Company: Char Technologies Ltd
Listing: TSX Venture, US OTC
Tickers: $YES.V / $CTRNF
Market cap: 21,58 MCAD at time of publication
Share price: 0.26 CAD at time of publication
Website: https://www.chartechnologies.com/
Comparable peers:
Xebec, $XBC Market cap $134 MCAD
Greenlane renewables, $GRN, Mcap $105 MCAD
ESGFIRE comment:
We are pleased to see that Char Technologies is progressing with their proposed build, own, operate (“BOO”) proprietary high temperature pyrolysis (“HTP”) system Saint-Félicien. The $CDN 2.8 million in government funding to support their waste heat recovery system from the forest biomass cogeneration plant is a very important step in progressing the the entire project facility. Once ready the BOO HTP facility will produce green hydrogen to RNG and biocarbon. The stock of Char Technologies has taken a severe beating just as peer companies Xebec and Greenlane Renewables have done lately, this has occured essentially without fundamentals having changed.
TORONTO, June 28, 2022 (GLOBE NEWSWIRE) — CHAR Technologies Ltd. (“CHAR” or the “Company”) (TSX Venture Exchange: YES) is pleased to announce that the City of Saint-Félicien, Québec, has received $CDN 2.8 million in government funding to support their waste heat recovery system from the forest biomass cogeneration plant in Saint-Félicien.
The waste-heat recovery system is an important first step in a larger staged approach towards CHAR’s previously announced and proposed build, own, operate (“BOO”) proprietary high temperature pyrolysis (“HTP”) system. The project would produce both biocarbon & green hydrogen to renewable natural gas (“RNG”) in Saint-Félicien, Québec.
“We are excited to see this major milestone, which is a key step in support towards the planned infrastructure needed to bring our facility to fruition,” said CHAR Technologies Chief Executive Officer, Andrew White. “Once implemented, our BOO HTP facility will produce green hydrogen to RNG and biocarbon, both of which aide in the decarbonization of heavy industry. We want to congratulate Luc Gibbons, the Mayor of Saint-Félicien, Yanick Baillargeon, the Préfet of MRC Domaine-du-Roy, Nancy Guillemette, the Deputy of Roberval (CAQ), the Société de Cogénération de Saint-Félicien and everyone from their respective groups, for their hard work and commitment to advancing this project.”
The funding will be used to capture and distribute waste heat from the cogeneration plant in Saint-Félicien. The waste heat network will be used by the Centre de Valorisation de Biomass (“CVB”) to dry and process biomass, which will be the feedstock supply for CHAR’s proposed HTP project. With the kick-off of the waste heat recovery system, the MRC Domaine-du-Roy can progress towards the CVB, with the CVB’s sequential approval being the next step to allow for the implementation of the CHAR facility.
The Government of Canada is contributing $1.5 million under the Green Infrastructure Component of the Investing in Canada Infrastructure Program. The province of Québec is contribution $1.3 million through the Electrification and Climate Change Fund while the municipality of Saint-Félicien is responsible for an additional $1 million in funding for their project.
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, and providing services in environmental management, site investigation and remediation, engineering, environmental compliance and resource efficiency.
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