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Pond Technologies Receives Binding Commitment from Inventiv Capital to Fund up to CDN $7 Million for Phase 1 of its Stelco Project and up to CDN $13.5 Million for Phase 2
Pond Technologies Receives Binding Commitment from Inventiv Capital to Fund up to CDN $7 M...
About this update from Pond Technologies Holdings Inc.
[{"type":"text","content":"\n\n\n\nPond Technologies Receives Binding Commitment from Inventiv Capital to Fund up to CDN $7 Million for Phase 1 of its Stelco Project and up to CDN $13.5 Million for Phase 2\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nCALGARY, April 15, 2019\n\n\n\nCALGARY, April 15, 2019 /CNW/ - Pond Technologies Holdings Inc. (\"Pond\") (TSX.V: POND) is pleased to announce that it has received a binding funding commitment from its project funding partner, New York-based, boutique investment company, Inventiv Capital Management (ICM) to provide up to CDN $7 Million for Phase 1 of the Stelco Project and up to CDN $13.5 Million for Phase 2 of the Stelco Project. The balance of the project financing has been secured from the Ontario Centres of Excellence (OCE) and Pond.\nThe Stelco Inc. Lake Erie Works facility is located in Ontario, Canada. When completed, the Stelco Project is expected to produce 3,500 Metric tonnes of algae and sequester approximately 6,300 Metric tonnes of CO2 per year. Algae biomass from this facility can be used for high-protein feed for fish and livestock, or as a renewable feedstock for pigments, or bio-plastics. Pond has already completed process engineering and is currently commissioning the first algae bioreactor for this project. \nSteve Martin, Pond CEO, commented, \"This funding commitment by Inventiv demonstrates that our investors are just as eager as we are to complete the world's first commercial-scale, algae-based carbon capture plant. The Stelco project will show that emissions from industrial facilities can serve as an abundant, revenue-generating resource for high-value biomaterials.\" \nPaulus Ingram, Inventiv CEO remarked, \"We are excited to be partnering with Pond on the funding of Stelco and future projects. Pond is highly aligned with our financial and sustainability goals and Inventiv anticipates deploying $US 100 Million into projects utilizing Pond technology over the next 1 to 2 years.\"\nAbout Inventiv Capital Management:Inventiv, https://inventivcapital.com/  manages fiduciary investments targeting out...