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Progressive Planet Solutions Inc (2)
Symbol PLAN
Shares Issued 109,925,515
Close 2024-02-07 C$ 0.095
Market Cap C$ 10,442,924
Recent Sedar Documents

Progressive obtains $370K funding for PozGlass pilot

2024-02-08 12:49 ET - News Release

Mr. Steve Harpur reports

PROGRESSIVE PLANET OBTAINS UP TO $0.37M IN FUNDING FROM NGEN FOR POZGLASS 100G PILOT PLANT

Progressive Planet Solutions Inc. has obtained up to $370,000 of funding from Next Generation Manufacturing Canada (NGen) for the construction of its PozGlass 100G pilot plant.

This funding from NGEN and the Minister of Innovation, Science, and Economic Development is the first confirmed funding obtained for the PozGlass pilot plant and is actively being used towards finalizing plant design.

The funding is part of a combined commitment of $2.76 million awarded to Progressive Planet, ZS2 Technologies Ltd. ("ZS2"), LithiumBank Resources Corp. (TSXV: LBNK), Occam's Technologies Inc., and Falkbuilt Ltd. by NGen within its Advanced Manufacturing Projects program that aims at de-risking, commercializing, and scaling-up innovative manufacturing capabilities in Canada.

The funding supports a collaborative project by these five companies which aims to disrupt the construction industry by developing an advanced manufacturing solution to address the pressing global need for affordable, climate-adaptive, energy-efficient, and sustainable housing both by capturing and storing carbon into magnesium cement board and by utilizing waste streams. Progressive Planet will be supplying materials such as zeolite from its owned quarries to the project, as well as a stream of ground glass and paper waste from the PozGlass pilot plant.

"Our government is working hard to ensure that Canadians have access to a safe and affordable place to call home. Innovative projects like this, that create sustainable, affordable and durable building materials, take us one step closer to achieving that goal. We will continue to be there to make life more affordable for Canadians, like on housing," says The Honourable Francois-Philippe Champagne, Minister of Innovation, Science and Industry.

Made with 100% post-consumer glass, PozGlass is a scalable cement replacement technology that offers further environmental benefits through carbon sequestration and storage. While a production stream will be utilized by ZS2 for magnesium cement boards, PozGlass produced in the pilot plant will be purchased by Canada's largest cement producer Lafarge Canada Inc. through a confirmed purchase agreement. Post-consumer glass for the pilot plant will be supplied by Recycle BC.

"We are excited to work with NGen and for the financial support provided by the Minister of Innovation, Science, and Economic Development towards our PozGlass pilot plant. The pilot plant will be a major milestone for Progressive Planet and our innovative technology as we continue to work with government and stakeholders to make it a reality," says Progressive Planet CEO Steve Harpur.

Progressive Planet is targeting to fund building and equipment costs with non-dilutive financing, with multiple funding applications still pending.

Progressive Planet provides regular information for investors on its website: progressiveplanet.com/investors/. This includes press releases and other information about financial performance, patents filed, and information on corporate governance.

About Progressive Planet:

We are a CleanTech and manufacturing company with proven product lines based in Kamloops, British Columbia. Our expertise lies in developing critical low-carbon and carbon sequestering solutions using our owned mineral assets and recycled materials to create planet-friendly products that fight climate change and protect our planet's health.

Our products are in 10,000+ retail stores across North America. Our innovations, created at our C-Quester Centre of Sustainable Innovation, bring positive disruption to the cement, agricultural and animal-care sectors by creating products that help reduce carbon footprints and restore ecosystems.

We seek Safe Harbor.

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