CHAR Tech and the BMI Group Forge Strategic Partnership to Accelerate Renewable Energy Projects and Announce $2M Private Placement

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[{"type":"text","content":"CHAR Tech and the BMI Group Forge Strategic Partnership to Accelerate Renewable Energy Projects and Announce $2M Private Placement\n\n\n\n TORONTO, May 02, 2025 (GLOBE NEWSWIRE) --\n \n CHAR Technologies Ltd.\n \n (“\n \n CHAR Tech\n \n ” or the “\n \n Company\n \n ”) (TSXV:YES), a leader in sustainable energy solutions, is thrilled to announce CHAR Tech and\n \n The BMI Group\n \n , a leading industrial development company, intend to complete a non-brokered private placement for total gross proceeds of C$2,000,000 (the “\n \n Offering\n \n ”) and that the two companies have signed a binding Letter of Intent (“\n \n LOI\n \n ”) to establish the framework for a strategic partnership, including the acceleration of commercial biocarbon production timelines of the CHAR Tech Thorold Renewable Energy Facility (“\n \n CHAR Tech Thorold\n \n ”) targeted for completion by calendar Q4 2025.\n \n\n\n The strategic partnership would deliver immediate benefits:\n \n\n\n\n\n Additional Project Level Investment in CHAR Tech Thorold:\n \n In addition to the $2M private placement in CHAR Technologies Ltd., The BMI Group would further invest to acquire project level ownership in the flagship CHAR Tech Thorold facility.\n \n\n\n Accelerated CHAR Tech Thorold Timeline:\n \n The BMI Group’s additional project level investment would position CHAR Tech Thorold to target generating commercial biocarbon production revenues by calendar Q4 2025.\n \n\n\n Future Growth Project Pipeline:\n \n The BMI Group is the largest owner and redeveloper of end-of-use paper mills in Ontario, including the Bioveld Niagara Multimodal Hub—home of CHAR Tech Thorold —and\n \n Bioveld North in Espanola\n \n . CHAR Tech and The BMI Group intend to co-develop a new renewable energy production facility at Bioveld North, strategically located in the heart of northern Ontario’s wood fibre basket.\n \n\n\n\n\n Paul Veldman, CEO of The BMI Group, commented:\n \n “By investing in innovative companies like CHAR Tech and revitalizing assets such as Bioveld North and Niagara, we’re putting wood fibre back to work in next-generation applications. We see significant long-term opportunity in our partnership with CHAR Tech, as The BMI Group continues to invest in the strategic re...

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