Mr. Andrew White reports

CHAR TECH AWARDED $5 MILLION FROM GOVERNMENT OF CANADA

Char Technologies Ltd. has received 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's Thorold, Ont., facility.

The Clean Fuels Fund aims to significantly increase domestic production capacity of clean fuels, underpinning Canada's journey toward a prosperous low-carbon future. With the $5.2-million Clean Fuel Fund contribution, Char is poised to conduct the comprehensive engineering and design to replicate its 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, Ont., Saint-Felicien, Que., La Sarre, Que., and Drayton Valley, Alta., and are in addition to the project previously unveiled in Terrace, B.C.

Mr. 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, vice-president 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, chief executive officer of Char, 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."

Char quick facts:

• July, 2023: closed a $6.6-million strategic investment by world's leading steel and mining company, ArcelorMittal SA, through ArcelorMittal's XCarb Innovation Fund;
• December, 2022: the government of Canada has previously announced $4,938,168 through the Investments in Forest Industry Transformation program and $1.5-million through the Federal Economic Development Agency for Southern Ontario Jobs and Growth Fund;
• December, 2022: the government of Ontario has previously announced $6,438,168 through the Forest Sector Investment and Innovation Program.

About Char Technologies Ltd.

Char Tech 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 biocarbon that is a carbon neutral drop-in replacement for metallurgical steel making coal.

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