Mississauga company CHAR Technologies Ltd. recently announced that it has signed a non-binding letter of intent (LOI) to acquire the Toronto-based Altech Group, which is comprised of Altech Environmental Consulting Ltd. and Altech Technologies Systems Inc. Altech provides solutions to environmental engineering challenges. Founded in 1986, Altech’s expertise includes environment and energy engineering, soil and water remediation, air emissions control, and the design of the management systems that control performance.
Under the terms of the LOI, CHAR would acquire all issued equity in Altech. Altech shareholders would receive $950,000 in common shares of CHAR, with the number of common shares anticipated to be determined using the 30-day volume weighted average price of the CHAR common shares prior to November 17th, 2017, as well as $150,000 in cash. Closing is anticipated to take place on or before December 31, 2017.
“The acquisition of the Altech Group would add over 30 years of experience in environmental technologies and professional engineering consulting and Altech would provide CHAR with a growth catalyst to move much of our engineering design in-house, while at the same time would allow us to greatly expand our technology solutions offering for industrial clean air and clean water,” said Bill White, Chairman of CHAR.
According to Alexander Keen, Founder and CEO of Altech, “CHAR would bring an exciting new technology and a corporate development team. Our joint efforts going forward would bring tremendous opportunities.”
It is anticipated that the new joint enterprise will have a tremendous advantage in commercialization of a new cleantech solid fuel branded “CleanFyre”. This new product is a GHG-neutral coal replacement, generically referred to as biocoal. According to Andrew White, CEO of CHAR, “CleanFyre would 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.”