(MENAFN- GlobeNewsWire - Nasdaq) TORONTO, July 04, 2023 (GLOBE NEWSWIRE) -- CHAR Technologies Ltd. ("CHAR Technologies" or the“Company”) (TSX Venture Exchange: YES) is pleased to provide an update on its Thorold Renewable Natural Gas & Biocoal project (the“Facility”), a commercial high temperature pyrolysis facility to convert wood waste into renewable natural gas and biocarbon. Major equipment and components have been ordered and a balance of plant engineering firm has been selected to have this phase completed on schedule and budget to begin initial biocarbon production in late 2023.
In early 2024, the Facility will enter its final construction phase, which will see the Company install the equipment necessary to upgrade the Facility's syngas output to produce pipeline injectable renewable natural gas (RNG). The Company projects that the RNG will enter the marketplace through existing local pipelines backed by long term sales contracts with large Canadian utilities.
To ensure the Facility remains on schedule, and now with a growing number of projects in development, CHAR has reduced supply chain and project delivery risks by transitioning to a network of North American based equipment suppliers.
As part of the supply chain transition, on August 28th, 2022, CHAR Biocarbon Inc. (“CHAR Biocarbon”), a wholly-owned subsidiary of the Company, served 36 months' advance written notice to terminate its Exclusive Licence Agreement with Actinon Pte. Ltd (the parent company of Anergy, a Singapore based supplier of kiln equipment to the Company) dated August 18th, 2021 (the“Licence Agreement”). Subsequently, the Company has received a notice of immediate termination effective July 1st, 2023, in respect of, and an allegation of additional licence fees owing under, the license agreement. CHAR disputes Actinon's allegation of additional license fees, and will take such action as it deems appropriate to protect its rights and interests.
About CHAR Technologies
CHAR Technologies Ltd. (TSXV:YES) first-in-kind high temperature pyrolysis (HTP) technology processes unmerchantable wood and organic wastes to simultaneously generate two renewable energy revenue streams, renewable natural gas (RNG) or green hydrogen and a solid biocoal that is a carbon neutral drop-in replacement for metallurgical steel making coal.
CHAR's HTP is an ideal waste to energy solution that aligns with the global green energy transition by diverting waste from landfills and generating sustainable clean energy to decarbonize heavy industry.
MENAFN04072023004107003653ID1106553912
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.