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TORONTO, Jan. 26, 2022 (GLOBE NEWSWIRE) -- CHAR Technologies Ltd. (“CHAR” or “Company”) (YES – TSXV) announces that CHAR will deploy, own and operate a high temperature pyrolysis system (“HTP”) located adjacent to a biomass power plant on land that has been reserved for CHAR by the City of Saint-Félicien, Quebec. The facility will produce approximately 5,000 tonnes per year of biocarbon and 250,000 GJ/yr of renewable natural gas (“RNG”), for which CHAR has received a letter of interest from the local natural gas utility. The project will be phased, producing biocarbon for metallurgical and carbon credit generation first, to allow for a more rapid deployment and shorter time to initial revenue.
The CHAR facility will leverage the existing biomass handling and processing equipment operated for the “Centre de Valorisation de la Biomasse du Domaine-du-Roy” (“CVB”) in Saint-Félicien, Québec, which allows for significant overall project capital savings. The CVB is a public-private consortium between the local municipality (the MRC du Domaine-du-Roy), the Société de Cogénération de Saint-Félicien (SCSF, owned by Greenleaf Power) and CharTech Solutions (CHAR’s 100% wholly-owned subsidiary). The CVB has been identified by regional political and economic stakeholders as a priority for the development of the forest sector in the region and in Québec. This circular economy project is part of the development orientations of the Government of Québec aimed, among other things, at reducing greenhouse gases and recovering thermal waste.
Andrew White, CEO of CHAR states; “We are excited to join the collaborative and forward-looking MRC du Domaine-du-Roy through the CVB to deploy CharTech Solutions’ leading HTP system in Québec and help position the Saguenay-Lac-Saint-Jean region as a leader in advanced biomass processes.”
“We are very enthusiastic about the arrival of CharTech Solutions in Saint-Félicien, since this allows us to take an important step in the development of the biomass recovery project,” mentions Mr. Dino Mili of the SCSF.
“The expertise of CharTech Solutions gives an additional path to the project, in addition to consolidating our desire to become pioneers in the development of this sector in Quebec,” adds the prefect of the MRC du Domaine-du-Roy, Mr. Yanick Baillargeon.
CHAR Technologies Ltd. is a cleantech development and services company, specializing in organic waste pyrolysis and biocarbon development, custom equipment for industrial air and water treatment, and providing services in environmental management, site investigation and remediation, engineering, environmental compliance and resource efficiency.
For further information, please contact:
Chief Executive Officer
Chief Financial Officer
CHAR Technologies Ltd.
CHAR Technologies Ltd.
T: 866 521-3654
Statements contained in this press release contain “forward-looking information” within the meaning of Canadian securities laws (“forward-looking statements”) about CHAR and is business and operations. The words "may", "would", "could", "should", "potential", “proposed”, “earmarked”, "will", "seek", "intend", "plan", "anticipate", "believe", "estimate", "expect" and similar expressions as they relate 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 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 January 27, 2021 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.
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 or accuracy of this release.