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Government of Canada Invests in CHAR's Thorold Project

TORONTO, Oct. 05, 2022 (GLOBE NEWSWIRE) -- CHAR Technologies Ltd. (“CHAR” or the “Company”) (TSX Venture Exchange: YES) is pleased to announce an investment of $1,500,000 from the Government of Canada, through the Federal Economic Development Agency for Southern Ontario (FedDev Ontario), to support the Company’s Thorold Renewable Natural Gas & Biocarbon Project (“Thorold Phase 1 Project”).

This investment, in the form of an interest-free repayable contribution toward certain eligible project costs, is provided through FedDev Ontario’s Jobs and Growth Fund (JGF). The Thorold Phase 1 Project will see CHAR relocate and recommission their existing London facility to the Thorold Multimodal Hub where it will contribute to a lower carbon economy by providing direct drop-in solutions to replace the consumption of fossil fuels. Once fully operational, the project is anticipated to simultaneously produce renewable natural gas (“RNG”) and biocarbons, converted from clean woody feedstocks that would otherwise be destined for landfills.

“We are thrilled to be the recipient of FedDev JGF funding to support the development and adoption of our made in Canada clean technology,” said CHAR Technologies CEO, Andrew White. “On behalf of CHAR I would like to thank the Honourable Filomena Tassi, the Minister responsible for FedDev, for believing in our project. Thanks to FedDev’s funding, CHAR will be positioned to increase biocarbon production capacity from 1,000 tonnes to 10,000 tonnes per year. This supports Canada’s Net Zero targets by increasing the supply of clean fuels generated from sustainable resources, which is part of our goal of decarbonizing for a circular economy.”

“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,” said the Honourable Filomena Tassi, Minister responsible for the Federal Economic Development Agency for Southern Ontario. “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.”


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