DLA Piper Canada advised CHAR Technologies in strategic investment by leading steel and mining ‎company, ArcelorMittal

On July 5, 2023, CHAR Technologies Ltd. (“CHAR”) (TSXV:YES), a leader in sustainable energy solutions, announced that it had closed a strategic investment by the world’s leading steel and mining company, ArcelorMittal S.A., through ArcelorMittal XCarb S.à r.l‎.and ArcelorMittal’s XCarb® Innovation Fund.

CHAR also signed a Memorandum of Understanding under which ArcelorMittal Dofasco will purchase ‎biocarbon produced at CHAR’s cutting-edge facility in Thorold, Ontario starting in 2023. CHAR’s proven ‎technology transforms wood waste into renewable natural gas and biocarbon through a proprietary ‎high-temperature pyrolysis cracking process.‎ The investment marks a milestone achievement for the collaborative efforts of CHAR and ArcelorMittal Dofasco to ‎develop a drop-in replacement biocarbon to reduce ArcelorMittal Dofasco’s consumption of fossil-based ‎carbon sources.

ArcelorMittal, is a wholly-owned subsidiary of ArcelorMittal S.A., the world's leading steel and mining company, with a presence in ‎60 countries and primary steelmaking facilities in 16 countries, including ArcelorMittal Dofasco in ‎Hamilton, Ontario.‎ The XCarb® Innovation Fund’s global mandate is to invest in companies developing breakthrough technologies that will accelerate the steel industry’s transition to carbon neutral steelmaking.

Read more about the strategic investment here.