TORONTO, July 14, 2022 (GLOBE NEWSWIRE) -- CHAR Technologies Ltd. (“CHAR” or the “Company”) (TSX Venture Exchange: YES) is pleased to announce the start of Phase 1 of the Thorold Renewable Natural Gas & Biocarbon Project (“Thorold Project”) at the Thorold Multimodal Hub (the “Hub”) with the commencement of the project lease on July 1, 2022.
Supported by the Natural Gas Innovation Fund, as well as Bioindustrial Innovation Canada, Phase 1 of this project will contribute to a lower carbon intense economy by providing direct drop-in solutions to replace the consumption of fossil fuels. This is an important step in the previously announced and proposed build, own, operate (“BOO”) proprietary high temperature pyrolysis (“HTP”) system at the Hub. Once fully operational, the project is anticipated to simultaneously produce renewable natural gas (“RNG”) and biocarbons, converted from clean woody feedstocks that would otherwise be destined for landfills.
The Hub’s strategic location, off the Welland Canal that connects Lake Ontario and Lake Erie, provides market access for both the RNG and biocarbons to industrial end use customers by water, highway and railway.
“We are excited to advance the Thorold Project, and for the opportunity to join the growing ecosystem at the Thorold Multimodal Hub,” said CHAR Technologies CEO, Andrew White. “This project will serve to decarbonize heavy industry, and the strategic location of the Hub provides us with access to a variety of reliable feedstock and end user supply chains.”
“This exciting step in the Thorold Project is another example of CHAR Technologies advancing our key priorities which include delivering environmentally responsible projects and pursuing strategic alliances,” continued Mr. White. “We continue to focus our efforts on developing and investing in technology solutions which support Canada’s net zero aspirations.”
The Hub site owner, Bioveld Canada, a BMI Group Company, partnered with the Hamilton Oshawa Port Authority (“HOPA”) Ports to launch the Thorold Multimodal Hub in 2021. The Hub is a 250+ acre complex of multi-user warehousing, transloading and development space, with marine, rail and highway access.
“The BMI Group is thrilled to have CHAR join the Bioveld Canada site. The synergies between CHAR with existing and future tenancy within the bio-economy is extremely exciting to me,” said Paul Veldman, Managing Partner of the BMI Group.
Andrew White, Chief Executive Officer E: andrew.white@chartechnologies.com Mark Korol, Chief Financial Officer E: m.korol@chartechnologies.com T: 866 521 3654
About CHAR Technologies CHAR Technologies Ltd. is a cleantech development and services company, specializing in organic waste pyrolysis and biocarbon development, custom equipment for industrial air and water treatment, and providing services in environmental management, site investigation and remediation, engineering, environmental compliance and resource efficiency.
About HOPA Ports: As an integrated port network, HOPA Ports offers port and marine assets on the Great Lakes. We are developing multimodal spaces, including in Niagara, to support Ontario’s industries and facilitate trade. By investing in high-quality infrastructure and prioritizing sustainability, we build prosperous working waterfronts in Ontario communities. The Thorold Multimodal Hub is managed by HOPA Ports under its subsidiary, Great Lakes Port Management.
About Thorold Multimodal Hub: The Thorold Multimodal Hub is a 250-acre multimodal industrial complex in Niagara, adjacent to the Welland Canal. Unique to Niagara, it features marine, rail and highway access, as well as over 500,000 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 Bioveld Canada Inc., and additional space owned by HOPA Ports.
About the Natural Gas Innovation Fund (NGIF): NGIF is a Canadian venture capital firm offering grant and equity financing for start-ups that deliver solutions to the environmental and other challenges facing the natural gas sector. We are unique in how we bring Canada’s energy industry leadership to every investment, accelerating the validation, demonstration, and customer creation of our startup portfolio.
About Bioindustrial Innovation Canada (BIC): BIC's mission is to provide critical strategic investment, advice and services to business developers of clean, green and sustainable technologies. BIC’s vision is creating jobs and economic value sustainably for Canada. Bioindustrial Innovation Canada (BIC) is a nationally focused not-for-profit business accelerator based in Sarnia, Ontario.
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 adequacy of this news release.
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