TORONTO, May 28, 2024 (GLOBE NEWSWIRE) — CHAR Technologies Ltd. (“CHAR Tech” or the “Company”) (TSXV:YES), a recognized leader in sustainable bioenergy solutions, is pleased to announce the imminent commencement of a production run of 500 tonnes of pelletized biocarbon. The pelletized biocarbon is destined for use at various heavy industrial facilities, including ArcelorMittal sites to fulfill a portion of the Company’s previously announced biocarbon offtake agreement.
The production run is an important milestone in the ongoing commercial upgrades at CHAR Tech’s state-of-the-art Thorold facility. Pelletization, also known as densification, is essential for creating a biocarbon that can be utilized as a drop-in replacement for fossil coal. Achieving proper pellet size and density are crucial for its use in heavy industrial applications, including steelmaking and mining, as well as for ensuring effective transportation, handling, and weather resilience.
Andrew White, CEO of CHAR Tech, said, “Pelletization of biocarbon is a critical step in meeting the specifications, including physical properties, of met coal to allow for direct drop in-replacement. It can also be a tricky step with a number of different operational factors at play to be able to create a pelletized material that can be used in heavy industrial applications, and that can withstand handling, transportation and weather. We’re looking forward to getting the pelletized biocarbon into the hands of our clients, including ArcelorMittal, over the coming months.”
The global demand for pelletized biocarbon is substantial. CHAR Tech continues to advance its capabilities in meeting this demand with multiple production facilities under development.
About CHAR Technologies Ltd.
CHAR Technologies Ltd. (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 biocoal 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.
For further information, please contact:
Website: www.chartechnologies.com
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 February 27th, 2024 for the quarter ended December 31, 2023, 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.
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