Sold, Ontario, March 8, 2024 (Globe Newswire) — CHAR Technologies (“CHAR Tech(TSXV:YES), a leader in sustainable energy solutions, has announced a contribution of approximately $5.2 million from the Government of Canada's Natural Resources Canada Clean Fuels Fund. Jonathan Wilkinson, Canada's Minister of Energy and Natural Resources, made the announcement at CHAR Tech's facility in Thorold, Ontario.
The Clean Fuels Fund aims to significantly increase domestic clean fuel production capacity and support Canada's progress toward a low-carbon, prosperous future. With a $5.2 million Clean Fuels Fund contribution, CHAR Tech is poised to conduct comprehensive engineering and design to convert its flagship Thorold wood waste into a biocarbon and renewable natural gas (RNG) facility. I am. Clean Fuels Fund projects in development expand CHAR's footprint in Kirkland Lake, Ontario, Saint-Félicien, Quebec, La Salle, Quebec, Drayton Valley, Alberta, and previously announced in Terrace, B.C. added to the project.
“Today's federal investment will decarbonize operations in high-emission sectors, create good jobs in local communities, efficiently power homes and businesses, and strengthen Canada's clean fuel market,” Minister Wilkinson said. This will help attract investment.” We will continue to support innovative decarbonization projects and continue the energy transition for the Niagara region and the nation. ”
Heidi Bredenholler-Prasad, Vice President and Chief Customer Officer of Enbridge Gas, commented on the success of the Clean Fuels Fund program. “I commend the Government of Canada’s Clean Fuels Fund in highlighting the vital role of low-carbon fuels in Canada’s clean energy future. Enbridge Gas’ extensive natural gas distribution system Combined with Ontario-made low-carbon solutions such as gas and green hydrogen, we ensure a reliable, affordable, low-carbon energy supply and play a key role in meeting climate change cost targets. – Effectively,”
“CHAR Tech is honored to be a recipient of Natural Resources Canada's Clean Fuels Fund,” said Andrew White, CEO of CHAR Tech. We would like to thank the Government and Minister Wilkinson. With the help of the Clean Fuels Fund, we will quickly bring our unique process to fruition and accelerate the development of local, sustainable energy solutions across Canada. i am ready.”
“We welcome this investment in CHAR Tech, a leader in forest biomass innovation and clean fuel production in Ontario,” said Graydon Smith, Ontario Minister of Natural Resources and Forestry. This is an important step towards making growth sustainable and building prosperity in the state’s forestry sector.”
Char quick facts
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In July 2023, a C$6.6 million strategic investment by ArcelorMittal SA, one of the world's leading steel and mining companies, was completed through ArcelorMittal's XCarb® Innovation Fund
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In December 2022, the Government of Canada previously announced $4,938,168 through the Forest Industry Transformation Investment Program and $1,500,000 through the Southern Ontario Jobs and Growth Fund Federal Economic Development Agency.
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In December 2022, the Government of Ontario previously announced $6,438,168 through the Forest Sector Investment and Innovation Program.
About CHAR Tech
CHAR Tech's (TSXV:YES) first in-kind high-temperature pyrolysis (HTP) technology processes unsellable wood and organic waste to produce renewable natural gas (RNG) or green hydrogen and solid biocarbon. Generate two renewable energy income sources simultaneously. A carbon-neutral drop-in replacement for coal for metallurgical steel production.
CHAR's HTP is an ideal waste-to-energy solution in line with the global green energy transition by diverting waste from landfills and generating sustainable clean energy to decarbonize heavy industry. is.
For more information, please contact us below.
Website: www.chartechnologies.com
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Forward-looking statements
Statements contained in this press release contain “forward-looking information” (“forward-looking statements”) within the meaning of Canadian securities laws regarding CHAR and its business and operations. The words “may,” “will,” “will,” “intend,” “anticipate,” “expect” and similar expressions in connection with CHAR do not imply forward-looking information. The purpose is to identify. Forward-looking statements include, but are not limited to, statements regarding the offering, the expected benefits and rationale for the offering, statements regarding the use of the proceeds of the offering, expectations regarding offtake agreements, future plans, operations and activities, and expectations regarding expansion of production scale. , expectations of rapid development of additional project sites, and other statements that are not historical facts. Such statements reflect CHAR's current beliefs and intentions with respect to future events and current information available to CHAR and are subject to certain risks, uncertainties, including the timing and ability of CHAR to obtain final approval. , may be affected by assumptions. the offering from the TSX Venture Exchange and the risk factors discussed or referenced in CHAR's disclosure documents filed with securities regulatory authorities in certain Canadian provinces, including the Management Discussion and Analysis dated February 27;th, 2024 for the quarter ended December 31, 2023, and is available from CHAR's profile at www.sedar.com. Such forward-looking information is expressly qualified in its entirety by this cautionary statement. Further, CHAR is not responsible for the accuracy or completeness of such forward-looking information. The forward-looking information contained in this press release is made as of the date of this press release, and CHAR does not warrant any forward-looking information, except as required by applicable law. We undertake no obligation to publicly update or revise it.
