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Investing.com -- Anaergia Inc (TSX:ANRG) stock climbed 3.8% on Friday after the company’s subsidiary secured a significant design-build contract in California.
Anaergia Technologies LLC, a subsidiary of the clean energy solutions provider, has been awarded a C$43.8 million contract by the East County Advanced Water Purification Joint Powers Authority in San Diego. The agreement calls for Anaergia to design, construct, commission and start-up a renewable power generation facility that will convert organic waste into energy.
The facility will utilize Anaergia’s anaerobic digestion and combined heat and power technologies to generate electricity from biogas produced on-site. Construction is expected to be completed within two years.
The project aims to enhance energy resiliency for the water authority while reducing operational costs. Kyle Swanson, CEO/General Manager of Padre Dam Municipal Water District, noted that the project will help address rising power costs for the water infrastructure.
Assaf Onn, CEO of Anaergia, highlighted that the contract "demonstrates how Anaergia’s integrated technologies deliver lasting value for essential infrastructure projects" and helps customers "decarbonize operations, advance their clean energy transition objectives and strengthen energy independence."
Anaergia shares are traded on the Toronto Stock Exchange and on the OTCQX market in the United States.
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