An anonymous director reports

ANAERGIA ANNOUNCES INTERIM ARBITRAL AWARD

Anaergia Inc.'s subsidiary, Anaergia BV (ABV), has received an interim award from the Dutch Arbitration Board for the Construction Industry in the Netherlands against Blue Sphere Brabant BV (BSB) relating to its previously disclosed dispute concerning the turnkey agreement for engineering, procurement and construction of a biogas installation for the biogas plant in Sterksel, Netherlands.

The tribunal issued interim awards that are enforceable regardless of any interim appeal of approximately 3.5 million euros, plus statutory interest, in favour of ABV and 98,000 euros, plus statutory interest, in favour of BSB, resulting in a net award of approximately 3.4 million euros in favour of ABV, adjusted for statutory interest. ABV intends to pursue the collection of its interim award and is exploring its options to do so. However, at this time, the company cannot provide an estimate as to when ABV will collect such interim award.

Additionally, the tribunal stayed other claims of ABV and BSB pending submission by each party of proposals for procedural steps due in March, 2024. The aggregate amount of the stayed ABV and BSB claims, as determined by the tribunal, are approximately 16.7 million euros and 17 million euros, respectively. ABV believes strongly in the merits of its position and seeks a final determination of the pending claims in the arbitration.

The tribunal also expressly rejected a number of BSB counterclaims.

Pursuant to a co-ordinated handover agreement between ABV and BSB that provided for control and custody of the project by BSB starting in September, 2022, BSB delivered to ABV a bank guarantee and a parent guarantee, totalling approximately 3.3 million euros, to secure payment of obligations resulting from a final determination of the pending claims in the arbitration.

About Anaergia Inc.

Anaergia was created to eliminate a major source of greenhouse gases (GHGs) by cost-effectively turning organic waste into renewable natural gas (RNG), fertilizer and water through the use of proprietary technologies. With a record of delivering innovative projects, Anaergia is uniquely positioned to provide solutions to today's most pressing resource recovery challenges using a broad portfolio of proven technologies and multiple project delivery methods. Anaergia is one of the world's only companies with a proprietary portfolio of end-to-end solutions that integrate solid waste processing as well as waste water treatment with organics recovery, high-efficiency anaerobic digestion, RNG production, and recovery of fertilizer and water from organic residuals. The combination of these technologies enhances carbon-negative biogas, clean water and natural fertilizer production, utilizes a minimized footprint, and lowers waste and waste water treatment costs and GHG emissions.

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