CHAR Tech and The BMI Group have officially finalized a strategic partnership with an $8 million project-level equity investment into the Thorold Renewable Energy Facility, establishing a 50/50 ownership structure. This comes after BMI’s initial $2 million corporate investment, making them a significant shareholder in CHAR Tech.

With this funding, Phase 1 of the Thorold facility is now fully financed and is expected to begin commercial biocarbon production in the fourth quarter of 2025. The investment ensures consistent capital disbursements for the remainder of the year, providing cash flow for construction and commissioning.

This partnership is a notable development for the Thorold site, which recently transitioned from batch production to full-scale, continuous production of augmented biocarbon pellets. These pellets are designed to be a high-density, transportable alternative to metallurgical coal. Commercial shipments of the biocarbon pellets are now underway to fulfill initial orders, including those from major global steelmakers like ArcelorMittal, who are seeking to reduce their carbon emissions.

Looking ahead, the partnership is also focusing on Phase 2 of the Thorold facility, which aims to add Renewable Natural Gas (RNG) production by late 2026. This phase will be supported by long-term offtake agreements with major gas utilities, which will provide a stable revenue stream and lay the groundwork for future expansion of CHAR Tech’s technology to other industrial sites in Ontario and Quebec.

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