CHAR Technologies raises funding
CHAR Technologies Inc. has announced the completion of a series of financings. The financing included equity capital from a series of independent angel investors, as well as the Ontario Centres of Excellence (OCE).
In addition, CHAR has announced the signing of a letter of intent with Cleantech Capital Inc., a capital pool corporation, with respect to a proposed business combination. This funding is key to the commencement of a recently announced Sustainable Development Technology Canada (SDTC) project, with a commitment of $750,000 from SDTC.
Combining the business of CHAR with the existing financial resources of Cleantech will enable CHAR to meet the matching financing condition of a SDTC Natural Gas fund (supported by the Canadian Gas Association) grant of $750,000 to build a 1 tonne per day SulfaCHAR production unit.
“This new funding will bring CHAR Technologies into full commercial production, allowing us to rapidly penetrate the growing $2 billion renewable natural gas desulfurization market,” said Andrew White, President and CEO of CHAR Technologies. “CHAR Technologies product, SulfaCHAR, is a revolutionary new way to address the gas cleaning needs of renewable natural gas plants. SulfaCHAR is not only the most cost competitive solution, it is produced from a by-product feedstock, and it has an end-of-life agricultural application, unlike competing technologies whose end-of-life is more landfill.”