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-Fé© licien facilities for renewable energy.
For an early look at project locations and existing infrastructure, check out CHAR Tech’s monthly newsletter.
Lake Nipigon Forest Renewable Energy Facility
The Lake Nipigon project, CHAR Tech’s second renewable energy facility north of Thunder Bay, Ontario, is being developed as an indigenous partnership with Lake Nipigon Forest Management Inc. (LNFMI), holder of the Sustainable Forest License (SFL) Lake Nipigon Forest. This partnership ensures the supply of raw materials for CHAR Tech.
Over the past year, the project site has seen significant progress. In December 2023, the site was a greenfield site, as recorded in a photograph taken at the time. One year later, in December 2024, the transformation is evident, with the site now fully developed and prepared to begin construction on the CHAR Tech facility in 2025.
In 2024, CHAR Tech completed an engineering package to support wood waste biochar production and we are pleased to share that the company is targeting commercial biochar production in late 2025. Construction and commissioning dates are dependent on weather and the severity of the Northern Ontario winter seasons .
Once the facility begins commercially producing biochar, CHAR Tech will work on the next phase of the project, renewable natural gas (RNG) production.
Saint-Félicien renewable energy plant
Last month, CHAR Tech was pleased to share that the Government of Québec, through the Innovation Bois program, announced the approval of $2.5 million to CHAR Tech to support the progress of the Saint-Félicien build, own, manage project to convert wood waste and residues into biocarbon for metallurgy replacement of coal, as well as green hydrogen, which the project intends to further improve into renewable.
The Saint-Félicien project is uniquely positioned on the site of an industrial cogeneration plant, 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 plant, converting approximately 260,000 green metric tons of woody biomass per year into renewable energy, with electricity sold to Hydro-Québec and steam for additional industrial use locally. The SCSF partnership ensures a long-term supply of wood waste feedstock while providing existing infrastructure to ensure the operational readiness of the project.
During 2025, CHAR Tech will continue to advance detailed engineering while working in parallel to secure the financing package necessary to support end-to-end project implementation. The goal remains to start construction in 2025, which paves the way for the start of work in 2026.
About CHAR Tech
CHAR Tech’s (TSXV:DA) first-of-its-kind high-temperature pyrolysis (HTP) technology processes unusable wood and organic waste to simultaneously generate two renewable energy revenue streams, renewable natural gas (RNG) or green hydrogen and carbon-neutral solid biocarbon substitute for metallurgical coal for steel production.
CHAR’s HTP is an ideal waste-to-energy solution that aligns with the global green energy transition by diverting waste from landfills and creating sustainable clean energy to decarbonize heavy industry.
For additional information, please contact:
| Andrew White Chief Executive Officer CHAR Technologies Ltd. Email: andrew.white@chartechnologies.com T: 866 521-3654 |
Galen Cranston Director of Stakeholder Relations CHAR Technologies Ltd. Email: gcranston@chartechnologies.com T: 647-546-5633 |
Website: www.charttechnologies.com
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Forward-looking statements
The 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,” “intends,” “anticipates,” “expects” and similar expressions that refer to CHAR are intended to identify forward-looking information. Forward-looking statements include, but are not limited to, statements relating to the Offer, the expected benefits and rationale of the Offer, statements regarding the intended use of the proceeds of the Offer, expectations regarding the takeover agreement, future plans, operations and activities, expectations regarding production increases, anticipated development of additional project sites on an accelerated 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, without limitation, CHAR’s timing and ability to obtain final approval of the Offer. of the TSX Venture Exchange and those risk factors discussed or referred to in CHAR’s disclosure documents filed with securities regulatory authorities in certain provinces of Canada, including the management discussion and analysis dated August 28, 2024 for the quarter ended June 30, 2024 and available under CHAR’s profile at www.sedar.com. Any such forward-looking information is expressly qualified in its entirety by this cautionary statement. Moreover, CHAR assumes no responsibility for the accuracy or completeness of such forward-looking information. Forward-looking information included in this press release is made by Žis as of the date of this press release and CHAR undertakes no obligation to publicly update or revise Žany forward-looking information, except as required by applicable law.
Source: CHAR Technologies Ltd.
