TORONTO, Feb. 01, 2023 (GLOBE NEWSWIRE) -- CHAR Technologies Ltd. (“CHAR” or the “Company”) (TSX Venture Exchange: YES) is pleased to announce that it has completed Phase 1 of the Thorold Renewable Natural Gas & Biocoal project with the initial production of biocoal in Thorold. Thanks to a $1,500,000 investment by the Government of Canada through the Federal Economic Development Agency for Southern Ontario (FedDev Ontario), CHAR has relocated and recommissioned its facility from London, Ontario, to the Thorold Multimodal Hub where it is now producing biocoal.
CHAR’s biocoal was developed in collaboration with Canadian industry and is a carbon neutral drop-in replacement for metallurgical steel making coal that provides significant greenhouse gas (GHG) emissions reduction. Renewable natural gas (RNG) is a sustainable pipeline-quality gas, generated from wood residuals and organic wastes, that is fully interchangeable with conventional natural gas.
The Thorold project is on schedule, as CHAR now focuses on Phase 2 of the Project, which will increase CHAR’s biocoal production capacity from 1,000 tonnes to 10,000 tonnes/yr. Phase 3 will complete the project with the commencement of production of 500,000 GJ/yr of RNG, enough to heat 5,500 homes.
Yesterday CHAR and Bioveld Canada Inc, a BMI Group company and owner of the Thorold Multimodal Hub, hosted top executives from Canadian industry for a site tour to view the operational facility.
“I want to take this opportunity to thank the Honourable Filomena Tassi, the Minister responsible for FedDev, for believing in our vision,” said CHAR CEO, Andrew White. “With Phase 1 complete, we can focus on scaling up the facility to reach its full potential as Canada’s largest woody biomass to RNG and biocoal facility.”
“We’re ambitious with what we do,” said BMI Group Managing Partner, Paul Veldman. “My brothers Justus and John share my ambition to develop the Thorold Multimodal Hub into a true bio-economy hub. CHAR Technologies is a welcomed asset as BMI continues to invest in developing the infrastructure to support Canadian innovation through our critical mineral hub strategy throughout Ontario.”
Following the CHAR site tour Ontario’s not for profit Center for Research and Innovation in the Bio-Economy (CRIBE) presented the NextFor Biocarbon for Heavy Industry Forum. CRIBE presented a much-anticipated Ontario forest biomass availability study that will directly support Ontario industries’ Net Zero decarbonization ambitions.
The Honourable Filomena Tassi, Minister responsible for the Federal Economic Development Agency for Southern Ontario (FedDev Ontario)
“The Government of Canada is committed to supporting companies that are leading the charge on the development of innovative, clean solutions to help Canadians build a greener future for them and their families. Through investments, like the one today for CHAR Technologies Thorold Inc., we are creating skilled jobs and helping to grow the economy towards a cleaner, greener Canadian economy.”
QUICK FACTS
- The Government of Canada has provided more than $6 million for the project, including $1.5 million through FedDev Ontario’s Jobs and Growth Fund and over $4.9 million through Natural Resource Canada’s Investments in Forest Industry Transformation program.
- The Government of Ontario has provided $6.4 million for the project through the Forest Sector Investment and Innovation Program, a business support program designed to improve productivity and innovation, enhance competitiveness, support new market access and strengthen regional economies.
- The Forest Biomass Action Plan is a five-year plan that encourages the use of forest biomass resources to secure jobs, support economic development and encourage sustainability in Ontario’s forest sector. Forest biomass has many current and emerging uses, including as a source of low-carbon consumer products and renewable energy.
- The forest sector generated $18 billion in revenue from the sale of manufactured goods and services in 2020 and supported more than 148,000 direct and indirect jobs in 2021.
- Wood produced from Ontario’s Crown forests is sustainably sourced and renewable. Wood is a renewable resource, a clean energy source, and a sustainable – and biodegradable – alternative to single-use plastics.
About CHAR Technologies Ltd.
CHAR Technologies Ltd. (TSXV:YES) first-in-kind high temperature pyrolysis (HTP) technology processes unmerchantable wood and organic wastes to simultaneously generate two renewable energy revenue streams, renewable natural gas (RNG) or green hydrogen and a solid biocoal that is a carbon neutral drop-in replacement for metallurgical steel making coal.
CHAR’s HTP is an ideal waste to energy solution that aligns with the global green energy transition by diverting waste from landfills and generating sustainable clean energy to decarbonize heavy industry.
About Thorold Multimodal Hub
The Thorold Multimodal Hub is a 500-acre multimodal industrial complex in Niagara, adjacent to the Welland Canal. Unique to Niagara, it features marine, rail and highway access, as well as more than 1,000,000 square feet of indoor warehouse and outdoor storage space, which can be configured to a wide variety of industrial, cargo handling and ancillary operations. The Hub comprises a 155-acre space owned by BMI Group., and additional space owned by Hamilton Oshawa Port Authority Ports.
About FedDev Ontario
For 13 years, the Government of Canada, through FedDev Ontario, has worked to advance and diversify the southern Ontario economy through funding opportunities and business services that support innovation, growth and job creation in Canada’s most populous region. The Agency has delivered impressive results, which can be seen in southern Ontario businesses that are creating innovative technologies, improving productivity, growing revenues, creating jobs, and in the economic advancement of communities across the region. Learn more about the impacts the Agency is having in southern Ontario by exploring our pivotal projects, our Southern Ontario Spotlight, and FedDev Ontario’s Twitter, Facebook, Instagram and LinkedIn.
For further information, please contact:
| Andrew White Chief Executive Officer CHAR Technologies Ltd. E: andrew.white@chartechnologies.com T: 866 521-3654 | Mark Korol Chief Financial Officer CHAR Technologies Ltd. E: m.korol@chartechnologies.com | Edward Hutchinson Press Secretary Office of the Minister responsible for the Federal Economic Development Agency for Southern Ontario E: edward.hutchinson@feddevontario.gc.ca |
Website: www.chartechnologies.com
Neither the TSX Venture Exchange nor its Regulation Service Provider (as the term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the accuracy of this news release.
Forward-Looking Statements
Statements contained in this press release contain “forward-looking information” within the meaning of Canadian securities laws (“forward-looking statements”) about CHAR and its business and operations. The words "may", "would", "will", "intend", "anticipate", "expect" and similar expressions as they relate to CHAR, are intended to identify forward-looking information. Such statements reflect CHAR’s current views and intentions with respect to future events, and current information available to CHAR, and are subject to certain risks, uncertainties and assumptions, including those risk factors discussed or referred to in CHAR’s disclosure documents filed with the securities regulatory authorities in certain provinces of Canada, including the Management Discussion & Analysis dated January 31, 2022 and available under CHAR’s profile on www.sedar.com. Any such forward-looking information is expressly qualified in its entirety by this cautionary statement. Moreover, CHAR does not assume responsibility for the accuracy or completeness of such forward-looking information. The forward-looking information included in this press release is made as of the date of this press release and CHAR undertakes no obligation to publicly update or revise any forward-looking information, other than as required by applicable law.
