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 & Biocoal project with the initial production of biocoal in Thorold. Thanks to a $1,500,000 investment by the Government of Canada through the Federal Economic Development Agency for Southern Ontario (FedDev Ontario), CHAR has relocated and recommissioned its facility from London, Ontario, to the Thorold Multimodal Hub where it is now producing biocoal.
CHAR’s biocoal was developed in collaboration with Canadian industry and is a carbon neutral drop-in replacement for metallurgical steel making coal that provides significant greenhouse gas (GHG) emissions reduction. Renewable natural gas (RNG) is a sustainable pipeline-quality gas, generated from wood residuals and organic wastes, that is fully interchangeable with conventional natural gas.
The Thorold project is on schedule, as CHAR now focuses on Phase 2 of the Project, which will increase CHAR’s biocoal production capacity from 1,000 tonnes to 10,000 tonnes/yr. Phase 3 will complete the project with the commencement of production of 500,000 GJ/yr 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, hosted top executives from Canadian industry for a site tour to view the operational facility.
“I want to take this opportunity to thank the Honourable Filomena Tassi, the Minister responsible for FedDev, for believing in our vision,” said CHAR CEO, Andrew White. “With Phase 1 complete, we can focus on scaling up the facility to reach its full potential as Canada’s largest woody biomass to RNG and biocoal facility.”
“We’re ambitious with what we do,” said BMI Group Managing Partner, Paul Veldman. “My brothers Justus and John share my ambition to develop the Thorold Multimodal Hub into a true bio-economy hub. CHAR Technologies is a welcomed asset as BMI continues to invest in developing the infrastructure to support Canadian innovation through our critical mineral hub strategy throughout Ontario.”
Following the CHAR site tour Ontario’s not for profit Center for Research and Innovation in the Bio-Economy (CRIBE) presented the NextFor Biocarbon for Heavy Industry Forum. CRIBE presented a much-anticipated Ontario forest biomass availability study that will directly support Ontario industries’ Net Zero decarbonization ambitions.
The Honourable Filomena Tassi, Minister responsible for the Federal Economic Development Agency for Southern Ontario (FedDev Ontario)
“The Government of Canada is committed to supporting companies that are leading the charge on the development of innovative, clean solutions to help Canadians build a greener future for them and their families. Through investments, like the one today for CHAR Technologies Thorold Inc., we are creating skilled jobs and helping to grow the economy towards a cleaner, greener Canadian economy.”
QUICK FACTS
The Government of Canada has provided more than $6 million for the project, including $1.5 million through FedDev Ontario’s Jobs and Growth Fund and over $4.9 million through Natural Resource Canada’s Investments in Forest Industry Transformation program.
The Government of Ontario has provided $6.4 million for the project through the Forest Sector Investment and Innovation Program, a business support program designed to improve productivity and innovation, enhance competitiveness, support new market access and strengthen regional economies.
The Forest Biomass Action Plan is a five-year plan that encourages the use of forest biomass resources to secure jobs, support economic development and encourage sustainability in Ontario’s forest sector. Forest biomass has many current and emerging uses, including as a source of low-carbon consumer products and renewable energy.
The forest sector generated $18 billion in revenue from the sale of manufactured goods and services in 2020 and supported more than 148,000 direct and indirect jobs in 2021.
Wood produced from Ontario’s Crown forests is sustainably sourced and renewable. Wood is a renewable resource, a clean energy source, and a sustainable – and biodegradable – alternative to single-use plastics.