CHAR Technologies Announces $8 Million BMI Group Investment in Thorold Renewable Energy Facility and the Signing of the Strategic Partnership Definitive Agreements

TORONTO, July 10, 2025 (GLOBE NEWSWIRE) -- CHAR Technologies Ltd. (“CHAR Tech” or the “Company”) (TSXV:YES), a leader in sustainable energy solutions, is thrilled to announce that CHAR Tech and The BMI Group (“BMI”), a leading industrial development company, have signed the formal agreements for the funding arrangement of CHAR Tech Thorold Renewable Energy Facility (“Funding Arrangement”). As part of the agreements, BMI has made an $8 million project-level equity investment directly into the CHAR Tech Thorold Renewable Energy Facility (“Thorold Project”), resulting in 50/50 ownership of the facility between CHAR Tech and BMI.

Pursuant to the Funding Arrangement, CHAR Tech have entered into definitive transaction agreements to effect the Funding Arrangement including a limited partnership agreement, a general partner unanimous shareholder agreement and contribution agreements. CHAR Tech’s contribution to the Thorold Project includes construction in progress and ongoing procurement activities, a use of technology licence, as well as expected and ongoing CHAR Tech engineering and project management labour hours and fees.

Phase 1 of the project, which will enable commercial biocarbon production, now has funding commitments in place for the required project-level equity. CHAR Tech and BMI are targeting an efficient buildout and rapid transition to full Phase 1 operations in Q4 2025. BMI’s $8 million contribution to the Thorold Project will be disbursed in monthly tranches to ensure the Thorold Project is operating with a positive cashflow, with all contributions to be made by December 31^st, 2025.

BMI brings a strategic multi-sector approach to large-scale industrial development, attracting over $200 million in direct investment to its Niagara projects that in turn have attracted over $2 billion in additional investment since 2023. Home to CHAR Tech 's Thorold Project, Bioveld is an Innovation and Industrial Enterprise Hub within Niagara Ports; a partnership with the Hamilton Oshawa Port Authority (HOPA).

On May 9, 2025, BMI invested $2 million in CHAR Tech’s previously announced private placement at $0.20 per share, becoming the company’s second-largest shareholder with about 8 % ownership.

The BMI commitments are the latest in a series of major public and private investments supporting CHAR Tech and their Thorold Project. In 2022, the Canadian and Ontario governments supported the Thorold Project with combined funding of $12,8 million. In 2023, CHAR Tech closed a corporate level $6,6 million strategic equity investment from ArcelorMittal’s XCarb^® Innovation Fund, at $0.60 per share, alongside an offtake agreement with ArcelorMittal Dofasco for biocarbon supply.

Phase 2 of the project, which will enable Renewable Natural Gas (“RNG”) production, will leverage the Phase 1 equity components now in place to pursue project level non-recourse debt financing, which BMI and CHAR Tech are pursuing. Securing a debt package by Q4 2025 would position CHAR Tech and BMI to target Phase 2 RNG commissioning towards the end of Q3, 2026. Phase 2 of the project also seeks to secure a 20-year offtake agreement for RNG production with major gas utilities, providing long-term revenue stability and strengthening the overall project economics.

The completion of the Funding Arrangement and any transactions mentioned in this release is subject to customary closing conditions, including final TSX Venture Exchange approval.

Andrew White, CEO of CHAR Tech, stated:“We’re excited to give shareholders a clear timeline as we advance the Thorold project, with Phase 1 equity lined-up and a path in place toward RNG production in Phase 2. Thorold is just the start of what we believe will be a much larger platform for renewable energy development as we’re actively exploring additional opportunities across the BMI portfolio, including Bioveld North and the revitalization of the former Espanola pulp and paper mill.”

Paul Veldman, CEO of The BMI Group, commented:“We identified the biomass-to-energy value chain as a high-growth opportunity in Canada, with CHAR Tech at the forefront. Our investment in CHAR Tech 's IP and process is a textbook opportunity to scale proven technology across our sites spanning Ontario and Quebec 's richest fibre baskets—turning wood waste into energy and carbon-critical applications for the heavy industries.”

Radius Research Interview

CHAR Tech CEO Andrew White and The BMI Group CEO Paul Veldman sat down with Martin Gagel of Radius Research to discuss how the partnership is unlocking significant growth opportunities, enabling access to new sources of capital, and advancing a robust pipeline of renewable energy and industrial redevelopment projects. Watch the full interview here.

About The BMI Group

The BMI Group transforms strategic properties into high-impact, multi-use developments across industrial, commercial, residential, and hospitality sectors. With a focus on enhancing social and economic potential through multi-sector collaboration, BMI delivers new opportunities for investment, innovation, and community revitalization.

For more information, please visit: www.thebmigroup.ca

Media Contact:

Olga Patronik
Executive Project Coordinator, BMI
olga@thebmigroup.ca
1-888-264-4258

About CHAR Tech

CHAR Tech (TSXV:YES) first-in-kind high temperature pyrolysis (HTP) technology processes unmerchantable wood and organic wastes to simultaneously generate two renewable energy revenue streams, renewable natural gas (RNG) or green hydrogen and a solid biocarbon that is a carbon neutral drop-in replacement for metallurgical steel making coal.

CHAR’s HTP is an ideal waste to energy solution that aligns with the global green energy transition by diverting waste from landfills and generating sustainable clean energy to decarbonize heavy industry.

For further information, please contact:

Neither the TSX Venture Exchange nor its Regulation Service Provider (as the term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the accuracy of this news release.

Forward-Looking Statements

Statements contained in this press release contain “forward-looking information” within the meaning of Canadian securities laws (“forward-looking statements”) about CHAR and its business and operations. The words "may ", "would ", "will ", "intend ", "anticipate ", "expect " and similar expressions as they relate to CHAR, are intended to identify forward-looking information. Forward-looking statements include, but are not limited to, statements relating to the timing for Phase 1 operations of the CHAR Tech Thorold Renewable Energy Facility, the timing for Phase 2 of the project, securing a debt package and Phase 2 RNG commissioning, , expectations regarding the offtake agreement, future plans, operations and activities, expectations regarding the scale up of production, the anticipated development of additional project sites on an expedited basis, and other statements that are not historical facts. Such statements reflect CHAR’s current views and ‎intentions with respect to future events, and current information available to CHAR, and are subject to ‎certain risks, uncertainties and assumptions, including, among others, the timing and ability of CHAR to obtain final approval of the Funding Arrangement from the TSX Venture Exchange and those risk factors discussed or referred to in CHAR’s disclosure documents filed with the securities regulatory authorities in certain provinces of Canada, including the Management Discussion & Analysis dated January 28th, 2025 for the fiscal year ended September 30, 2024, and available under CHAR’s profile on www.sedar.com. Any such forward-looking information is expressly qualified in its ‎entirety by this cautionary statement. Moreover, CHAR does not assume responsibility for the accuracy or ‎completeness of such forward-looking information. The forward-looking information included in this press release ‎is made as of the date of this press release and CHAR undertakes no obligation to publicly update or revise ‎any forward-looking information, other than as required by applicable law.

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