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Toronto Cleantech Capital Inc. Announces Closing of Initial Public Offering

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Toronto Cleantech Capital Inc. (TSXV: YAY.P) (“TCTC” or the “Corporation”) recently announced that it has successfully completed its initial public offering of 2,500,000 common shares of the Corporation (“Common Shares”) at a price of $0.10 per Common Share for gross proceeds of $250,000 (the “Offering”). After completion of the Offering, the Corporation now has 11,500,000 Common Shares issued and outstanding.

The President, Chief Executive Officer of Toronto Cleantech Capital Inc. is James Sbrolla, a well-known cleantech expert and entrepreneur.  The Board of Directors of the Corporation include seasoned cleantech professionals experts in business and finance.

Leede Jones Gable Inc. (the “Agent“) acted as the agent for the Offering and in connection therewith, the Corporation granted the Agent non-transferable warrants (the “Agent’s Warrants“) which entitle the Agent to purchase up to 200,000 Common Shares at an exercise price $0.10 per Common Share. The Agent’s Warrants will expire 24 months from the date the Common Shares were listed on the TSX Venture Exchange (the “Exchange“), which was June 30, 2021. In connection with the Offering, the Agent also received a cash commission equal to 8.0% of the gross proceeds of the Offering, a corporate finance fee, and was reimbursed for its legal fees and reasonable expenses.

Concurrent with the closing of the Offering, the Corporation also granted options to acquire an aggregate of 950,000 Common Shares at an exercise price of $0.10 per Common Share to directors and officers of the Corporation, which options expire five years from the date of grant.

The Corporation is a “capital pool company” and intends to use the net proceeds of the Offering to identify and evaluate assets or businesses for acquisition with a view to completing a “Qualifying Transaction” under the policies of the Exchange. On June 28, 2021, the Exchange issued a bulletin listing the Common Shares as of market open on June 30, 2021, and immediately halting trading pending completion of closing (the “Exchange Bulletin“). The Common Shares are anticipated to resume trading under the trading symbol “YAY.P” on July 6, 2021.

Investors are cautioned that trading in the securities of a capital pool company should be considered highly speculative.

For further information, please contact:

Toronto Cleantech Capital Inc.
James Sbrolla – President, Chief Executive Officer, and Director

(416) 828-2077
Email: [email protected]

 

CHAR Technologies Closes $6 Million Private Placement

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CHAR Technologies Ltd. (TSX Venture Exchange: YES) recently announced it has raised CDN$6,000,000 in a non-brokered placement.

CHAR Technologies is an Ontario-based cleantech development and services company, specializing in high temperature pyrolysis, converting woody materials and organic waste into renewable gases and biocarbon.

Andrew White, CEO, CHAR Technologies Ltd.

“We were very pleased with the overwhelming interest and exceptional investor support in the offering which had substantial demand beyond the placement size. We had significant institutional participation and interest,” said Andrew White, CEO. “The proceeds will not only strengthen our financial position but will also enable us to capitalize on the growing number of opportunities emerging in the Clean Tech sector for our products and technologies.”

CHAR intends to use the net proceeds of the Offering primarily for working capital needs with anticipated contracts, project development activities and investment in technology initiatives.

About CHAR Technologies

CHAR Technologies Ltd. is a cleantech development and services company, specializing in high temperature pyrolysis, converting woody materials and organic waste into renewable gases (renewable natural gas and green hydrogen) and biocarbon (activated charcoal “SulfaCHAR” and solid biofuel “CleanFyre”). Additional services include custom equipment for industrial water treatment, and providing services in environmental compliance, environmental management, site investigation and remediation, engineering and resource efficiency.

Two Recycling Company CEOs make the Canadian Tech Entrepreneurs Watch List for 2021

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MaRS, a organization that help Canadian start-up companies frown into successful companies, recently released its list of the top 21 Canadian tech entrepreneurs to watch in 2021.  Included in the list are the CEO’s from two recycling companies – GreenMantra and Li-Cycle Corp.

Jodie Morgan, CEO, GreenMantra

Markets have been plagued by uncertainty this year, but cleantech investors can nevertheless rely on the proven practice of recycling materials into sustainable products, so says GreenMantra CEO Jodie Morgan. How fortunate, then, that Morgan and her Brantford company are one of Canada’s top post-consumer, post-industrial plastics recycling firms — morphing one of the most problematic innovations in history into things like asphalt shingles, wax and ink. As a member of MaRS Momentum, GreenMantra is also one of the country’s fastest-growing firms, with sales increasing so rapidly in 2020 that the startup expanded its manufacturing facility and doubled capacity.

