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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 31st, 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 ...