The Fort Worth Press - CHAR Tech Closes Acquisition of Elkem's Biocarbon Assets in Saguenay, Québec, Including 62,500 tonne Offtake, Facility and IP

TORONTO, ON / ACCESS Newswire / April 20, 2026 / CHAR Technologies Ltd. ("CHAR Tech" or the "Company")(TSXV:YES)(OTC:CTRNF)(FSE:68K), a leader in sustainable biomass energy solutions, today announced it has closed the asset purchase transaction, previously announced on April 16^th, 2026, with Elkem ASA ("Elkem")(OSE:ELK), a global leader in advanced silicon-based materials, to acquire Elkem's Biocarbon assets (the "Acquisition"). The Acquisition includes the physical pilot and demonstration production facility located in Saguenay, Québec, proprietary intellectual property and related liabilities. A definitive biocarbon offtake agreement and related royalty agreement has also been entered with Elkem in connection with the Acquisition, securing 62,500 tonnes of supply over five years at 12,500 tonnes per year.

A description of the terms of the Acquisition can be found in the Company's press release dated April 16, 2026, available on SEDAR+.

Background

The Saguenay, Québec, facility was initially built in 2022 as a pilot and demonstration facility, where Elkem developed their proprietary biocarbon pellet process to meet the specific needs of ferrosilicon production in electric arc furnaces. Most recently, the facility produced volume for an industrial test of biocarbon, which was successfully used in Elkem Métals electric arc furnace, located near the biocarbon production facility. The site is now poised for commercial upgrades to allow for the production of up to 15,000 tonnes per year of pelletized biocarbon. Once upgraded, the facility will then process CHAR Tech's raw biochar into biocarbon pellets suitable for heavy industrial decarbonization, with a specific focus on supporting ferrosilicon production.

The biocarbon offtake agreement, for 62,500 tonnes over five years, to global materials leader Elkem provides CHAR Tech long-term revenue visibility at the corporate level, and the flexibility to support the acquired facility and offtake with raw biochar and biocarbon produced across the Company's growing project pipeline, including Saint-Félicien, Lake Nipigon, and future developments.

Strategic Rationale

As described in the April 16, 2026, press release, Elkem identified CHAR Tech as the right strategic partner to transition its biocarbon research and development into scalable commercial operations. CHAR Tech's proven track record in commissioning and operating biocarbon production facilities, most notably its commercial facility in Thorold, Ontario, provided Elkem with assurance that its proprietary intellectual property and purpose-built Saguenay facility would be advanced by an operator with the technical and operational expertise to realize its full commercial potential. This agreement positions both companies to capitalize on growing market opportunities in industrial decarbonization.

Biocarbon use remains a key pillar in Elkem's decarbonization strategy. Through the five-year supply agreement, Elkem secures a reliable source of biocarbon for its Canadian and European smelters from CHAR Tech's expanding production platform, which is equipped with the technology, capacity, and commercial infrastructure to deliver at scale.

"CHAR Tech is thrilled to be partnering with Elkem to bring their Saguenay biocarbon investment to commercial operations. Quebec's energy transition potential is extraordinary, and we're committed to being a meaningful part of it. For our shareholders, this is exactly the kind of accretive growth that accelerates our path to multi-facility commercial revenue." - Andrew White, Chief Executive Officer, CHAR Tech.

"Elkem's strategy centres on leveraging technology-driven solutions and pioneering R&D to advance industrial decarbonisation. Transferring our biocarbon operations in Saguenay to CHAR Tech is an important milestone, allowing us to scale our validated biocarbon process and ensure consistent supply for our global operations. This partnership strengthens Elkem's commitment to producing silicon-based products with the lowest possible carbon footprint, directly supporting our ESG goals and delivering lasting value for our customers and shareholders," said Charles Tremblay, Elkem's Chicoutimi plant manager.

As disclosed in the April 16^th, 2026, announcement, Bioveld Canada, a subsidiary of the BMI Group, is supporting the acquisition of, and upgrades to, the Saguenay facility, through the provision of a term loan to CHAR Tech (the "Loan"). A description of the terms of the Loan can be found in the press release of the Company dated April 16, 2026, available on SEDAR+.

"BMI is proud to support CHAR Tech's expansion into Québec both as a financial partner and as a strategic ally in building a North American biocarbon supply chain with direct links to European markets. This is exactly the kind of vertically integrated energy transition opportunity BMI was built to advance, and through BMI's project at the Port of Baie-Comeau, we look forward to growing alongside CHAR Tech as they bring low-carbon Canadian biocarbon to commercial scale and into global markets." - Paul Veldman, Chief Executive Officer, The BMI Group and Bioveld Canada.

About Elkem ASA

With a strong track record since 1904, Elkem is one of the world's leading providers of advanced silicon-based materials shaping a better and more sustainable future. The company develops silicones, silicon products and carbon solutions by combining natural raw materials, renewable energy and human ingenuity. Elkem has been awarded top score of A on Forests and Water Security, and B on Climate Change from CDP. Elkem is listed on the Oslo Stock Exchange (ticker: ELK), where the company is also included in the ESG Index. www.elkem.com

About CHAR Technologies Ltd.

CHAR Tech (TSXV:YES; OTC:CTRNF; FSE:68K) is a Canadian clean-technology company developing first-in-kind high-temperature pyrolysis ("HTP") systems that process unmerchantable wood and organic waste to generate two renewable energy revenue streams, renewable natural gas or green hydrogen, and a solid biocarbon that serves as a carbon-neutral, drop-in replacement for metallurgical coal.

CHAR Tech's HTP platform is also advancing a new vertical focused on the permanent destruction of PFAS in wastewater biosolids. Operating at temperatures sufficient to break down long-chain fluorinated compounds, the system enables municipalities and industrial operators to eliminate PFAS while converting biosolids into energy and low-carbon solid products.

For further information, please contact:

Website: www.chartechnologies.com

Neither the TSX Venture Exchange nor its Regulation Service Provider (as the term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the accuracy of this news release.

Forward-Looking Statements

Statements contained in this press release contain "forward-looking information" within the meaning of Canadian securities laws ("forward-looking statements") about CHAR and its business and operations. The words "may", "would", "will", "intend", "anticipate", "expect" and similar expressions as they relate to CHAR Tech, are intended to identify forward-looking information. Forward-looking statements include, but are not limited to, statements relating to the timing for full facility construction, securing project financing, expectations regarding the offtake agreements, future plans, operations and activities, expectations regarding the scale up of production, and other statements that are not historical facts. Such statements reflect CHAR Tech's current views and ‎intentions with respect to future events, and current information available to CHAR Tech, and are subject to ‎certain risks, uncertainties and assumptions, including, among others, those risk factors discussed or referred to in CHAR Tech's disclosure documents filed with the securities regulatory authorities in certain provinces of Canada, including the Management Discussion & Analysis dated January 27^th, 2026 for the fiscal year ended September 30, 2025, and available under CHAR Tech's profile on www.sedarplus.ca. Any such forward-looking information is expressly qualified in its ‎entirety by this cautionary statement. Moreover, CHAR Tech does not assume responsibility for the accuracy or ‎completeness of such forward-looking information. The forward-looking information included in this press release ‎is made as of the date of this press release and CHAR Tech undertakes no obligation to publicly update or revise ‎any forward-looking information, other than as required by applicable law.

SOURCE: CHAR Technologies Ltd.

View the original press release on ACCESS Newswire

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