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FedDev Ontario invests $1,500,000 in CHAR Technologies Thorold Phase 1 project, Canadian Business Journal

TORONTO, Oct. 5, 2022 (GLOBE NEWSWIRE) — CHAR Technologies Ltd. (“CHAR” or “we”) (TSX Venture Exchange: YES) is pleased to announce a $1,500,000 investment from the Government of Canada through the Commonwealth Government think. The Southern Ontario Economic Development Authority (FedDev Ontario) supports our Thorold Renewable Natural Gas and Biocarbon Project (the “Thorold Phase 1 Project”).

This investment is provided through FedDev Ontario’s Jobs and Growth Fund (JGF) in the form of interest-free, repayable donations for certain eligible project costs. The Thorold Phase 1 project will see CHAR relocate and reactivate its existing London facility into the Thorold Multimodal Hub, contributing to a low-carbon economy by providing a direct drop-in solution to replace fossil fuel consumption. When fully operational, the project is expected to co-produce renewable natural gas (“RNG”) and biocarbon, converting clean wood feedstock that would otherwise be sent to landfill.

CHAR Technologies CEO Andrew White said: “On behalf of CHAR, we would like to thank FedDev Minister Filomena Tassi for believing in our project. With FedDev funding, CHAR will increase its biocarbon production capacity from 1,000 to 10,000 tonnes per annum. This will support Canada’s net zero goal by increasing the supply of clean fuels generated from sustainable sources, which is called decarbonization for a circular economy. It’s part of our goal.”

“The Government of Canada is committed to supporting companies that are leading the way in developing innovative, clean solutions to help Canadians build a greener future for themselves and their families. We are working hard,” said Filomena Tassi, Federal Minister for Economic Development. Southern Ontario distributor. “Through investments like our investment in CHAR Technologies Thorold Inc. today, we are creating skilled jobs and helping grow the economy towards a cleaner and greener Canadian economy.”

contact

Andrew White, Chief Executive Officer
E: [email protected]

Marc Corolle, Chief Financial Officer
E: [email protected]
Phone: 866 521 3654

Neither the TSX Venture Exchange nor its regulated service providers (as defined in the TSX Venture Exchange Policy) are responsible for the adequacy of this news release.

About CHAR Technologies

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, environmental management, site investigation and remediation, engineering , environmental compliance and resource efficiency services.

About FedDev Ontario

For 13 years, the Canadian government through FedDev Ontario, is committed to developing and diversifying the economy of Southern Ontario through financing opportunities and business services that support innovation, growth and job creation in Canada’s most populous region. The agency has demonstrated the impressive results seen in Southern Ontario businesses creating innovative technology, increasing productivity, increasing revenue, creating jobs, and driving economic advancement for communities across the region. Explore FedDev Ontario’s significant project, Southern Ontario Spotlight, and FedDev Ontario’s Twitter, Facebook, Instagram, and LinkedIn to learn more about the impact the FDA is having in Southern Ontario.

About Thorold Multimodal Hub:

The Thorold Multimodal Hub is a 250-acre mixed industrial complex located in Niagara adjacent to the Welland Canal. With Niagara’s unique marine, rail and highway access, and over 500,000 square feet of indoor and outdoor storage space, it can be configured for a variety of industries, freight handling and ancillary operations. The hub consists of 155 acres of space owned by Bioveld Canada Inc. and additional space owned by Hamilton Oshawa Port Authority Ports.


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FedDev Ontario invests $1,500,000 in CHAR Technologies Thorold Phase 1 project, Canadian Business Journal

Source link FedDev Ontario invests $1,500,000 in CHAR Technologies Thorold Phase 1 project, Canadian Business Journal

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