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.
The full press release: https://www.globenewswire.com/
Andrew White, Chief Executive Officer
Mark Korol, Chief Financial Officer
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