For Release Sep 18, 2015
Brampton, ON– Sept 18, 2015 – Altitude Accelerator client CHAR Technologies Inc. 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.”
CHAR Technologies has made significant progress and customer traction since it was founded in 2011, with support from the Altitude Accelerator. CHAR Technologies was the 2012 Altitude Accelerator Innovator Idol winner and was one of the first graduates of the RIC Incubator.
Based in Mississauga, Ontario, 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 has made significant progress since it was founded in 2011, and has developed initial customer traction. To learn more about CHAR Technologies, visit www.SulfaCHAR.com
About Altitude Accelerator
Peel Region’s hub for innovation and entrepreneurship, the Research, Innovation, Commercialization (RIC) Centre supports the development of innovation and entrepreneurship in Mississauga, Brampton and Caledon. Altitude Accelerator provides commercialization support to help new entrepreneurs and seasoned business people take technical innovations to market, with experienced advisors and Entrepreneurs in Residence who guide its clients every step of the way. The Centre’s mission is to build an innovation ecosystem to support community prosperity across Peel Region.
Executive Director, Research Innovation Commercialization Centre