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.The DLA Piper Canada team assisting CHAR was led by Russel Drew and Sydney Kert, and included Mitchell Smith.