Anaergia Announces Update on Netherlands Arbitral Award

Source: www.gulfoilandgas.com 2/14/2024, Location: Europe

Anaergia Inc. is pleased to announce that its subsidiary, Anaergia B.V. (“ABV”), has received payment on behalf of Blue Sphere Brabant B.V. (“BSB”) of €2,728,125 in settlement of the previously disclosed interim arbitral award and in consideration of mutual waiver of claims concerning the turnkey agreement for engineering, procurement, and construction of a biogas installation for the biogas plant (the “Project”) in Sterksel, Netherlands (the “Arbitration”). Pursuant to the settlement agreement, BSB also agreed to additional payments totaling €750,000 to be paid to ABV on or before January 30, 2025.

Given the uncertainty of collection of its claims in the Arbitration, the Company believes the settlement is a positive conclusion of its involvement in the Project. Please refer to the Company’s news release dated December 12, 2023, for related information.


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