TORONTO, March 17, 2021 (GLOBE NEWSWIRE) -- CHAR Technologies Ltd. (“CHAR”) (TSXV: YES) is pleased to announce a purchase order from one of Canada’s largest steel producers for up to 1,000 tonnes of CHAR’s proprietary CleanFyre biocoal. This contract builds on CHAR’s previous successful pilot production run of 20 tonnes and is the next step in ongoing commercialization work. CleanFyre is a carbon neutral, solid biofuel, made from various woody-biomasses and woodwastes and provides a low greenhouse gas (“GHG”) emission biocoal substitute to integrate into existing steelmaking processes.
Andrew White, Chief Executive Officer states, “This milestone purchase order further demonstrates the opportunities to replace fossil coal with CleanFyre, CHAR’s carbon neutral, sustainable, solid biofuel that meets the strict requirements of the steelmaking industry. Our proprietary solutions provide innovative and progressive companies a significant advantage in reducing greenhouse gas emissions, while building on a circular economy. The 1,000-tonne contract equates to removing approximately 580 automobiles off the road for 1 year. This is the first major step in capitalizing on a massive total available market (“TAM”) in the steel industry.”