Based in Mississauga, Ontario, RIC Centre client CHAR Technologies utilizes a patented process to produce SulfaCHAR, the cost-effective, convenient and zero-waste method of cleaning renewable natural gas. Renewable natural gas can be found from any organic waste processors, including landfills and wastewater treatment plants.
CHAR Technologies Inc. is proceeding with a merger with Cleantech Capital Inc.. Combining the business of CHAR with the existing financial resources of Cleantech will enable CHAR to meet the matching financing condition of a Sustainable Development Technology Canada (SDTC) Natural Gas fund (supported by the Canadian Gas Association) grant of $750,000 to build a 1 tonne per day SulfaCHAR production unit. The merger will bring $950,000 in investment to CHAR, an additional private placement offering of $2.5M, as well as a highly focused and experienced board of directors.
“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.”
CHAR Technologies has made significant progress and customer traction since it was founded in 2011, with support from the RIC Centre. CHAR Technologies was one of the first graduates of the RIC VentureStart Program, was the 2012 RIC Centre Innovator Idol winner and was one of the first graduates of the RIC Incubator.
Cleantech Capital Inc. is holding a shareholders meeting on Monday January 11th, 2016. This will be held to approve changing the name of “Cleantech Capital Inc.” to “CHAR Technologies Inc.” All are invited to the meeting, which will include a presentation by Andrew White, CEO of CHAR Technologies Inc. The details are as follows:
Date: Monday, January 11, 2016
Time: Starts at 9:30AM
Venue: Gracious Living Corporation
Address: 7200 Martin Grove Road, Woodbridge, Ontario, L4L 9J3