The BMI Group to partner with and invest in CHAR Technologies
The companies will collaborate on expediting biocarbon production at CHAR's Thorold facility in Ontario
CHAR Technologies processes waste from wood, agriculture and other organic sources into renewable natural gas, green hydrogen and a carbon-neutral biocarbon that replaces metallurgical steel-making coal
CHAR Technologies stock has given back 39.19 per cent year-over-year but remains up by 125 per cent since 2020
The BMI Group, a leading real estate and business developer, will invest C$2 million into CHAR Technologies (TSXV:YES), a sustainable energy solutions provider, through a non-brokered private placement.
The investment coincides with a binding letter of intent between the companies to accelerate commercial biocarbon production at CHAR's Thorold facility in Ontario, which is expected to be built by Q4 2025.
As per the agreement, BMI Group will also acquire project-level ownership in the Thorold facility and will be granted the right to nominate a director to CHAR's board.
The BMI Group is the largest owner and redeveloper of end-of-use paper mills in Ontario, including the Bioveld Niagara Multimodal Hub, where the Thorold facility is located, as well as Bioveld North in Espanola in the province's wood fibre basket, where the companies will co-develop a new renewable energy facility.
According to Friday's news release, the financing is expected to close by May 9, 2025. Leadership insights
'By investing in innovative companies like CHAR Technologies and revitalizing assets such as Bioveld North and Niagara, we're putting wood fibre back to work in next-generation applications,' Paul Veldman, The BMI Group's chief executive officer (CEO), said in a statement. 'We see significant long-term opportunity in our partnership with CHAR Technologies, as The BMI Group continues to invest in the strategic retooling of industrial sites across Canada.'
'This partnership marks a pivotal milestone in advancing biocarbon production at our CHAR Tech Thorold facility,' added Andrew White, CEO of CHAR Technologies. 'With The BMI Group's infrastructure expertise, we are positioned to accelerate project delivery and generate strong returns for our investors. This collaboration also opens the door to further opportunities already in development—most notably, the tremendous potential we see in Espanola.' About CHAR Technologies
CHAR Technologies' pioneering temperature pyrolysis technology processes waste from wood, agriculture and other organic sources into renewable natural gas, green hydrogen and a carbon-neutral biocarbon that replaces metallurgical steel-making coal.
CHAR Technologies stock (TSXV:YES) opened with a gain of 2.27 per cent trading at C$0.22. The stock has given back 39.19 per cent year-over-year but remains up by 125 per cent since 2020.
Join the discussion: Find out what everybody's saying about this renewable energy stock on the CHAR Technologies Ltd. Bullboard and check out Stockhouse's stock forums and message boards.
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