Village Farms International Announces Start Up of Renewable Natural Gas Facility

– Delta RNG Project Will Immediately Contribute Incremental Cash Flow and Profitability to Village Farms –

VANCOUVER, British Columbia and ORLANDO, Fla., April 03, 2024 (GLOBE NEWSWIRE) -- Village Farms International, Inc. (“Village Farms” or the “Company”) (NASDAQ: VFF) today announced that operations have started at the Delta (British Columbia) Renewable Natural Gas (RNG) production facility, in partnership with Atlanta-based Terreva Renewables (“Terreva”). The Delta RNG facility is the result of Village Farms’ strategic initiative to transition its wholly owned subsidiary, Village Farms Clean Energy, Inc. (“VFCE”), to a more sustainable business model using advanced technologies. The Delta RNG project will immediately contribute incremental cash flow and profitability to Village Farms.

As a biofuel, RNG generates low-to-negative carbon emissions and is playing an integral role in the global transition to low-carbon energy sources by both offsetting fossil fuels and serving as a direct replacement for natural gas. Leveraging state-of-the-art technologies, the Delta RNG facility purifies and converts landfill (methane) gas that would otherwise escape into the atmosphere to high-demand RNG. The resulting RNG will be sold pursuant to a long-term contract. VFCE will receive a royalty on all revenue generated from the Delta RNG facility, which is owned and operated by Terreva.

“We are proud to contribute to environmental sustainability, while at the same time transitioning Village Farms Clean Energy’s model to one that will generate incremental cash flow, profitability and value for our shareholders, beginning immediately,” said Michael DeGiglio, President and Chief Executive Officer, Village Farms. “The RNG project continues our longstanding investment in the Greater Vancouver Area and is a unique opportunity to significantly reduce the harmful impact of landfill gas, while addressing the energy needs of the region.”

“We are thrilled to start up operation of this transformative facility and, in partnership with Village Farms, begin supplying British Columbia with RNG,” said Jason Byars, Senior Vice President & General Manager, Terreva. “This partnership is an excellent example of how Terreva unites world-class capabilities and expertise with creative and agile execution. We look forward to delivering the benefits of cleaner energy and air to the citizens of the Vancouver region for many years to come.”