CHAR Tech receives C$5.2M from Canada's Natural Resources Clean Fuels Fund to expand domestic clean energy capacity; company to conduct engineering and design to replicate its flagship Thorold wood waste to biocarbon and renewable natural gas facility

THOROLD, ONTARIO, March 8, 2024 (GLOBENEWSWIRE) – CHAR Technologies (“CHAR Tech” or the “Company”) (TSXV:YES), a leader in sustainable energy solutions, is pleased to announce a contribution of approximately $5.2 million from the Government of Canada’s Natural Resources Canada Clean Fuels Fund. The Honourable Jonathan Wilkinson, Minister of Energy and Natural Resources Canada delivered the announcement at CHAR Tech’s Thorold, Ontario facility.

The Clean Fuels Fund aims to significantly increase domestic production capacity of clean fuels, underpinning Canada’s journey towards a prosperous low-carbon future. With the $5.2 million Clean Fuel Fund contribution, CHAR Tech is poised to conduct the comprehensive engineering and design to replicate their flagship Thorold wood waste to biocarbon and renewable natural gas (RNG) facility. The Clean Fuels Funded projects in development will expand CHAR’s footprint to Kirkland Lake, Ontario, Saint-Félicien, Québec, La Sarre, Québec, and Drayton Valley, Alberta, and are in addition to the project previously unveiled in Terrace, British Columbia.

Minister Wilkinson remarked “Today’s federal investment will help decarbonize the operations of high-emitting sectors, create good jobs in local communities, power homes and businesses efficiently and attract investment into Canada’s clean fuels market. We will continue to support innovative projects to decarbonize and keep going on the energy transition for the Niagara region and for the country as a whole."

Heidi Bredenholler-Prasad, VP and Chief Customer Officer, of Enbridge Gas commented on the success of the Clean Fuels Fund program. “As we emphasize the pivotal role of low-carbon fuels in Canada’s cleaner energy future, I commend the Government of Canada for the Clean Fuels Fund. Enbridge Gas’ extensive natural gas distribution system, paired with made-in-Ontario low-carbon solutions like renewable natural gas and green hydrogen, ensures reliable, affordable, and low-carbon energy delivery, playing a key role in achieving our climate objectives cost-effectively.”

Andrew White, CEO of CHAR Tech, states, "CHAR Tech is honoured to be the recipient of Natural Resources Canada Clean Fuels funding. We extend our gratitude to the Government of Canada and Minister Wilkinson for their unwavering commitment to environmental stewardship. With the support of the Clean Fuels Fund, we are poised to swiftly actualize our proprietary process, fostering the advancement of localized sustainable energy solutions throughout Canada."

Graydon Smith, Ontario Minister of Natural Resources and Forestry, added, “We welcome this investment in CHAR Tech, a company leading forest biomass innovation and clean fuel production in Ontario. Investments like this are a key step towards ensuring Ontario's forest sector growth is sustainable and builds prosperity.”

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