TORONTO, Sept. 10, 2021 (GLOBE NEWSWIRE) --
CHAR Technologies Ltd. (“CHAR” or “Company”) (YES – TSXV) announces the signing of an exclusive technology licensing agreement (“Agreement”) with CHAR’s principal kiln technology supplier, Anergy, a global waste transformation leader. This Agreement strengthens CHAR’s relationship with Anergy to continue our collaboration on technology development opportunities globally and provides formal exclusivity in the North American market. CHAR has the technology rights to all the equipment intellectual property, including patents and designs, which will allow the Company to more efficiently lead the engineering, procurement and manufacturing of the entire High Temperature Pyrolysis (“HTP”) system. This agreement will streamline the design process, reduce overheads and delivery times, and will ultimately allow for even more competitive bidding of projects and thereby potentially increased profit margins overall.
The patented HTP systems allow for the conversion of wood-based biomass and waste streams such as anaerobic digestion sludge into high value outputs including renewable natural gas, green hydrogen and biocoal. In addition, the HTP systems remove harmful contaminants including Per- and polyfluoroalkyl substances or PFAS, a group of manufactured chemicals found in fabrics and materials with non-stick and fire-resistant properties such as carpets, food packaging, and fire-fighting foam. CHAR and Anergy continue to collaborate on market entry approaches for additional opportunities in waste reduction and renewable fuels production.
“CHAR undertook an exhaustive search to find an equipment technology provider who could meet the requirements of CHAR’s process IP. Anergy was clearly the strongest candidate, and Anergy worked with CHAR to supply the high temperature pyrolysis kiln, which was exclusively designed for CHAR’s proprietary process, and was commissioned in 2018. While the two companies continued to work together, this agreement formalizes that collaboration and grants CHAR an exclusive license to manufacture, distribute and deploy the combined CHAR and Anergy technologies in North America. This also strengthens CHAR’s competitive advantage in North America along with our IP and patent portfolio. We look forward to continued North American and global opportunities together with Anergy,” said Andrew White, CEO of CHAR.
“We are excited to move forward with the formalization of our existing relationship with CHAR,” said Michael Martella, CEO of Anergy. “Both companies have seen significant growth opportunities through our existing collaboration. By formalizing our agreement, we can leverage the global presence of our teams, along with the combined skills and expertise of both groups, accelerating the deployment of the high temperature pyrolysis system around the world.”
CHAR also announces that its Board of Directors has approved the grant of 1,039,559 Restricted Stock Units (“RSUs”), which vest with time and performance over the following 36 months, and 480,000 Share Appreciation Rights (“SARs”) at a SAR price of $0.72/SAR, which vest with time over the following 24 months, to senior executives and employees of CHAR, in accordance with TSX Policy 4.4, subject to the rules of the TSX Venture Exchange and the Corporation’s Omnibus Long Term Incentive Plan. The RSUs and SARs have a term of five years and will expire on September 10th, 2026.
About CHAR
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.
About Anergy
Anergy is a global technology business with Australian heritage and is focused on transforming the cleantech sector. The company’s revolutionary High Temperature Pyrolysis (HTP) technology will change the global approach to renewable energy and offers a working solution to tackle the issues of both climate change and the untenable state of global waste."
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.
