CHAR Produces Biocoal at Canada’s Largest RNG & Biocoal Facility to Complete Phase 1 of the Project

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.