CHAR Produces Biocoal at Canada’s Largest RNG & Biocoal

TORONTO, Feb. 01, 2023 (GLOBE NEWSWIRE) — CHAR Technologies Ltd. (“CHAR” or the “Company”) (TSX Venture Exchange: YES) is pleased to announce that it has completed Phase 1 of the Thorold Renewable Natural Gas & Biochar Project with initial production of biochar at Thorold. Thanks to a $1,500,000 investment from the Canadian government through the Federal Economic Development Agency for Southern Ontario (FedDev Ontario), CHAR has moved and restarted its facility from London, Ontario to the Thorold Multimodal Hub, where it now produces biochar produced.

Developed in collaboration with Canadian industry, CHAR’s biochar is a carbon-neutral, drop-in replacement for char for metallurgical steelmaking that offers significant reductions in greenhouse gas (GHG) emissions. Renewable natural gas (RNG) is a sustainable, pipeline-grade gas derived from wood residues and organic waste and is fully interchangeable with traditional natural gas.

The Thorold project is on track as CHAR is now focused on Phase 2 of the project which will increase CHAR’s biochar production capacity from 1,000 tonnes to 10,000 tonnes/year. Phase 3 will complete the project with the start of production of 500,000 GJ/year of RNG, enough to heat 5,500 homes.

Yesterday, CHAR and Bioveld Canada Inc, a BMI Group company and owner of the Thorold Multimodal Hub, invited top Canadian industry leaders for a site tour to tour the facility.

“I would like to take this opportunity to thank the Honorable Filomena Tassi, Minister responsible for FedDev, for believing in our vision,” said Andrew White, CEO of CHAR. “Once Phase 1 is complete, we can focus on scaling the facility to realize its full potential as Canada’s largest woody biomass-to-RNG and biochar facility.”

“We are ambitious in what we do,” said Paul Veldman, Managing Partner of BMI Group. “My brothers Justus and John share my ambition to develop the Thorold Multimodal Hub into a true bioeconomy hub. CHAR Technologies is a welcome asset as BMI continues to invest in infrastructure development to support Canadian innovation through our strategy for critical mineral centers across Ontario.”

Following the CHAR site visit, Ontario’s non-profit Center for Bioeconomy Research and Innovation (CRIBE) presented the NextFor Biocarbon for Heavy Industry Forum. CRIBE presented a highly anticipated study on Ontario’s forest biomass availability that will directly support Ontario’s industry ambitions for net-zero decarbonization.

The Honorable Filomena Tassi, Minister in charge of the Federal Economic Development Agency for Southern Ontario (FedDev Ontario)

“The Government of Canada is committed to supporting companies that are at the forefront of developing innovative, clean solutions to help Canadians build a greener future for themselves and their families. Through investments like today’s for CHAR Technologies Thorold Inc., we create skilled jobs and help transform the economy toward a cleaner, greener Canadian economy.”

FAST FACTS

• The Canadian government has committed more than $6 million to the project, including $1.5 million from FedDev Ontario’s Jobs and Growth Fund and over $4.9 million from the Investments in Forest Industry program Transformation” by Natural Resource Canada.
• The Ontario government has allocated $6.4 million to the project through the Forest Sector Investment and Innovation Program, a business support program designed to improve productivity and innovation, increase competitiveness, increase access to new markets and to strengthen the regional economy.
• The Forest Biomass Action Plan is a five-year plan that promotes the use of forest biomass resources to secure jobs, support economic development and promote sustainability in Ontario’s forest sector. Forest biomass has many current and emerging uses, including as a source of low-carbon consumer goods and renewable energy.
• The forest sector generated $18 billion in revenue from sales of manufactured goods and services in 2020 and supported more than 148,000 direct and indirect jobs in 2021.
• Timber from Ontario Crown Forests is sustainably sourced and renewable. Wood is a renewable resource, a clean source of energy, and a sustainable — and biodegradable — alternative to single-use plastics.

About CHAR Technologies Ltd.

CHAR Technologies Ltd. (TSXV:YES) first high-temperature pyrolysis (HTP) technology processes unsaleable wood and organic waste to simultaneously produce two renewable energy revenue streams, renewable natural gas (RNG) or green hydrogen and a solid biochar is a carbon-neutral drop- in-substitute for metallurgical steelmaking carbon.

CHAR’s HTP is an ideal waste-to-energy solution that adapts to the global green energy transition by diverting waste from landfill and generating sustainable clean energy to decarbonize heavy industry.

About Thorold Multimodal Hub

The Thorold Multimodal Hub is a 500-acre multimodal industrial complex in Niagara, adjacent to the Welland Canal. Unique to Niagara, it features ocean, rail and highway access and more than 1,000,000 square feet of indoor and outdoor storage space that can be configured for a variety of industrial, cargo handling and ancillary operations. The hub includes 155 acres owned by BMI Group and additional acreage owned by Hamilton Oshawa Port Authority Ports.

About FedDev Ontario

Government of Canada for 13 years, through FedDev Ontario, has worked to advance and diversify Southern Ontario’s economy through financing opportunities and business services that support innovation, growth and job creation in Canada’s most populous region. The agency has achieved impressive results, which can be seen in southern Ontario companies developing innovative technologies that increase productivity, increase revenue, create jobs and drive economic progress in communities across the region. Learn more about the impact the agency is making in Southern Ontario by exploring our flagship projects, our Southern Ontario Spotlight and FedDev Ontario Twitter, Facebook, Instagram and LinkedIn.

For more information please contact:

Website: www.chartechnologies.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 businesses and operations. The words “may”, “would”, “will”, “intend”, “anticipate”, “expect” and similar expressions relating to CHAR are intended to identify forward-looking information. 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 the risk factors discussed in CHAR’s disclosure documents filed with the securities or reference is made to regulatory authorities in certain provinces of Canada, including the Management Discussion & Analysis dated January 31, 2022 and available under CHAR’s profile at www.sedar.com. All such forward-looking information is expressly qualified in its entirety by this cautionary statement. Further, CHAR assumes no responsibility for the accuracy or completeness of any such forward-looking information. The forward-looking information contained 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, except as required by applicable law.‎.‎