CHAR Technologies Acquires Biocarbon Assets in Quebec

CHAR Technologies Ltd., a leader in biomass-based sustainable energy solutions, has entered into an asset purchase agreement to acquire biocarbon assets from an independent Quebec-based company. The acquisition includes a biocarbon briquette production facility and related tangible assets, alongside exclusive intellectual property for biocarbon pellet production.

As part of the deal, CHAR Tech has secured a five-year purchase agreement for 62,500 tonnes of biocarbon, providing long-term revenue visibility. The transaction, expected to close soon, involves a purchase price of USD 1,000,000 and includes a royalty agreement.

Furthermore, CHAR Tech plans to secure a CAD 3,500,000 secured loan from Bioveld Canada to support its obligations under the acquisition agreement and cover related expenses. The funding is contingent upon TSXV approval.