CHAR Technologies Announces $2.5M from the Government of Québec for Saint-Félicien Biocarbon and Green Hydrogen Project

TORONTO, Dec. 18, 2024 (GLOBE NEWSWIRE) – CHAR Technologies (“CHAR Tech” or the “Company”) (TSXV:YES), a leader in sustainable energy solutions, is pleased to announce that the Government of Québec, through the Programme Innovation Bois, has approved $2.5M to support the advancement of the previously announced build, own, operate project. This project will convert wood wastes and residuals into both biocarbon for metallurgical coal replacement and green hydrogen, which will be further upgraded into renewable natural gas. The non-repayable grant funding will be disbursed based on predetermined project milestones.

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Also announced was a $1M contribution from the Programme Innovation Bois to la Société de cogénération de Saint-Félicien (“SCSF”), toward the centre de valorisation de la biomasse (“CVB”), co-located with the CHAR Tech project. The CVB includes a waste heat recovery dryer to pre-process biomass for use in the CHAR Tech project.

SCSF, owned by Green Leaf Power, operates a 25 MW cogeneration facility that converts approximately 260,000 green metric tonnes per year of wood waste biomass into renewable energy. The facility supplies electricity to Hydro-Québec and provides steam for additional industrial uses locally.

Andrew White, CEO of CHAR Tech, commented: “We are deeply grateful for the Government of Québec’s support through the Programme Innovation Bois. This $2.5M contribution will accelerate our efforts towards the collaboration of our technology with the CVB at the SCSF facility in Saint-Félicien. Together, we are driving innovation that contributes to a cleaner, greener future.”

Mme. Maïté Blanchette Vézina, Québec Minister of Natural Resources and Forests, remarked: « Avec ces investissements, notre gouvernement démontre à nouveau son soutien à ce secteur névralgique pour le Québec et ses régions. Concrètement, avec cette annonce, nous encourageons des projets innovants qui permettront de dynamiser la filière forestière. Les projets soutenus dans le cadre du Programme Innovation Bois ont généré près de 1,35 milliard de dollars en investissements totaux, créé plus de 1,300 emplois et consolidé plus de 14,000 autres, depuis 2016. C'est impressionnant! Je salue les investisseurs pour leur sens de l'initiative et leur vision d'avenir! »

About CHAR Tech

CHAR Tech (TSXV:YES) utilizes first-in-kind high-temperature pyrolysis (HTP) technology to process unmerchantable wood and organic wastes. This technology simultaneously generates two renewable energy revenue streams: renewable natural gas (RNG) or green hydrogen, and solid biocarbon as a carbon-neutral drop-in replacement for metallurgical coal.

CHAR’s HTP technology offers an ideal waste-to-energy solution, aligning with the global green energy transition. By diverting waste from landfills and producing sustainable clean energy, CHAR contributes to the decarbonization of heavy industry.

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