What’s next: If “plastic is the new crude oil,” then Morgan and her employees are going to be busy well past next year. GreenMantra is working with petrochemical companies NOVA Chemicals and Inter Pipeline to develop new ways of enhancing asphalt. The positive environmental impact could be huge, particularly when you consider that 1,000 kilometres of paved road, for example, represents up to 2.7 billion plastic bags removed from a landfill.

Ajay Kochhar, CEO and co-founder of Li-Cycle

As climate-focused initiatives become a bigger priority, homegrown companies are looking to contribute in their own unique way. “Canada aims to achieve net-zero carbon emissions by 2050, and clean technology will play a massive role in this transition away from emissions,” says Ajay Kochhar, CEO and co-founder of Li-Cycle. Based in Mississauga, Li-Cycle recovers more than 80 percent of all materials found in lithium-ion batteries through their environmentally sound recycling plants.

What’s next: Having recently announced a Series C equity funding round, the company is looking to expand their services into the U.S. and open a commercial hub in New York.

Two Founders of Waste Management Companies on Top 10 List of Canadian Cleantech Entrepreneurs

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Luna Yu converts waste into game-changing products

According to Second Harvest, a staggering 58 percent of all food produced in Canada is lost or wasted, representing 56.6 million tonnes of CO2-equivalent emissions. Luna Yu founded her cleantech company to do something about it. Started at the University of Toronto and accelerated by the Women in Cleantech Challenge, Yu’s Genecis converts food waste into biodegradable plastics and other materials. The startup uses bacteria to break down food waste into short-chain carbons, and then another type of bacteria to eat those carbons and convert them into a polymer called PHA. Unlike other types of compostable goods (like oil-based plastic cups), Genecis’s products can be composted within a month, and degrade within a year should they end up in the ocean.

What’s next: Recently crowned the Extreme Tech Challenge’s global winner in the Cleantech and Energy Category, Genecis is scaling up by courting new clients looking to replace existing product lines. “We used the lockdown as an opportunity to reflect on what matters most and empathize with customers,” says Yu. “I’m really proud of how our team excelled in this period of change.”

Brandon Moffatt transforms trash into energy

“One man’s trash is another man’s treasure” has been taken quite literally by London, Ont.–based StormFisher. Started in 2006 by three founders — Brandon Moffatt, Chris Guillon and Pearce Fallis — StormFisher’s biogas facility now converts more than 100,000 tonnes of organic waste each year into renewable energy, organic fertilizers and feedstock. With a focus on sustainable organics and power-to-gas projects, the company has started on several large-scale developments in Canada and the U.S. They use surplus renewable electricity at off-peak hours and produce low-carbon fuels for natural gas utilities and large corporations that are seeking to lower their carbon intensities or are in pursuit of carbon neutrality.

What’s next: “We are focused on the development of low-carbon energy infrastructure to produce various forms of renewable natural gas,” says Moffatt. StormFisher was also recently awarded a contract for a new green bin program in Stratford in which the organic waste will be used to create renewable gas at their facility.

Record Investments in Start-ups focused on waste packaging reduction

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According to an article in CrunchBase, there has been a record investment in cleantech start-ups focused on waste packaging reduction.

According to CrunchBase data, there are at least seven companies over the past three years that have raised over $20 million (U.S.) in capital that are in that are focused on sustainable packaging.

The eco-packaging start-up that has raised the most capital, Zume, originally started out as robot-enabled pizza prep and delivery business before pivoting to sustainable packaging after acquiring a company called Pivot Package. The company is focused on reducing the amount of food that is wasted by attempting to balance the supply and demand for food. Zume uses real-time food consumption data and predictive analytics to help food companies better predict demand, connect it with production and drive better resource decisions down the food supply chain.

One of the seven start-ups noted in the database is Ontario-based GreenMantra Technologies, a company that produces value-added synthetic waxes, polymer additives, and other chemicals from recycled plastic. GreenMantra claims that it is the first company in the world to up-cycle post-consumer and post-industrial recycled plastics into synthetic polymers and additives that meet specific performance requirements for industrial applications.

Micron Waste suspends development of cannabis waste treatment technology

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Micron Waste Technologies Inc. (CSE: MWM, OTC: MICWF), an organic waste technology company, recently announced that it has suspended development of the cannabis-industry waste digester system in light of changing market conditions. The company stated that a longer product development was required to reach the commercialization stage of the cannabis waste treatment system.

In its news release, the company stated that the cannabis industry is not currently funding new technologies and this has resulted in a lower outlook on the commercial viability of the company’s Cannavore™ system.

