TORONTO, Sept. 10, 2021 (GLOBE NEWSWIRE) -- CHAR Technologies Ltd. (“CHAR” or “Company”) (YES – TSXV) announces the signing of an exclusive technology licensing agreement (“Agreement”) with CHAR’s principal kiln technology supplier, Anergy, a global waste transformation leader. This Agreement strengthens CHAR’s relationship with Anergy to continue our collaboration on technology development opportunities globally and provides formal exclusivity in the North American market. CHAR has the technology rights to all the equipment intellectual property, including patents and designs, which will allow the Company to more efficiently lead the engineering, procurement and manufacturing of the entire High Temperature Pyrolysis (“HTP”) system. This agreement will streamline the design process, reduce overheads and delivery times, and will ultimately allow for even more competitive bidding of projects and thereby potentially increased profit margins overall.
The patented HTP systems allow for the conversion of wood-based biomass and waste streams such as anaerobic digestion sludge into high value outputs including renewable natural gas, green hydrogen and biocoal. In addition, the HTP systems remove harmful contaminants including Per- and polyfluoroalkyl substances or PFAS, a group of manufactured chemicals found in fabrics and materials with non-stick and fire-resistant properties such as carpets, food packaging, and fire-fighting foam. CHAR and Anergy continue to collaborate on market entry approaches for additional opportunities in waste reduction and renewable fuels production.
“CHAR undertook an exhaustive search to find an equipment technology provider who could meet the requirements of CHAR’s process IP. Anergy was clearly the strongest candidate, and Anergy worked with CHAR to supply the high temperature pyrolysis kiln, which was exclusively designed for CHAR’s proprietary process, and was commissioned in 2018. While the two companies continued to work together, this agreement formalizes that collaboration and grants CHAR an exclusive license to manufacture, distribute and deploy the combined CHAR and Anergy technologies in North America. This also strengthens CHAR’s competitive advantage in North America along with our IP and patent portfolio. We look forward to continued North American and global opportunities together with Anergy,” said Andrew White, CEO of CHAR.
“We are excited to move forward with the formalization of our existing relationship with CHAR,” said Michael Martella, CEO of Anergy. “Both companies have seen significant growth opportunities through our existing collaboration. By formalizing our agreement, we can leverage the global presence of our teams, along with the combined skills and expertise of both groups, accelerating the deployment of the high temperature pyrolysis system around the world.”
CHAR also announces that its Board of Directors has approved the grant of 1,039,559 Restricted Stock Units (“RSUs”), which vest with time and performance over the following 36 months, and 480,000 Share Appreciation Rights (“SARs”) at a SAR price of $0.72/SAR, which vest with time over the following 24 months, to senior executives and employees of CHAR, in accordance with TSX Policy 4.4, subject to the rules of the TSX Venture Exchange and the Corporation’s Omnibus Long Term Incentive Plan. The RSUs and SARs have a term of five years and will expire on September 10th, 2026.