Which will be answered following the presentation. As a reminder, this call is being recorded. Before we begin, I would like to direct all participants to our website at www.EverGenInfra.com, where you will find a copy of the fourth quarter 2024 earnings presentation. Please allow me to remind you that our discussion today contains forward-looking statements. Actual results may differ materially from results projected by those forward-looking statements. Additional information concerning these factors is contained in the fourth quarter 2024 management discussion and analysis. I will now turn the call over to Mischa Zajtmann, EverGen Infrastructure's Chief Executive Officer, to begin.
Thanks, Laura, and thanks, everyone, for joining today. As you know, it was a very eventful year in spite of some significant operational and market headwinds. During the year, Fraser Valley Biogas achieved record RNG production and is approaching its design capacity since the expansion was completed in December of 2023. Revenues increased by 37% in Q4, and we achieved $14.2 million of revenue in 2024 compared to $8.4 million in 2023. This was primarily driven by the increased production at Fraser Valley Biogas. As a result, we recorded a 69% annual increase in revenues compared to 2023. During the same annual period, we were able to nearly triple RNG production across our facilities, producing a total of 160,000 GJ compared to 63,000 in 2023. As a result, our adjusted EBITDA increased by 363% to $2.9 million for fiscal year 2024 compared to $0.8 million for fiscal year 2023.
While we did incur a significant net loss, this was entirely driven by the $12.2 million in non-cash impairment charges incurred at CedarSky Soils and Grotech. Summarizing the year, in spite of some operational headwinds, RNG volumes increased significantly across the platform as Fraser Valley Biogas continued to ramp up production and edge closer to design capacity of the facility, which resulted in a significant increase in revenues as well as EBITDA. With our recently announced equity financing and reorganization, the company is now in a healthy position to inject capital into those facilities and deliver positive results going forward. The minimum $5 million equity injection will underpin cash flow from core assets while also providing capital to continue to advance our development stage projects.
We note we have also left room to increase the financing by an additional $2 million for those who would like to participate at these levels. The financing will provide a shake-up at the Board and management level, with a new slate of directors coming on board along with an experienced operations team, which will complement the existing team EverGen already has in place. With a revamped platform and a healthy working capital buffer, we are poised to deliver in 2025 and beyond. We consider ourselves fortunate to be one of the few issuers in this space who have been able to access capital in these challenging markets. To summarize, we made a lot of progress at Fraser Valley Biogas and achieved record production and continue to see R&D and feedstock volumes increase across our facilities.
This is a trend we expect to see continue in 2025. While we did encounter some operational headwinds at our other facilities with our recently announced equity financing and reorganization, we believe we are in a healthy position to inject much-needed capital into those facilities and deliver positive results going forward. I would like to thank all stakeholders for their continued support and will now turn it back to Laura for Q&A.
Thank you, Mischa. Our first question here, can you go into a bit more detail on the use of proceeds for the financing?
Maybe, Sean, you can cover that one.
Yeah, thanks, Laura and Mischa. As Mischa touched on earlier, the previously announced private placement, which is expected to provide gross proceeds of up to $7 million, will be used to strengthen EverGen's balance sheet, primarily through deleveraging existing liabilities as well as debottlenecking operations to improve our operating cash flows at our existing core assets.
Thank you, Sean. Can you explain what the reason was for the impairment charge?
Yeah, so you know this was a non-cash impairment charge, primarily a function of mark-to-market and a bit of a reset given the state of our market cap. It was really resetting the book value of our assets in relation to where our market cap is today and essentially reflecting historical volumes primarily at CedarSky Soils, which is where the bulk of that $12.2 million impairment charge came from. From there, we believe we've set a book value now that is something we can grow from and expand upon given performance at the facility over the last three years.
Can you provide an update on Pacific Coast Renewables and Grotech expansions?
Yeah, so those can, as you know, we've been a bit capital constrained to advance those projects. Those projects are still being advanced. Pacific Coast Renewables, in particular, we recently achieved the approval of the Agricultural Advisory Committee from the City of Abbotsford, which is really the final step for achieving or for receiving city support for the project. The next step is for the project to go before the Agricultural Land Commission. That project is still moving forward. Obviously, this capital injection will facilitate the development of that project and enable us being able to move that forward. At Grotech, we announced the receipt of the ACT grant, the $2 million grant at that facility, and those proceeds are going to go towards achieving phase two. We continue to advance the development of phase two as well.
I would just like to add that yesterday, the BC provincial government announced that it had introduced the Renewable Energy Project Streamlined Permitting Act to the Legislative Assembly, and that includes biogas projects. We would expect that if this act is passed, that it would help fast-track the permitting process for Pacific Coast Renewables.
Can you give an update on Project Radius?
Yeah, so again, Project Radius, we're essentially in the final stages of negotiations with a financing party. As you know, we ran a process and ultimately narrowed it down to one party or the final party. Obviously, given the political sort of overhang with the election and that for the last six months, the consensus up until a couple of months ago was that we were going to get a change in government, there was some uncertainty and some delay around this financing because there was just uncertainty as to what the political environment was going to be going forward for projects like this. Obviously, the results of the election this week are positive for advancing Project Radius going forward and advancing projects like this in Canada.
Do you see volumes continuing to increase at Fraser Valley Biogas?
Fraser Valley Biogas obviously achieved record production in 2024. We achieved record production for the month of March and are looking at similar volumes for the month of April. We had slower months in January and February. There was some downtime, but those have since been addressed. The intention of the proceeds of the financing are to inject some capital, a little bit of capital into facilities like Fraser Valley Biogas with critical spare parts, some capital into the dry feed to reduce downtime and ultimately increase volumes. From a feedstock perspective, we are delivering record feedstock into that facility. In a long way of saying, we do anticipate volumes, RNG volumes and feedstock volumes to continue to increase at Fraser Valley Biogas.
Thank you very much, Mischa and Sean. That concludes our Q&A section here. Again, thank you, everyone, for joining us today, and we hope you have a lovely day.
Thank you, everyone.