- CHAR Technologies announced a combined investment of $12,876,336 from the governments of Ontario and Canada
- The funding is to expand CHAR Technologies’ facility in Thorold, Ontario
- CHAR’s Thorold facility will convert 75,000 tonnes of woody biomass to simultaneously produce 500,000 gigajoules of RNG and 10,000 tonnes of biocarbon per year
- The Government of Canada is providing $4,938,168 in addition to a previously announced investment of $1,500,000
- The Government of Ontario is providing $6,438,168 for the project
- CHAR Technologies (YES) is a cleantech development and services company
- CHAR Technologies Ltd. (YES) is up 2.70 per cent on the day, trading at C$0.38 per share at 2 pm ET
The governments of Canada and Ontario are investing more than $11.3 million to expand CHAR Technologies’ (YES) facility in Thorold, Ontario.
The facility produces renewable natural gas (RNG) and biocarbon.
Joint funding is being made available through the Natural Resources Canada Investments in Forest Industry Transformation program and Ontario’s Forest Sector Investment and Innovation Program. It will be disbursed in instalments during the course of construction from early 2023 to 2025.
“This new facility will produce clean alternative fuels and increase sustainability in the forest sector through new and emerging uses of renewable forest biomass. Our investment in CHAR Technologies is an investment in Ontario, which will boost productivity, create jobs and support a thriving forest economy that communities throughout the province depend on,” said Graydon Smith, Ontario Minister of Natural Resources and Forestry.
CHAR’s global first-in-kind, high-temperature pyrolysis (HTP) process converts woody biomass to simultaneously produce two highly profitable green outputs ready for industrial application without generating greenhouse gases.
When commercially operational, CHAR’s Thorold facility will convert 75,000 tonnes of woody biomass to simultaneously produce 500,000 gigajoules of RNG and 10,000 tonnes of biocarbon per year.
Andrew White, CEO of CHAR Technologies, commented on the investment.
“Thanks to the confidence and support from the governments of Canada and Ontario, CHAR is proud to demonstrate what can be accomplished when industry and governments work together towards a green energy transition. Today represents climate change action and signifies a major win for Canada’s growing bioeconomy as we move towards a Net Zero future in collaboration with Ontario’s resilient forestry sector.”
By providing alternative fuels, the project will directly reduce Ontario’s greenhouse gas emissions by up to 30,000 tonnes each year. Diverting mill by-products from landfill will further avoid and reduce indirect emissions by as much as 30,000 tonnes annually, with a combined effect equivalent to taking 18,000 cars off the road.
The Government of Canada has provided $4,938,168 for the project through the Investments in Forest Industry Transformation program. It has previously announced $1,500,000 for the project through the Federal Economic Development Agency for Southern Ontario Jobs and Growth Fund.
The Government of Ontario is providing $6,438,168 for the project through the Forest Sector Investment and Innovation Program, a business support program designed to improve productivity and innovation, enhance competitiveness, support new market access and strengthen regional economies.
The combined investment totals $12,876,336.
CHAR Technologies Ltd. is a cleantech development and services company specializing in waste and residual pyrolysis and biocarbon development, custom equipment for water treatment, and providing services in environmental management, site investigation and remediation, engineering, environmental compliance and resource efficiency.
CHAR Technologies Ltd. (YES) is up 2.70 per cent on the day, trading at C$0.38 per share at 2 pm ET.
