CALGARY, AB, Dec. 4, 2023 /CNW/ - CVW CleanTech Inc. (the "Company" or "CVW CleanTech") (TSXV: CVW) is pleased to announce that it has received significant initial interest from prospective financial institutions, including Canadian and global institutions, to provide project financing for the potential development of a Creating Value from Waste ("CVWTM") project. To date, CVW CleanTech has received 5 non-binding expressions of interest totalling $625 million in aggregate for a potential project advancing a critical pillar of the financing requirements for commercialization of the CVWTM technology. These expressions of interest are subject to a variety of conditions including achieving additional commercial milestones, satisfactory due diligence, and the entering into of definitive documentation.
CVW CleanTech's CEO, Akshay Dubey, said: "Receipt of project financing support letters is a significant step towards the development of a first CVWTM project. Our Board of Directors and executive team are extremely pleased with the quality relationships established with potential credit providers and the progress of project financing discussions. The quality of financial institutions and volume of support received further validates the strong underlying economics associated with our technology along with the extensive environmental benefits which would be achieved through a CVWTM project implementation."
This project funding is intended to support a potential first of its kind CVWTM implementation at a host oil sands mining site. On an annual basis, the implementation of CVWTM's EcoBase development option could be expected to:
- Recover 2.2 million barrels of hydrocarbons (1.9 million barrels of bitumen and 0.3 million barrels of solvent);
- Abate between 380 to 850 thousand tonnes of CO2 equivalents, primarily methane;
- Eliminate up to 5,000 tonnes of volatile organic compounds (VOCs);
- Potentially elimination tailings pond growth due to froth treatment operations, and
- Generate annual revenues of $248 million within the province of Alberta.
Diverting the froth treatment tailings stream to a CVWTM EcoBase operation could recover up to 90% of bitumen and solvent that are currently lost into tailings ponds, and avoid the associated fugitive methane emissions. This patented and ready-to-deploy process would produce "Ready-to-Reclaim" tailings to meet the Alberta Energy Regulator's Directive 85 standards which would provide a step change in tailings management and allow for progressive remediation.
Mr. Dubey continued "We would like to extend our sincere thanks to the financial institutions who have offered their financing support and look forward to continued engagement as we proceed towards a potential CVWTM project. These non-binding commitments provide the Company and its partners with a high degree of certainty around financing a potential CVWTM implementation. With this important milestone achieved, the management team will continue to focus on securing additional commercial commitments and advancing our technology towards commercialization."
About CVW CleanTech Inc.
CVW CleanTech Inc. is a clean technology innovator working to develop sustainable technology solutions. The Company has developed a suite of proprietary technologies called Creating Value from Waste™ that recover bitumen, solvents, critical minerals, and water from oil sands froth treatment tailings while significantly reducing tailings pond emissions and enhancing tailings management. CVW CleanTech has invested over $100 million and over 15 years to advance the CVWTM technology to ready-to-deploy status. This technology has been supported by large scale integrated piloting and progressive commercial engineering studies resulting in 20 active patents. The development of the Company's technology has been supported by the Government of Alberta and the Federal Government along with oil sands industry partners. Additional information on CVW CleanTech and its proprietary technology can be found within the Company's Process and Technology Overview which is accessible using the link below:
https://cvwcleantech.com/technology/process-and-technology-overview/
Disclosure regarding forward-looking information
This news release contains forward-looking statements and information within the meaning of applicable Canadian securities laws (collectively, "forward-looking information") that reflect the current expectations of management about the future results, performance, achievements, prospects, or opportunities for CVW CleanTech.
Forward-looking statements are frequently, but not always, identified by words such as "expects", "anticipates", "believes", "intends", "estimates", "potential", "possible" and similar expressions, or statements that events, conditions or results "will", "may", "could" or "should" occur or be achieved. The forward-looking statements may include statements regarding the results of deployment of CVWTM technologies and its business plan, potential diversification opportunities and other future opportunities, statements regarding the benefits and implications of the implementation of our technologies or other statements that are not statements of fact. Forward-looking statements are statements about the future and are inherently uncertain, and actual achievements of the Company may differ materially from those reflected in forward-looking statements due to a variety of risks, uncertainties and other factors. For the reasons set forth above, investors should not place undue reliance on forward-looking statements. Important factors that could cause actual results to differ materially from the Company's expectations include: uncertainties in the timing and receipt of regulatory and exchange approvals; uncertainties involved in disputes and litigation; fluctuations in interest rates, commodity prices, currency exchange rates, and other financial conditions, and the resultant effect on viability of investments; changes in the availability, and cost, of technical labour required for our business; price escalation and/ or inflationary pressures affecting the cost of equipment and material required to commercialize our projects; the uncertainty of estimates of capital and operating costs; the need to obtain additional financing and uncertainty as to the availability and terms of future financing; the impact on the Company of increasing inflation; and other risks and uncertainties disclosed in other information released by the Company from time to time and filed with the appropriate regulatory agencies.
All forward looking statements are based on the Company's beliefs and assumptions which are based on information available at the time these assumptions are made. The Company has made the following assumptions in relation to the forward-looking statements in this press release: the expected environmental and economic benefits to be achieved from CVW™ technologies; the ability of the Company to successfully access various government funding programs; the details of government funding programs and that such programs will be implemented (and not change) as expected; that the Company will continue to be able to protect its intellectual property; assumptions as to various market and commercial opportunities for the Company and its technologies; and the ability of the Company to continue to develop and commercialize its technologies. The forward-looking statements contained herein are as of the date set out above and are subject to change after this date, and the Company assumes no obligation to publicly update or revise the statements to reflect new events or circumstances, except as may be required pursuant to applicable laws.
Although management believes that the expectations represented by such forward-looking information or statements are reasonable, there is significant risk that the forward-looking information or statements may not be achieved, and the underlying assumptions thereto will not prove to be accurate. Actual results or events could differ materially from the plans, intentions and expectations expressed or implied in any forward-looking information or statements, including the underlying assumptions thereto, as a result of numerous risks, uncertainties and factors including: failure to obtain regulatory approvals; the possibility that opportunities will arise that require more cash than the Company has or can reasonably obtain; dependence on key personnel; dependence on corporate collaborations; potential delays; uncertainties related to early stage of technology and product development; uncertainties as to fluctuation of the stock market; uncertainties as to future expense levels and the possibility of unanticipated costs or expenses or cost overruns; and other risks and uncertainties which may not be described herein.
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SOURCE CVW CleanTech Inc
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