TORONTO, Jan. 07, 2025 (GLOBE NEWSWIRE) — CHAR Technologies (“CHAR Tech” or the “Company”) (TSXV:YES), a leader in sustainable energy solutions, is pleased to provide project updates for the Lake Nipigon and Saint-Félicien renewable energy facilities.
For an early look at both project sites and existing infrastructure, refer to CHAR Tech’s monthly newsletter.
Lake Nipigon Forest Renewable Energy Facility
The Lake Nipigon project, CHAR Tech’s second build own operate renewable energy facility, north of Thunder Bay, Ontario, is being developed as an Indigenous partnership with Lake Nipigon Forest Management Inc. (LNFMI), the Sustainable Forest License (SFL) holder to the Lake Nipigon Forest. This partnership secures CHAR Tech’s feedstock supply.
Over the past year, the project site has undergone significant advancements. In December 2023, the site was a greenfield location, as captured in a photo taken at the time. A year later, in December 2024, the transformation is evident, with the site now fully developed and prepared for the CHAR Tech facility construction to commence in 2025.
In 2024, CHAR Tech completed the engineering package to support wood waste to biocarbon production and are pleased to share that the Company is targeting commercial biocarbon production in late 2025. Construction and in-service dates are dependent on timing and severity of the Northern Ontario winter seasons.
Once the facility is commercially producing biocarbon, CHAR Tech will work towards the next phase of the project, Renewable Natural Gas (RNG) production.
Saint-Félicien Renewable Energy Facility
Last month CHAR Tech was pleased to share that the Government of Québec, through the Programme Innovation Bois, announced the approval of $2.5M to CHAR Tech to support the advancement of the Saint-Félicien build, own, operate project to convert wood wastes and residuals into both biocarbon for metallurgical coal replacement, as well as green hydrogen, which the project intends to upgrade further into renewable natural gas.
The Saint-Félicien project is uniquely positioned at an industrial cogeneration facility site, la Société de cogénération de Saint-Félicien (“SCSF”), providing a strategic advantage with all major utilities already available to support the CHAR Tech facility.
SCSF (owned by Green Leaf Power) operates a 25 MW cogeneration facility, converting approximately 260,000 green metric tonnes per year of wood waste biomass into renewable energy, with the electricity sold to Hydro-Québec, and steam for additional industrial uses locally. The SCSF partnership secures the long-term wood waste feedstock supply while providing existing infrastructure to ensure the project’s operational readiness.
Through 2025 CHAR Tech will continue advancing the detailed engineering while working in parallel to secure the financing package required to support the end-to-end project deployment. The goal remains to begin construction in 2025, paving the way for operations to commence in 2026.
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.
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 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.
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