New York, NY, May 22, 2024 (GLOBE NEWSWIRE) -- Bion Environmental Technologies, Inc. (OTC QB: BNET), a leader in advanced livestock waste treatment technology and premium sustainable beef, gave the following company update:
We have faced several challenges in the last year that began with the construction delays at Fair Oaks and were complicated by ongoing management transition issues (resulting from the passing of our long-term CEO/COO). As a result, we have been unable to raise sufficient capital through our traditional retail sources. We are exploring all strategic options to raise capital and propel the company forward. We knew that building a team and platform to commercialize our technology would require substantial strategic investment. We are optimistic about our ongoing conversations with potential clean energy, utility, and agriculture partners, and we have begun raising capital with existing shareholders to fund near-term requirements.
We are restarting operations at Fair Oaks, where we intend to complete several initiatives over the next few weeks before we begin third-party engineering. The demonstration of our ammonia recovery system at Fair Oaks has exceeded expectations and we are very enthusiastic about its performance.
Other than our financial challenges, which have been apparent for several months (and we are confident will be addressed), we are not aware of any event or news that would cause our recent market activity. Unusual activity began at the end of October 2023 and has continued to this date. It should be noted that Bion has a legacy shareholder base, including some larger blocks purchased by investors that have since passed away and the shares distributed to their heirs.
Stand-Alone Ammonia Solution
The new patent announced in January 2024 extended the coverage of our Ammonia Recovery System (ARS – our core technology) beyond animal waste, to include industrial and municipal waste streams. We believe there is an opportunity to use the ARS as a stand-alone ammonia control solution for some facilities that produce biogas/Renewable Natural Gas (RNG). We believe this opportunity could put Bion on a path to revenues much more quickly than our beef projects. We are currently evaluating opportunities in this space.
Ammonia has always been Bion’s primary focus, as evidenced by our patents. We developed the ARS to recover the ammonia produced when anaerobic digestion (AD) is used to generate biogas from animal waste, and that biogas is upgraded to Renewable Natural Gas (RNG). However, the patent (and technology) covers anaerobic digestion of any organic waste stream, such as food, food processing, municipal wastewater, and slaughter/packing waste. These industrial sources are required to treat their waste streams to reduce ammonia and other nutrients.
We are confident some AD/RNG waste streams will meet a preferred profile, a ‘sweet spot’, where Bion’s ARS can provide the best ammonia control solution available. Clean fuels production in the US is projected to experience double digit growth over the next several years, which will require ammonia control solutions for regulated industrial and municipal AD facilities. EPA is currently tightening discharge requirements for the largest slaughter/packing facilities. We think the push from the energy and financial industries to expand the biogas supply chain will provide Bion with a unique opportunity to deploy our technology and help those partners secure that supply.
In recent months, ammonia from livestock manure waste has come under increasing scrutiny. States like Michigan, Minnesota, and Arkansas have joined California, Washington, and Oregon, as well as the EPA, in expressing concerns about air and water pollution caused by ammonia from livestock waste and anaerobic digestion of that waste. It is becoming increasingly difficult to ignore the PM2.5 (smog), toxic algae blooms, and groundwater contamination, that have elevated a pollution problem into significant health risks.
We have also identified AD of animal waste in the European Union as another stand-alone opportunity. While not regulated in the US, agricultural ammonia is closely monitored and regulated in the EU. Bion is currently in discussions regarding a planned regional digester for dairy waste in Ireland, and we believe there will be additional opportunities there, as well as UK poultry, and swine in the Netherlands.
Sustainable Beef
We are establishing relationships with stakeholders throughout the beef value chain, as well as potential strategic partners for RNG, fertilizer, and solar. Further, we are in ongoing discussions with a large cattle feeder in Montana that could become a fourth project in our pipeline, and potentially our initial beef project. At this time, we are seeking distribution partner(s) to provide the offtake agreements that will be required to finance and commence beef projects.
We believe our sustainable beef opportunity represents a compelling opportunity for an RNG developer. While many large US dairies are already equipped with AD, there are virtually none in beef, with more animals and larger scale. Bion’s projects offer unique access to RNG from beef waste, without water quality concerns. We think Bion’s sustainable beef projects will be an attractive opportunity for clean fuels developers seeking to expand RNG supply. We intend to identify a strategic partner in this space.
About Bion
Bion’s patented core technology captures, stabilizes, and upcycles ammonia produced during the anaerobic digestion of organic waste streams to produce Renewable Natural Gas. The ammonia recovery system produces clean water and high-value organic and low-carbon precision fertilizers from the waste stream. It supports our Gen3Tech platform that will minimize the environmental impacts of large-scale livestock production, improve resource and production efficiencies, and drive premium pricing with a USDA-certified sustainable brand. Bion is focused on developing state-of-the-art indoor cattle feeding operations and providing ammonia solutions to the fast-growing clean fuels industry.
This material includes forward-looking statements based on management's current reasonable business expectations. In this document, the words ‘will’, ‘believe’, ‘(are) confident’ and similar expressions identify certain forward-looking statements. It should be noted it is difficult to accurately predict the startup and optimization of a first-of-its-kind advanced waste treatment technology platform. The timelines discussed are estimates only. These statements are made in reliance on the Private Securities Litigation Reform Act, Section 27A of the Securities act of 1933, as amended. There are numerous risks and uncertainties that could result in actual results differing materially from expected outcomes.
Contact Information:
Craig Scott SVP, Director of Communications (406) 281-8178 direct
