tons of regenerative fertilizer per year.

The ERA grant is not required to be repaid. Over the coming weeks, the company will be submitting the required follow-up project documentation and debt financing to the ERA to finalize the funding late in the second quarter or early in the third quarter of 2023. The finalization of the ERA grant is subject to typical financing conditions including due diligence and execution of formal agreements.

“We believe Replenish’s unique and patented regenerative fertilizer products will put Alberta in a leadership position in the Agriculture sector with regards to reducing GHG emissions from fertilizer manufacturing while also contributing to improved carbon sequestration properties in the soil and allowing growers to maximize their soil and plant health and vitality,” said Neil Wiens, CEO, Replenish Nutrients. “According to the Government of Canada1, agriculture activities accounted for approximately 7% of Canada’s overall GHG emissions while the Environmental Protection Agency2 in the Unites States estimates agriculture, forestry and other land use accounts for approximately 24% of global GHG emissions. We believe our products will play a key role in the sustainability of the agriculture sector in Alberta and beyond and we’d like to thank the ERA for placing their trust and confidence in our Company’s ability to deliver a win-win solution for the environment and farmer economics.”