TORONTO, Dec. 02, 2024 (GLOBE NEWSWIRE) -- CHAR Technologies (“CHAR Tech” or the “Company”) (TSXV:YES), a leader in sustainable energy solutions, is pleased to provide project updates for December 2024.
Synagro PFAS Elimination Project
CHAR Tech and Synagro Technologies, Inc. (“Synagro”), a preeminent provider of biosolid and residual solutions services, have reached an exciting milestone of the previously announced project to eliminate PFAS “forever chemicals” from wastewater biosolids to generate biochar and renewable energy (“the Project”).
Synagro has completed major civil work and has accepted the delivery of CHAR Tech’s high temperature pyrolysis (HTP) process equipment essential to complete the Project. For an early look at the installation, refer to CHAR’s monthly newsletter.
Looking ahead, Synagro and CHAR Tech are targeting project completion early in the New Year. Once operational, the Project will represent a groundbreaking achievement for CHAR Tech as its first HTP deployment in the United States. Both Synagro and CHAR Tech are eager to demonstrate the environmental and economic benefits of this state-of-the-art system, paving the way for further deployments.
Thorold Renewable Energy Facility
The Thorold facility has received major feedstock handling and processing equipment to site, including receiving bins, storage bins, magnet separator and hammermill. Additionally, the biomass dryer has passed factory acceptance testing and is ready to ship to site. With the equipment on site, CHAR Tech can progress on the civil and mechanical installation work preparing to complete the commercial biocoal production line in 2025.
Biocarbon Offtake Agreements
Throughout 2024, CHAR Tech made significant strides in strengthening its position as a commercially validated biocarbon supplier. Building on this momentum, the company continues to forge key global relationships with major players in steel manufacturing and other heavy industry.
CHAR Tech is well-positioned to capitalize on increasing demand for biocarbon and is projecting the execution of additional biocarbon offtake agreements to support the development of additional facilities, including the Lake Nipigon Forest Renewable Energy Facility.
Lake Nipigon Forest Renewable Energy Facility
CHAR Tech and Lake Nipigon Forest Management Inc. (LNFMI), building on the previously announced Indigenous partnership, are excited to announce that the initial engineering package is complete, which will guide the development phases of CHAR Tech’s second build own operate renewable energy facility, north of Thunder Bay.
Additionally, CHAR Tech and LNFMI are projecting to finalize the long-term wood waste feedstock supply agreement in Q1 2025. The Lake Nipigon facility is on track for the targeted 2025 construction start.
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.
CHAR’s HTP is an ideal waste to energy solution that aligns with the global green energy transition by diverting waste from landfills and generating sustainable clean energy to decarbonize heavy industry.
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 accuracy of this news release.
Forward-Looking Statements
Statements contained in this press release contain “forward-looking information” within the meaning of Canadian securities laws (“forward-looking statements”) about CHAR and its business and operations. The words “may”, “would”, “will”, “intend”, “anticipate”, “expect” and similar expressions as they relate to CHAR, are intended to identify forward-looking information. Forward-looking statements include, but are not limited to, statements relating to the Offering, the anticipated benefits of, and rationale for, the Offering, statements regarding the intended use of proceeds of the Offering, expectations regarding the offtake agreement, future plans, operations and activities, expectations regarding the scale up of production, the anticipated development of additional project sites on an expedited basis, and other statements that are not historical facts. Such statements reflect CHAR’s current views and intentions with respect to future events, and current information available to CHAR, and are subject to certain risks, uncertainties and assumptions, including, among others, the timing and ability of CHAR to obtain final approval of the Offering from the TSX Venture Exchange and those risk factors discussed or referred to in CHAR’s disclosure documents filed with the securities regulatory authorities in certain provinces of Canada, including the Management Discussion & Analysis dated August 28th, 2024 for the quarter ended June 30, 2024, and available under CHAR’s profile on www.sedar.com. Any such forward-looking information is expressly qualified in its entirety by this cautionary statement. Moreover, CHAR does not assume responsibility for the accuracy or completeness of such forward-looking information. The forward-looking information included in this press release is made as of the date of this press release and CHAR undertakes no obligation to publicly update or revise any forward-looking information, other than as required by applicable law.
