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Be the first with the news that moves the market- CHAR Technologies (YES) signs MOU with First Nations Co-op LNFMI to build Lake Nipigon RNG and biocarbon facility
- LNFMI is a forest management co-operative comprised of four local First Nation Communities who hold the Sustainable Forest License (SFL)
- The MOU will consist of developing, building, owning and operating wood waste and residues to renewable natural gas
- Work will take place at the biocarbon facility in the Lake Nipigon Region of Northern Ontario
- CHAR Technologies (YES) is down 4.23 per cent, trading at C$0.68 at 9 am EST
CHAR Technologies (YES) signed a MOU with the First Nations co-operative Lake Nipigon Forest Management.
LNFMI is a forest management co-operative comprised of four local First Nation Communities who hold the Sustainable Forest License (SFL).
The MOU will consist of developing, building, owning and operating wood waste and residues to renewable natural gas.
Work will take place at the biocarbon facility in the Lake Nipigon Region of Northern Ontario.
“LNFMI is thrilled to have signed our MOU with CHAR for the development of a new RNG and Biocarbon Facility on the Lake Nipigon Forest,” says LNFMI President Theresa Nelson.
“This opportunity will provide employment for the memberships of the four First Nation partners,” added Nelson.
CHAR’s Lake Nipigon facility would annually produce 500,000 gigajoules of RNG and 10,000 tonnes of biocarbon through the conversion of 75,000 tonnes of wood wastes and residuals.
“With Budget 2023 calling for increased production of Canadian biofuels, this project couldn’t come at a better time,” says CHAR CEO, Andrew White.
“We’re proud to be working with our friends at LNFMI to develop this project to replicate our existing Thorold, Ontario, facility,” added White.
The RNG produced by the facility will be marketed to natural gas utilities in the Region while the biocarbon is targeted for consumption as a metallurgical coal replacement for Canadian steel manufacturers.
CHAR Technologies (YES) is down 4.23 per cent, trading at C$0.68 at 9 am EST.
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