CHAR Technologies Begins Phase 1 of Thorold Renewable Natural Gas and Biocarbon Project

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CHAR Technologies Ltd.

TORONTO, July 14 2022 (GLOBE NEWSWIRE) — CHAR Technologies Ltd. (“CHAR” or the “Company”) (TSX Venture Exchange: YES) is pleased to announce the start of Phase 1 of the Thorold Renewable Natural Gas & Biocarbon Project (“Thorold Project”) at the Thorold Multimodal Hub (the “Hub”) with the start of the project lease on July 1, 2022.

Supported by the Natural Gas Innovation Fund, as well as Bioindustrial Innovation Canada, Phase 1 of this project will contribute to a low-carbon economy by providing direct solutions to replace fossil fuel consumption. This is a significant step in the proprietary High Temperature Pyrolysis (“HTP”) system previously announced and offered at the Hub. Once fully operational, the project is expected to simultaneously produce renewable natural gas (“RNG”) and biocarbons, converted from clean wood feedstock that would otherwise go to landfills.

The hub’s strategic location near the Welland Canal that connects Lake Ontario and Lake Erie provides market access for RNG and biofuels to industrial end-users by water, road and rail.

“We are thrilled to move the Thorold project forward and have the opportunity to join the growing Thorold multimodal hub ecosystem,” said Andrew White, CEO of CHAR Technologies. “This project will serve to decarbonize heavy industry, and the hub’s strategic location gives us access to a variety of reliable raw materials and end-user supply chains.”

“This exciting milestone in the Thorold project is another example of CHAR Technologies moving forward on our top priorities, including delivering environmentally responsible projects and pursuing strategic alliances,” Mr. White continued. “We continue to focus our efforts on developing and investing in technology solutions that support Canada’s zero emissions aspirations.

Hub site owner Bioveld Canada, a BMI Group company, has partnered with Hamilton Oshawa Ports Authority Ports (“HOPA”) to launch the Thorold Multimodal Hub in 2021. The hub is a complex of over 250 acres of multi-user warehousing, transshipment and development space, with marine, rail and road access.

“BMI Group is delighted to have CHAR joining the Bioveld Canada site. The synergies between CHAR and existing and future tenants within the bioeconomy are extremely exciting to me,” said Paul Veldman, Managing Partner of BMI Group.

Contact

Andrew White, Managing Director
E : [email protected]

Mark Korol, Chief Financial Officer
E : [email protected]
Such. : 866 521 3654

About CHAR Technologies
CHAR Technologies Ltd. is a clean technology development and service company, specializing in the pyrolysis of organic waste and the development of biocarbon, tailor-made equipment for industrial air and water treatment, and providing management services environmental, site investigation and remediation, engineering, environmental compliance and resource efficiency.

About HOPA ports:
As an integrated port network, HOPA Ports offers port and maritime assets on the Great Lakes. We are developing multi-modal spaces, including in Niagara, to support Ontario industries and facilitate trade. By investing in high-quality infrastructure and prioritizing sustainability, we are building thriving, functioning waterfronts in communities across Ontario. The Thorold Multimodal Hub is managed by HOPA Ports under its subsidiary, Great Lakes Port Management.

About Thorold Multimodal Hub:
The Thorold Multimodal Hub is a 250-acre multimodal industrial complex in Niagara, adjacent to the Welland Canal. Unique to Niagara, it offers marine, rail and road access, as well as over 500,000 square feet of indoor warehouse and outdoor storage space, which can be configured for a wide variety of industrial operations, material handling freight and auxiliaries. The hub includes 155 acres of space owned by Bioveld Canada Inc. and additional space owned by HOPA Ports.

About the Natural Gas Innovation Fund (NGIF):
NGIF is a Canadian venture capital firm that provides grants and equity financing to start-up companies that provide solutions to environmental and other challenges facing the natural gas sector. We are unique in the way we bring Canadian energy industry leadership to every investment, accelerating the validation, demonstration and customer creation of our portfolio of startups.

About Bioindustrial Innovation Canada (BIC):
BIC’s mission is to provide critical strategic investments, advice and services to developers of clean, green and sustainable technology companies. BIC’s vision is to create sustainable jobs and economic value for Canada. Bioindustrial Innovation Canada (BIC) is a national not-for-profit business accelerator based in Sarnia, Ontario.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy of this press release.

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