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TORONTO, Nov. 04, 2024 (GLOBE NEWSWIRE) -- CHAR Technologies (“CHAR Tech” or the “Company”), a leader in sustainable energy solutions, is pleased to announce the transition of the Altech Environmental Consulting team and assets to Cambium Inc., a well-established provider of Environmental Consulting & Geotechnical Engineering services across Ontario. This transition aligns with CHAR’s ongoing strategy to focus on its renewable energy initiatives, allowing Altech’s team, projects, clients, and intellectual property to continue seamlessly under Cambium’s respected brand.
This alignment supports CHAR Tech’s 2025 objectives to focus resources to the delivery of their build, own, and operate commercial woody biomass to renewable energy projects. Through this transition, Cambium Inc. will broaden its environmental consulting offerings, ensuring continuity of service for Altech’s clients while enhancing value through Cambium’s expertise and commitment to sustainable community development.
Andrew White, CEO of CHAR Tech, commented on the sale, stating “this transaction focuses our core competencies on our high-value growth projects while positioning Altech and its team of highly skilled professionals to thrive at Cambium, and to ensure that our Altech clients are transitioned to a highly professional firm. I would like to extend my sincere thanks to the entire Altech team for their dedication, hard work, and invaluable contributions over the years. They have built a remarkable legacy, and I am confident they will continue to thrive as part of Cambium.”
Update to Transition to North American Equipment Supply
On July 4th, 2023, CHAR announced a transition to North American Equipment Supply for future projects, which included the termination of an Exclusive License Agreement between CHAR Biocarbon Inc., (“CHAR Biocarbon,” a wholly-owned subsidiary of the Company) and Actinon Pte. Ltd (“Actinon,” the parent company of Anergy, a Singaporean based supplier of kiln equipment to the Company) dated August 18th, 2021 (the “Licence Agreement”). To clarify that announcement, CHAR Biocarbon provided notice to terminate the License Agreement on August 28th, 2022; however, it was Actinon’s allegation that the notice of termination was only effective 36 months following the date the notice was delivered.
About CHAR Tech
CHAR Tech (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 biocarbon that is a carbon neutral drop-in replacement for metallurgical steel making coal.