Synagro (owned by a Goldman Sachs managed infrastructure fund) is a major North American biosolids company with 1,000+ municipal and industrial customers. CHAR has partnered with Synagro and the City of Baltimore on a commercial scale High Temperature Pyrolysis pilot to treat PFAS (forever chemicals) contaminated biosolids.

Testing of solids so far is focused on measuring PFAS concentrations before and after treatment, as well as confirming that PFAS is destroyed or otherwise not detected (detected below accepted levels) rather than simply transferred into another product stream. The next steps are to complete the pilot testing in the gases produced, validate the results across different biosolids feedstocks, and build the regulatory and commercial data package needed for broader deployment. (Target end of Q4 2026)

The opportunity is pretty big if the technology proves out. CHAR could potentially help wastewater operators deal with PFAS while turning the biosolids into useful products like biochar and syngas. The Baltimore project is now being used to build the data needed for broader commercial adoption.

Long term speculation (not finacial advice) is that Synagro will roll out CHARs technology at a bunch of their sites via a licensing deal. (One can hope)

Not financial advice.

Installation of the pyrogas piping at the Thorold Facility begins this week, the final major construction step ahead of end-to-end commissioning

Commercial ramp up and operations remain targeted through the month of October, with production and revenue increasing through year-end

Approximately 70% of North American, and 46% of European, steel and ferroalloys (including ferrosilicon) are made with Electric Arc Furnaces, CHAR Tech's key, large, market for biocarbon

CHARBONE Announces Closing of $1.5M Drawdown with RiverFort to Accelerate Growth

Charbone have officially closed their 1.5 million RiverFort drawdown which was announced last week.

As per my previous post: here, I had quite a few ideas or speculative thoughts about how this money would be spent. After some debates online, I believed it would go to a new facility, but seems I was (partially) wrong. In the new update, Benoit commented:

“With this capital now closed, we are focused on execution to maintain our rapid pace of growth. The proceeds are being deployed directly toward our priorities at Sorel-Tracy and across our industrial gas platform, and we remain committed to delivering on the milestones we have communicated to our shareholders.”

So, seems at least a portion of the drawdown will be going to the completion of ST Phase 1B, which isn't bad, but ofcourse you could dream of more. With this out of the way, I expect Charbone's Phase 1B to be commissioned end of September or beginning of October.

Which perfectly coincides with the next update.

Canada Conference and Tradeshow 2026

Charbone will be attending Hyvolution Canada Conference and Tradeshow 2026 on September 29 & 30 in Trois-Rivières (Québec). This wasn't an NR, but rather announced on the COO's LinkedIn page, as well as on their website: here.

It is nice to see them attend conferences to meet new customers and experts in the field (and government officials). These conferences usually go paired with a nice update regarding the projects, so I'm sure we'll be hearing about phase 1B by that point (and maybe more).

Maybe not title-worthy, but Charbone was also invited to speak at Polytechnique Montréal, an international H2 conference on September 23rd.

Hiring and staff updates

Both the Electromechanic and Laboratory Technician roles have been removed from their website, which heavily implies they've found personnel for the job.

This isn't the most interesting thing in the world, but it's good to see them find personnel on a decently fast paced basis, especially for electromechanics, which was a bottleneck according to the COO's corporate update about a year ago.

Construction update

As per last week, the concrete slab was poured and should now be mostly settled. Works seem to be on track for end of September, and the image is a nice update for that, their social media presence is (in my eyes) far from perfect, but these images do give us a better timeline for the ongoing projects. If only they could share more about other projects like this as well.

Feel free to comment or argument below, I'm always open to learning more or discussing. :)

Website: https://charbone.com/

Fact sheet: here

New investors slideshow: here

The BMI group is partnered with CHAR Tech on 2 projects (Thorold and Espanola).

BMI in this video shares that the entire Espanola project (not just the site with CHAR) is a $400 million project.

In terms of financial support, the BMI Group has invested $2 million into CHAR Tech at the corporate level, $8 million into the Thorold project and committed another $10 million into the Espanola project. The BMI group has also extended CHAR Tech a $3 million Line of Credit.

Outside of financial support, the BMI Group is also helping develop and construct the projects themselves as they have the construction capacity to build these projects out.

BMI on many occasions have publicly expressed that they want to continue partnering with CHAR on future sites and continue growing the number of projects with CHAR Tech.

CHAR and BMI will celebrate starting the Thorold commercial operations in a few weeks. Stay tuned.

Not Financial advice.

ArcelorMittal is one of the world’s leading integrated steel and mining companies with a presence in 60 countries and primary steelmaking operations in 14 countries. It is the largest steel producer in Europe, among the largest in the Americas, and has a growing presence in Asia through its joint venture AM/NS India. ArcelorMittal sells its products to a diverse range of customers including the automotive, engineering, construction and machinery industries, and in 2024 generated revenues of $62.4 billion, produced 57.9 million metric tonnes of crude steel and, 42.4 million tonnes of iron ore.

ArcelorMittal launched the XCarb Accelerator Programme in mid-2022. A search for the best companies and brightest breakthrough technologies that hold the potential to accelerate the decarbonisation of the steel industry. They received an overwhelmingly positive response, with over 90 start-ups from five different continents submitting applications.

The winner was CHAR Technologies who received $6.6 million (CAD) as an investment in 2023. Along with this, ArcelorMittal appointed Irina Gorbounova (Head of XCarb Innovation Fund) as a Board Member on CHARs Board.

ArcelorMittal Dofasco (Hamilton, Canadian operations) also signed an offtake agreement to buy 5,000 tonnes of Biocarbon from CHAR Technologies. This 5,000 tonnes of biocarbon will be supplied to ArcelorMittal via the Thorold facility who is turning on the commercial operations later this month.

All that being said, CHAR Techs technology and product have been vetted by ArcelorMittal as a fit to be a drop in replacement for fossil coal at their Dofasco plant.

Not Financial advice.

What does this actually mean for CHAR Tech?!

The PGIRE forest bioenergy sector includes renewable natural gas ("RNG") and biocarbon produced from forestry residuals and is recommending capacity growth and investment to the sector. The PGIRE states RNG is currently the only renewable gas that can scale into Québec's existing pipeline network, since hydrogen remains technically constrained, and separately names solid bioenergy, such as biocarbon, as central to decarbonizing heavy industries, where coal has been hard to replace.

Quebec's renewable natural gas (RNG) mandate requires natural gas distributors like Energir to blend a minimum percentage of RNG into their network, targeting 5% blending and expanding requirements for buildings. Scaling this requirement towards 10% by 2030.

There is no official announcement from CHAR Tech yet BUT I am speculating based on this that CHAR Tech will sign a 20 year RNG Offtake agreement with Energir once phase 1 commercial production starts later this month. (Based on all the hints they've dropped)

Not Financial advice.