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Petrox Enters into Biochar MOU with M&L Renewable Energy Group Ltd
Calgary, Alberta--(Newsfile Corp. - September 7, 2023) - Petrox Resources Corp. (TSXV: PTC) (" ...
About this update from Petrox Resources Corp.
[{"type":"text","content":"Petrox Enters into Biochar MOU with M&L Renewable Energy Group LtdCalgary, Alberta--(Newsfile Corp. - September 7, 2023) - Petrox Resources Corp. (TSXV: PTC) (\"Petrox\") announces that it has entered into a memorandum of understanding (the \"MOU\") to cooperate with M&L Renewable Energy Group Ltd. (\"M&L\") in the development of a biochar facility in Edmonton, Alberta, with the intention to develop successive similar plants in multiple locations in Canada (the \"Project\"). The initial phase of the Project is expected to have an annual production capacity of 3,500 tonnes of biochar, at a capital cost of approximately $3.7 million. M&L Renewable Energy Group Ltd. is a private company based in Calgary, Alberta, Canada. The company, along with its associates, focuses on developing and deploying clean, renewable biomass energy technologies to convert waste biomass from agriculture, forestry and municipal sectors into biochar.Pursuant to the MOU, Petrox will offer assistance to M&L in the development of the Project and will endeavor to assist M&L in raising capital for the initial biochar plant. Petrox will also consider contributing capital to the Project in exchange for an equity interest in the Project.M&L will be responsible for obtaining the land and feedstock for the Project, supplying equipment and materials for the biochar plant, obtaining all necessary permits and approvals for the Project, and providing the required capital for the Project. About the ProjectAlberta produces more than 20 million tonnes of waste biomass from agriculture, forestry and municipal sectors each year that could be used for bioenergy production. Properly utilized, this biomass resource could form the foundation for a vibrant industry that contributes positively to the economic and environmental wellbeing of Alberta. Waste biomass to power or fuel conversion technologies represent significant opportunities for Alberta to meet its renewable energy goal, create jobs and revitalize rural communities in a low carbon, circular economy. The Project aims to establish a facility to convert wood waste into biochar, with any steam/heat produced as byproducts being utilized by net-zero waste and energy input greenhouses, power generation and other uses.About BiocharBiochar, a charcoal-like substance with more than 75% carbon, is produce...