CHAR Tech Awarded $5 Million from Government of Canada

Minister of Energy and Natural Resources Canada, Jonathan Wilkinson, unveils a federal investment of $15 million for six clean fuels projects across Canada, with CHAR Tech among the recipients. The announcement took place at CHAR Tech's cutting-edge Thorold facility.

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THOROLD, ONTARIO, March 8, 2024 - CHAR Technologies (“CHAR Tech” or the “Company”) (TSXV:YES), a leader in sustainable energy solutions, is pleased to announce a contribution of approximately $5.2 million from the Government of Canada’s Natural Resources Canada Clean Fuels Fund.

The Honourable Jonathan Wilkinson, Minister of Energy and Natural Resources Canada delivered the announcement at CHAR Tech’s Thorold, Ontario facility.

Read full announcement here: Natural Resources Canada | Press Releases

The Clean Fuels Fund aims to significantly increase domestic production capacity of clean fuels, underpinning Canada’s journey towards a prosperous low-carbon future. With the $5.2 million Clean Fuel Fund contribution, CHAR Tech is poised to conduct the comprehensive engineering and design to replicate their flagship Thorold wood waste to biocarbon and renewable natural gas (RNG) facility. The Clean Fuels Funded projects in development will expand CHAR’s footprint to Kirkland Lake, Ontario, Saint-Félicien, Québec, La Sarre, Québec, and Drayton Valley, Alberta, and are in addition to the project previously unveiled in Terrace, British Columbia.

Minister Wilkinson remarked “Today’s federal investment will help decarbonize the operations of high-emitting sectors, create good jobs in local communities, power homes and businesses efficiently and attract investment into Canada’s clean fuels market. We will continue to support innovative projects to decarbonize and keep going on the energy transition for the Niagara region and for the country as a whole."

Heidi Bredenholler-Prasad, VP and Chief Customer Officer, of Enbridge Gas commented on the success of the Clean Fuels Fund program. “As we emphasize the pivotal role of low-carbon fuels in Canada’s cleaner energy future, I commend the Government of Canada for the Clean Fuels Fund. Enbridge Gas’ extensive natural gas distribution system, paired with made-in-Ontario low-carbon solutions like renewable natural gas and green hydrogen, ensures reliable, affordable, and low-carbon energy delivery, playing a key role in achieving our climate objectives cost-effectively.”

Andrew White, CEO of CHAR Tech, states, "CHAR Tech is honoured to be the recipient of Natural Resources Canada Clean Fuels funding. We extend our gratitude to the Government of Canada and Minister Wilkinson for their unwavering commitment to environmental stewardship. With the support of the Clean Fuels Fund, we are poised to swiftly actualize our proprietary process, fostering the advancement of localized sustainable energy solutions throughout Canada."

Graydon Smith, Ontario Minister of Natural Resources and Forestry, added, “We welcome this investment in CHAR Tech, a company leading forest biomass innovation and clean fuel production in Ontario. Investments like this are a key step towards ensuring Ontario's forest sector growth is sustainable and builds prosperity.”

Char Quick Facts

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.

Source: CHAR Tech