The CannavoreTM is an integrated cannabis waste shredder, microbial digester, and water treatment system. It is designed to operate outside of the facility and has safeguards to prevent biological contamination in the cultivation facility.

In 2017, Micron Waste Technologies signed a non-binding agreement with Aurora Cannabis under which Micron would install an organic waste digester unit at one of Aurora’s growing facilities and where the companies would work to optimize the technology for the cannabis industry.  Under the agreement, Aurora (TSX:ACB) would have the option to buy additional units for its other facilities at a preferred price once the optimization program is complete and is proven viable.

The Company will continue to focus on developing its Organivore™ organic food waste digester and effluent treatment systems.

The company also announced it is actively seeking to leverage the company’s approximately $3M working capital and 2.5M shares of Palladium One Mining Inc. to review potential value-enhancing strategic acquisitions.

BIOREM Announces Joint Venture in China

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BIOREM Inc. (TSXV: BRM), an Ontario-based clean technology company focused on air emissions control, recently announced that it has entered into a joint venture with a Chinese company to establish Zhongjia Clean Technology (Wuhu) Co., Ltd in China.  The joint venture is another phase in BIOREM’s growth and development strategy for the country.

“We are pleased to take this next step in developing the Chinese market for our innovative brand of air emission abatement solutions.” said Derek S. Webb, President and Chief Executive Officer. “We pride ourselves in the speed and quality of our response to customer needs, and Zhongjia will provide the ideal vehicle to replicate that level of service to our important customers in China.”

The initial focus of the joint venture company will be to sell and service customers in need of air abatement services.  The company will provide a wide range of physical, chemical, thermal and biological solutions in China’s industrial heartland.

“While Zhongjia will provide greater coverage for BIOREM’s sales efforts in China,” continued Webb, “this Joint Venture is part of a wider effort for economic cooperation in the areas of technology transfer and cleantech innovation development between Canada and China.”

About BIOREM Inc.
BIOREM is a leading clean technology company that designs, manufactures and distributes a comprehensive line of high-efficiency air emissions control systems used to eliminate odors, volatile organic compounds (VOCs), and hazardous air pollutants (HAPs). The company has more than 1500 installed systems worldwide. Additional information on BIOREM is available on our website at www.biorem.biz.

Canada-based Fund created for investing in Cleantech Start-ups

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To support the development of cleantech companies, four Québec-based institutions are investing US$29 million in the new US$156.5 million Spring Lane Capital Fund I. With their investments, BDC Capital (US$15 million), Fonds de solidarité FTQ (US$7.5 million), Fondaction (US$3.5 million) and Palomino Capital (US$3 million) are looking to finance the start-up and post-start-up phases of cleantech companies, essential actors in the field of sustainable development.

“BDC Capital is pleased to support the launch of Spring Lane’s inaugural fund,” said Alison Nankivell, Vice President, Fund Investments and Global Scaling. “We believe the Spring Lane’s combination of project finance and growth equity for small scale environmental projects will help address a genuine funding gap in the financing chain for cleantech companies.”

“With its innovative and pioneering model, Spring Lane Capital is addressing the main challenge faced by the cleantech sector when it comes to start-up and post-start-up financing. The Fonds de solidarité FTQ’s investment will further help the development of clean technologies right here in Québec,” adds Dany Pelletier, the Fonds’ Vice-President for Investments, Strategic Capital, Energy, Environment and Mines.  

“The model that Spring Lane Capital proposes will enable local companies that are developing innovative technologies to access capital and develop their markets in areas in line with our objectives of sustainable development and the fight against climate change. Furthermore, its expertise in project financing makes it an interesting model for expediting the positive shift in our economy,” continues Marc-André Binette, Deputy Chief Investment Officer at Fondaction.

“We are very happy to support cleantech companies, both locally in Québec and abroad, as they benefit from Spring Lane’s innovative financing model to help grow their business,” declares Gary Alexander, CEO of Palomino Capital.

About BDC Capital
BDC Capital is the investment arm of BDC- Canada’s only bank devoted exclusively to entrepreneurs. With over $3 billion under management, BDC Capital serves as a strategic partner to the country’s most innovative firms. It offers a full spectrum of risk capital, from seed investments to transition capital, supporting Canadian entrepreneurs who wish to scale their businesses into global champions. Visit bdc.ca/capital.

About the Fonds de solidarité FTQ
The Fonds de solidarité FTQ is a development capital investment fund that channels the savings of Quebecers into investments. As at May 31, 2019, the organization had $15.6 billion in net assets, and through its current portfolio of investments supports 215,104 jobs. The Fonds is a partner in 3,126 companies and today has more than 700,000 shareholder-savers.

