SusGlobal Energy Corp.

SusGlobal Energy Corp.

Company overview

SusGlobal Energy Corp. focuses on acquiring, developing and monetizing proprietary technologies in waste-to-energy and regenerative products. The company's business model centers on processing organic waste streams (for example, source-separated organics) via anaerobic digestion and related processes to produce biogas, organic dry compost, organic liquid fertilizer, and carbon credits. Primary customers historically included municipalities in Ontario.

Key facilities and assets

Belleville Facility (Ontario)

• Ownership: Owned by SusGlobal’s subsidiary 1684567 Ontario Inc.
• Operations: Historically an organic waste processing and composting facility with Environmental Compliance Approvals (ECAs) to accept up to 70,000 MT annually. The facility faced MECP orders and required capital investments to repair and reopen.
• Status: Operations were shut down in January 2024. Rehabilitation was planned and financing was required to reopen. As of 2025, the facility faced regulatory and environmental obligations, including MECP action and accrued costs. Management anticipated reopening in the first quarter of 2027, contingent on funding.
• Financial assurance: A financial assurance amount was outstanding in earlier periods; on July 2, 2026 the company issued a certified cheque to satisfy the MECP financial assurance.

Hamilton Facility (Ontario)

• Size and purpose: 41,535 square feet on 5.29 acres; designed to process up to 65,884 MT annually. Intended for finishing, storage and related activities for SusGro organic liquid fertilizer and other products.
• Status: The facility was not operating during 2024–2025. Rehabilitation and refurbishment were planned, subject to financing. The Hamilton Facility was sold on June 30, 2026.

Waste transfer station

• ECAs exist to support a proposed waste transfer station adjacent to the Belleville Facility (the transfer station had not been built during the period discussed).

Revenue and product mix

• Lifetime revenue since inception: $6,342,738.
• 2025 operating revenue: The Belleville Facility earned no tipping fees in 2025 (tipping-fee revenue was effectively zero at that site for the year).
• Carbon credits: The Belleville Project generated and traded Verified Emission Reductions (VERRs). Past activity included about 137,000 VERRs from 2017–2022 with historical sales of some credits, and 73,464 VERRs sold from September 2022 through the filing date.
• Product lines planned upon reopening: Organic dry compost and organic liquid fertilizer, with potential sales to consumer markets, agriculture, wine and cannabis industries.

Employees and customers

• Employees:
  • As of December 31, 2025: two full-time employees and two independent contractors.
  • At the date of filing: one full-time employee and two independent contractors.
• Customers: Historically municipalities in Ontario were primary customers.

Financial performance and position (highlights)

• Net income (loss):
  • 2025: Net loss attributable to common stockholders of $5,686,869 (2024 loss: $7,859,171).
• Accumulated deficit: $52,116,571 as of December 31, 2025 (vs. $46,429,702 as of December 31, 2024).
• Going concern: The independent auditor’s report expressed substantial doubt about the company’s ability to continue as a going concern.
• Selected debt and liquidity facts (as of 12/31/2025):
  • Convertible promissory notes outstanding: principal $9,907,272 with accrued interest $3,564,889; fair value $14,458,322. Notes were past due and in default.
  • Mortgages payable (private lenders): six mortgages totaling $9,730,662 (C$13,336,982); accrued interest included in liabilities.
  • CEBA loans were repaid by January 2024; portions forgiven.
  • No revolving credit facility was in place as of 12/31/2025.
• 2026 developments:
  • Hamilton Facility sold on June 30, 2026.
  • Financial assurance payments to the MECP were completed in July 2026.
• Operations context:
  • Prior to the January 2024 shutdown, the Belleville Facility accepted a mix of organic wastes and biosolids and earned tipping fees. Tipping fees were reported as zero for 2025.
  • The company aims to operate under a circular economy framework and to capitalize on government-mandated diversion of organics from landfills, subject to financing and regulatory compliance.

Regulatory, legal, and risk factors

• Environmental orders and MECP actions have been issued related to the Belleville facility and stormwater/leachate events.
• There are potential liabilities from ongoing litigation, outstanding accounts payable, and regulatory fines (including an MECP fine of $200,640 as of November 2025, subject to hearing).
• The company faces accounting and governance risks associated with limited liquidity and defaults on debt instruments.
• The operating environment is highly regulated and requires material capital to reopen and maintain facilities.

Summary

SusGlobal Energy Corp. is a small, late-stage development and redevelopment company in the waste-to-energy and regenerative products sector. It owns and is pursuing rehabilitation of the Belleville facility and previously owned the Hamilton facility, which was sold in mid-2026. The company reported lifetime revenue of about $6.34 million, a 2025 net loss of about $5.69 million, and an accumulated deficit of about $52.12 million. At year-end 2025 the company had two full-time employees and two independent contractors. The Belleville facility was not operating at the end of 2025 and required substantial financing and regulatory remediation to reopen.