Progressive receives commitment for up $1.9M in rebates

Executive Summary

• Progressive Planet Solutions Inc. has secured a commitment from FortisBC Energy Inc. for up to $1.9 million in energy efficiency rebates for capital upgrades at its Kamloops facility.
• The rebates are contingent upon the completion of three specific energy conservation projects aimed at reducing natural gas consumption, with total estimated investment costs of nearly $2.6 million.
• CEO Steve Harpur confirmed that work on the projects will commence immediately, with completion expected within 18 months.

Key Details

• Incentive Amount: Up to $1.9 million in energy efficiency rebates from FortisBC Energy Inc.
• Total Investment: Approximately $2.6 million in capital expenditures for the upgrades.
• Project Scope: Three specific upgrades under FortisBC's custom efficiency program:
  1. Installation of a new mineral powder grinding mill with a dynamic classifier.
  2. Installation of a new roller compactor to reduce moisture entering the legacy natural gas dryer.
  3. Installation of a heat recovery loop to recycle heat from the legacy natural gas dryer exhaust back to the dryer.
• Eligibility: Projects identified through an engineering analysis by a FortisBC program-approved third-party firm to lower natural gas consumption.
• Timeline: Work commences immediately; completion expected within 18 months.
• Payment Terms: Rebates paid upon completion of the projects.

Notable Quotes

• "We are grateful to be eligible for rebates for these three capital projects, which all will help lower our gas use. The entire process of completing the engineering study and working with our FortisBC key account manager was seamless, and we are excited to take steps to help lower our carbon footprint by implementing these three projects. Work will commence immediately and we expect to have all three projects completed within 18 months," stated Steve Harpur, chief executive officer.