About Fondaction
Fondaction distinguishes itself through its investments, which are aimed at supporting, promoting and encouraging sustainable development. It manages assets in excess of $2 billion collected as retirement savings from more than 170,000 shareholders.
Fondaction supports the development of more than 1,200 SMEs, many of which are social economy enterprises. It helps create and maintain jobs and reduce inequalities, and contributes to the fight against climate change. Fondaction reduced the carbon footprint of its equity market investments by 51% between 2015 and 2018. For more information, go to fondaction.com or visit our LinkedIn page.

About Palomino Capital
Palomino Capital Corp. is a Montreal-based family office. We deploy proprietary capital across a broad spectrum of asset classes including alternative asset managers, bespoke private credit facilities, direct private equity and real estate.

NGIF’s $1.5 Million Cleantech Competition

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The Natural Gas Innovation Fund™ (NGIF) recently announced a $1.5 million funding call to advance cleantech solutions in three strategic focus areas – energy efficiency; renewable gases (including renewable natural gas and hydrogen); and carbon capture – for natural gas distribution and end use industry in Canada.

NGIF is accepting submissions to its intake stage for funding requests to support new technologies and innovative approaches in the above three identified focus areas. We will make up to $300,000 in non-dilutive funding available per project in Canada, representing as much as 33 per cent of a project’s eligible expenses. The competition is open for small to medium enterprises and technology development start-ups in Canada and globally.

Interested applicants should download the Applicant’s Guide online and submit their investor deck at [email protected] by June 17, 2019. More information on the Natural Gas Innovation Fund and how to apply can be found at www.ngif.ca.

The Natural Gas Innovation Fund™ (NGIF) was created by the Canadian Gas Association (CGA) to support the funding of cleantech innovation in the natural gas value chain. It seeks to fill a technology development gap in the sector and invest in innovation enabling natural gas solutions for current and emerging challenges facing Canada’s energy system.

The existing portfolio of companies that have received NFIG funding include iGen Technologies, CHAR TECH Solutions, and NextGrid.

Green Mantra Expanding Waste Plastic-to-Wax Products

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GreenMantra Technologies, a cleantech company headquartered in Brantford, Ontario, recently announced it was expanding product offering to include a polymer additive for wood plastic composite (WPC) lumber.  The company calls the polymer additive Ceranovus.

Ceranovus polypropylene waxes, produced from post-industrial plastic waste and post-consumer recycled plastics can be tailored to specific end-use applications (image courtesy GreenMantra Technologies).

“We are excited to offer the benefits of these additives to the WPC market,” said Carla Toth, senior vice president, sales and marketing for GreenMantra. “Industry trials combined with third-party testing validate that Ceranovus polymer additives generate value for WPC manufacturers who are seeking to lower overall formulation costs and improve operational efficiency.”

Ceranovus A-Series polymer additives can provide WPC manufacturers with both formulation and operational cost savings. And since they are made from 100 percent recycled plastics, Ceranovus additives increase the recycled content of a finished product, enhancing its sustainability profile.

GreenMantra’s Ceranovus polymer additives are also used in polymer-modified asphalt roofing and roads as well as in rubber compounding, polymer processing and adhesive applications.  Its Ceranovus A-Series waxes and polymer additives are certified by SCS Global Services as being made with 100 percent recycled post-consumer plastics.

Technology

GreenMantra utilizes catalytic pyrolysis to convert waste plastics to its various products.  A catalyst is a substance that initiates or accelerates a chemical reaction without itself being affected.  Pyrolysis is the chemical decomposition of a substance by heating that occurs spontaneously at high enough temperatures.  It takes place in the absence of oxygen so no combustion occurs.

Like other plastic-to-products companies, GreenMantra’s technology is propriety.  This is often the case since plastics-to-products companies keep information on the type of catalyst used, its optimum concentration, and operating temperatures of pyrolysis system closely guarded.

About GreenMantra

GreenMantra Technologies is the world’s only company creating high-value additives and specialty chemicals from waste plastics. The company’s products add value as processing aids by improving throughput and reducing manufacturing costs, and as additives through enhancing the performance of finished products. By creating value from plastic waste, we are helping to drive a more circular economy where plastics are beneficially reused rather than landfilled.

GreenMantra was incorporated in January 2010 and founded by Pushkar Kumar, a metallurgical and materials engineers who also has an MBA.

The GreenMantra process. PHOTO GreenMantra.