An anonymous director reports

ANAERGIA ANNOUNCES AGREEMENT FOR US$15.6 MILLION SALE OF IRA TAX CREDITS AND STRATEGIC INVESTMENT UPDATE

Anaergia Inc. has entered into a definitive agreement for a sale of $15.6-million (U.S.) of Inflation Reduction Act (IRA) investment tax credits generated by its subsidiary, Rhode Island Bioenergy Facility Holdco LLC (RIBH). The investment tax credits for qualified biogas property were generated from the project built by RIBH's subsidiary in Johnston, R.I.

The ITC transaction is anticipated to close by Jan. 29, 2024, and is subject to certain customary conditions. Proceeds will be used for transaction fees, financing of asset-level working capital and debt reserves, and limited distributions to RIBF members.

Akin Gump Strauss Hauer & Field LLP and Virentis Advisors LLC are advising RIBH in connection with the ITC transaction.

Additionally, the company announces that it and Marny Investissement SA continue to work toward satisfying certain interim conditions in respect to the previously announced equity investment of $40.8-million. While initially expected for satisfaction on Dec. 22, 2023, the interim conditions are required to be satisfied or waived pursuant to the subscription agreement by no later than Dec. 29, 2023. Under the terms of the strategic investment, the transaction will close in three tranches of 34 million units of the company for gross proceeds of $13.6-million each. The first, second and third tranches may close no later than Jan. 15, 2024, Feb. 15, 2024, and March 15, 2024, respectively. The closing of the first, second and third tranches are subject to a limited number of customary conditions. Please refer to the company's news release dated Dec. 18, 2023, for more information with respect to the strategic investment.

About Anaergia Inc.

Anaergia was created to eliminate a major source of greenhouse gases by cost-effectively turning organic waste into renewable natural gas, 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 anerobic 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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