CHAR Technologies Ltd. (“CHAR”) (YES:TSXV) recently announced that it has closed the acquisition of the Altech Group (“Altech”), which is comprised of Altech Environmental Consulting Ltd. and Altech Technologies Systems Inc. Altech provides solutions to environmental engineering challenges. Founded in 1986, Altech has 12 employees and a diverse and stable client base. CHAR acquired all issued equity in both Altech Environmental Consulting Ltd., and Altech Technology Systems Inc. Altech shareholders received 4,523,810 in common shares of CHAR as well as $150,000 in cash.
Bill White, Chairman of CHAR stated that, “The acquisition of the Altech Group adds over 30 years of experience in environmental technologies and professional engineering consulting” and that “Altech provides CHAR with a growth catalyst to move much of our engineering design in-house, while at the same time allows us to greatly expand our technology solutions offering for industrial clean air and clean water.”
CHAR brings the shareholders of Altech a succession plan and an opportunity to realize value at an optimal time. According to Alexander Keen, Founder and CEO of Altech, “CHAR brings an exciting future for Altech. Our joint efforts going forward will bring tremendous opportunities”.
The new joint enterprise plans to commercialize a new cleantech solid fuel branded “CleanFyre”. This product is a GHG neutral coal replacement, generically referred to as biocoal. CleanFyre will allow large industrial customers the ability to greatly reduce their GHG emissions without significant capital expenditures. According to Andrew White, CEO of CHAR, “CleanFyre will leverage both Altech’s experience and expertise, and CHAR’s platform pyrolysis technology, the same technology used to create SulfaCHAR, to create a solution with strong market pull and significant growth opportunity.”
About CHAR
CHAR is in the business of producing a proprietary activated charcoal like material (“SulfaCHAR”), which can be used to removed hydrogen sulfide from various gas streams (focusing on methane-rich and odorous air). The SulfaCHAR, once used for the gas cleaning application, has further use as a sulfur-enriched biochar for agricultural purposes (saleable soil amendment product).
About Altech Group
Altech is a full-service engineering and consulting firm providing energy, environmental, and health and safety services to clients. Altech specializes in corporate management systems, energy and environmental audits and assessments, contaminated site investigation and remediation, health & safety management, training, and industrial hygiene. Established in 1986, Altechemploys multi-disciplinary professionals including energy and environmental engineers, scientists, hydrogeologists, geologists, and technicians committed to providing our clients the highest quality service and integrated solutions for business and the environment.
