TORONTO, Aug. 24, 2021 (GLOBE NEWSWIRE) -- CHAR Technologies Ltd. (“CHAR”) (TSXV: YES) is pleased to announce the upgrading of CHAR’s operational high temperature pyrolysis facility to produce approximately 20,000 GJ/yr of renewable natural gas (“RNG”). The approval of a $300,000 grant from NGIF (Natural Gas Innovation Fund) Industry Grants, a division of NGIF Capital Corporation, will support the upgrades. The grant funding will be partially disbursed at the commencement of each of three milestones (detailed engineering design, fabrication and commissioning, and validation). CHAR anticipates project commissioning to commence in March 2022.
“NGIF was one of CHAR’s early supporters, and we are pleased to receive their support and continue our productive relationship,” said Andrew White, CEO of CHAR. “The projects are vetted and supported by ATCO Pipelines, Enbridge Gas Inc., FortisBC, Pacific Northern Gas Ltd., and SaskEnergy, allowing these utilities to see and validate CHAR’s high temperature pyrolysis to RNG process.”
“I met Andrew about 10 years ago when CHAR was a newly formed spin-out from the University of Toronto and have seen continued growth in both his leadership and the organization and now very excited to see RNG being produced at CHAR’s high temperature pyrolysis facility,” said John Adams, NGIF Capital Corporation President and CEO and NGIF Cleantech Ventures Managing Partner. “NGIF identifies and invests in opportunities that accelerate the clean technologies required to drive environmental performance in natural gas while also offering industry validation.”
“When the Canadian Gas Association created NGIF several years ago, CHAR Technologies was one of the first start-ups to be supported by the Fund. Their technology to support RNG development is the type of innovation we continue to advance in the natural gas industry,” added Timothy M. Egan, President and CEO, Canadian Gas Association and Chair, NGIF Capital Corporation, which operates NGIF Industry Grants. “Renewable gas development is an important pathway to drive meaningful emissions reductions, while still supporting the customers’ need for reliable and affordable energy.”
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About CHAR
CHAR is a cleantech development and services company, specializing in high temperature pyrolysis, converting woody materials and organic waste into renewable gases (renewable natural gas and green hydrogen) and biocarbon (activated charcoal “SulfaCHAR” and solid biofuel “CleanFyre”). Additional services include custom equipment for industrial water treatment, and providing services in environmental compliance, environmental management, site investigation and remediation, engineering and resource efficiency.
About NGIF Capital Corporation
NGIF Capital Corporation is a Canadian venture capital (VC) firm offering grant and equity financing for start-ups that deliver solutions to the environmental and other challenges facing the natural gas sector. NGIF Capital Corporation is unique in how it brings Canada’s energy industry leadership to every investment. Like other VCs, it takes new companies and their ideas from concept to commercialization. Unlike other VCs, NGIF Capital Corporation has strong connections to every part of the gas value chain, from production through to end-use, offering it a means to test, develop, and accelerate the commercial implementation of innovative gas technology wherever it fits in the sector. The model benefits consumers, investors, and Canadian society as a whole. NGIF Capital Corporation operates NGIF Industry Grants (the original Natural Gas Innovation Fund), the NGIF Emissions Testing Centre, and NGIF Cleantech Ventures. NGIF Capital Corporation is wholly owned by CGA Enterprises, a venture of the Canadian Gas Association.
About CGA
The Canadian Gas Association is the voice of Canada’s natural gas delivery industry. Its membership includes natural gas distribution and transmission companies, equipment manufacturers, and suppliers to the industry. Our utility members are active in eight provinces and one territory and meet 35 per cent of Canadians’ energy needs through a network of over 566,000 kilometers of underground infrastructure. This infrastructure can also be used to deliver renewable gases including renewable natural gas and hydrogen, in order to contribute to Canada’s greenhouse gas emission reductions. Today, over 7.2 million customer locations representing approximately two-thirds of Canadians, rely on natural gas for clean, affordable, and reliable heating and power. CGA owns CGA Enterprises, which in turn owns NGIF Capital Corporation.
Forward-Looking Statements
Statements contained in this press release contain “forward-looking information” within the meaning of Canadian securities laws (“forward-looking statements”) about CHAR and is business and operations. The words "may", "would", "could", "should", "potential", "will", "seek", "intend", "plan", "anticipate", "believe", "estimate", "expect" and similar expressions as they relate to CHAR, are intended to identify forward-looking information. Such statements reflect CHAR’s current views and intentions with respect to future events, and current information available to CHAR, and are subject to certain risks, uncertainties and assumptions, including those risk factors discussed or referred to in CHAR’s disclosure documents filed with the securities regulatory authorities in certain provinces of Canada, including the Management Discussion & Analysis dated January 27, 2021 and available under CHAR’s profile on www.sedar.com. Any such forward-looking information is expressly qualified in its entirety by this cautionary statement. Moreover, CHAR does not assume responsibility for the accuracy or completeness of such forward-looking information. The forward-looking information included in this press release is made as of the date of this press release and CHAR undertakes no obligation to publicly update or revise any forward-looking information, other than as required by applicable law.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
