CVW Cleantech Announces Receipt of Multiple Project Financing Support Letters
CVW CLEANTECH ANNOUNCES RECEIPT OF
MULTIPLE PROJECT FINANCING SUPPORT
LETTERS
CALGARY, AB
,
Dec. 4, 2023
/CNW/ -
CVW CleanTech Inc. (the "Company" or "CVW
CleanTech")
(TSXV: CVW) is pleased to announce that it has received significant initial interest
from prospective financial institutions, including Canadian and global institutions, to provide project
financing for the potential development of a Creating Value from Waste ("CVW
TM
") project. To date,
CVW CleanTech has received 5 non-binding expressions of interest totalling
$625 million
in
aggregate for a potential project advancing a critical pillar of the financing requirements for
commercialization of the CVW
TM
technology. These expressions of interest are subject to a variety
of conditions including achieving additional commercial milestones, satisfactory due diligence, and
the entering into of definitive documentation.
CVW CleanTech's CEO,
Akshay Dubey
, said: "Receipt of project financing support letters is a
significant step towards the development of a first CVW
TM
project. Our Board of Directors and
executive team are extremely pleased with the quality relationships established with potential credit
providers and the progress of project financing discussions. The quality of financial institutions and
volume of support received further validates the strong underlying economics associated with our
technology along with the extensive environmental benefits which would be achieved through a
CVW
TM
project implementation."
This project funding is intended to support a potential first of its kind CVW
TM
implementation at a
host oil sands mining site. On an annual basis, the implementation of CVW
TM
's EcoBase
development option could be expected to:
Recover 2.2 million barrels of hydrocarbons (1.9 million barrels of bitumen and 0.3 million
barrels of solvent);
Abate between 380 to 850 thousand tonnes of CO
2
equivalents, primarily methane;
Eliminate up to 5,000 tonnes of volatile organic compounds (VOCs);
Potentially elimination tailings pond growth due to froth treatment operations, and
Generate annual revenues of
$248 million
within the province of
Alberta
.
Diverting the froth treatment tailings stream to a CVW
TM
EcoBase operation could recover up to
90% of bitumen and solvent that are currently lost into tailings ponds, and avoid the associated
fugitive methane emissions. This patented and ready-to-deploy process would produce "Ready-to-
Reclaim" tailings to meet the Alberta Energy Regulator's Directive 85 standards which would provide
a step change in tailings management and allow for progressive remediation.
Mr. Dubey continued "We would like to extend our sincere thanks to the financial institutions who
have offered their financing support and look forward to continued engagement as we proceed
towards a potential CVW
TM
project. These non-binding commitments provide the Company and its
partners with a high degree of certainty around financing a potential CVW
TM
implementation. With
this important milestone achieved, the management team will continue to focus on securing additional
commercial commitments and advancing our technology towards commercialization."
About CVW CleanTech Inc.
CVW CleanTech Inc. is a clean technology innovator working to develop sustainable technology
solutions. The Company has developed a suite of proprietary technologies called Creating Value
from Waste™ that recover bitumen, solvents, critical minerals, and water from oil sands froth
treatment tailings while significantly reducing tailings pond emissions and enhancing tailings
management. CVW CleanTech has invested over
$100 million
and over 15 years to advance the
CVW
TM
technology to ready-to-deploy status. This technology has been supported by large scale
integrated piloting and progressive commercial engineering studies resulting in 20 active patents.
The development of the Company's technology has been supported by the Government of
Alberta
and the Federal Government along with oil sands industry partners. Additional information on CVW
CleanTech and its proprietary technology can be found within the Company's Process and
Technology Overview which is accessible using the link below:
https://cvwcleantech.com/technology/process-and-technology-overview/
Disclosure regarding forward-looking information
This news release contains forward-looking statements and information within the meaning of
applicable Canadian securities laws (collectively, "forward-looking information") that reflect the
current expectations of management about the future results, performance, achievements,
prospects, or opportunities for CVW CleanTech.
Forward-looking statements are frequently, but not always, identified by words such as "expects",
"anticipates", "believes", "intends", "estimates", "potential", "possible" and similar expressions, or
statements that events, conditions or results "will", "may", "could" or "should" occur or be achieved.
The forward-looking statements may include statements regarding the results of deployment
of
CVW
TM
technologies and its business plan, potential diversification opportunities and other future
opportunities, statements regarding the benefits and implications of the implementation of our
technologies or other statements that are not statements of fact. Forward-looking statements are
statements about the future and are inherently uncertain, and actual achievements of the Company
may differ materially from those reflected in forward-looking statements due to a variety of risks,
uncertainties and other factors. For the reasons set forth above, investors should not place undue
reliance on forward-looking statements. Important factors that could cause actual results to differ
materially from the Company's expectations include: uncertainties in the timing and receipt of
regulatory and exchange approvals; uncertainties involved in disputes and litigation; fluctuations in
interest rates, commodity prices, currency exchange rates, and other financial conditions, and the
resultant effect on viability of investments; changes in the availability, and cost, of technical labour
required for our business; price escalation and/ or inflationary pressures affecting the cost of
equipment and material required to commercialize our projects; the uncertainty of estimates of
capital and operating costs; the need to obtain additional financing and uncertainty as to the
availability and terms of future financing; the impact on the Company of increasing inflation; and
other risks and uncertainties disclosed in other information released by the Company from time to
time and filed with the appropriate regulatory agencies.
All forward looking statements are based on the Company's beliefs and assumptions which are
based on information available at the time these assumptions are made. The Company has made
the following assumptions in relation to the forward-looking statements in this press release: the
expected environmental and economic benefits to be achieved from CVW™ technologies; the
ability of the Company to successfully access various government funding programs; the details of
government funding programs and that such programs will be implemented (and not change) as
expected; that the Company will continue to be able to protect its intellectual property; assumptions
as to various market and commercial opportunities for the Company and its technologies; and the
ability of the Company to continue to develop and commercialize its technologies. The forward-
looking statements contained herein are as of the date set out above and are subject to change
after this date, and the Company assumes no obligation to publicly update or revise the statements
to reflect new events or circumstances, except as may be required pursuant to applicable laws.
Although management believes that the expectations represented by such forward-looking
information or statements are reasonable, there is significant risk that the forward-looking
information or statements may not be achieved, and the underlying assumptions thereto will not
prove to be accurate. Actual results or events could differ materially from the plans, intentions and
expectations expressed or implied in any forward-looking information or statements, including the
underlying assumptions thereto, as a result of numerous risks, uncertainties and factors including:
failure to obtain regulatory approvals; the possibility that opportunities will arise that require more
cash than the Company has or can reasonably obtain; dependence on key personnel; dependence
on corporate collaborations; potential delays; uncertainties related to early stage of technology and
product development; uncertainties as to fluctuation of the stock market; uncertainties as to future
expense levels and the possibility of unanticipated costs or expenses or cost overruns; and other
risks and uncertainties which may not be described herein.
For further information, please contact:
Akshay Dubey
Joshua Grant
CEO
403.460.8135
CFO
403.460.8135
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in
the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of
this release.
SOURCE
CVW CleanTech Inc
View original content to download multimedia:
http://www.newswire.ca/en/releases/archive/December2023/04/c6570.html
%SEDAR: 00003982E
CO: CVW CleanTech Inc
CNW 08:00e 04-DEC-23