- EarthRenew has entered into a definitive supply agreement to acquire biochar from BiocharNow
- EarthRenew has entered into a definitive reseller agreement to distribute finished EarthRenew pellets in the United States through BiocharNow
TORONTO, June 16, 2020 (GLOBE NEWSWIRE) — EarthRenew Inc. (CSE:ERTH) (“EarthRenew” or the “Company”) is pleased to announce that it has entered into a supply agreement to acquire biochar at a discounted price from BiocharNow, LLC (“BiocharNow”) and a reseller agreement to distribute EarthRenew finished pellets in the United States on a non-exclusive basis through BiocharNow. The supply agreement is projected to secure a high-quality Organic Materials Review Institute of Canada (“OMRI”) certified fertilizer input and we anticipate that the reseller agreement will expand EarthRenew’s market reach throughout the United States.
Biochar is charcoal used as a soil amendment for both soil health benefits and carbon sequestration. Biochar is a stable solid, is rich in carbon, and can endure in soil for thousands of years. It can assist with the retention of water and nutrients in the soil and promote the microbiological health of the soil.
EarthRenew and BiocharNow have conducted extensive testing on different product formulations together over the past two years. Adding biochar to EarthRenew’s pellets has improved the nutrient value of the finished pellets and helped manage odour. BiocharNow will benefit from the ability to sell its biochar product in a pelleted format which simplifies delivery and application for BiocharNow’s customers. EarthRenew and BiocharNow have successfully generated pellets with between 4 and 40% biochar content. EarthRenew is also testing a variety of other OMRI-certified organic inputs and generating a suite of products that can serve multiple customer needs.
EarthRenew CEO, Keith Driver, commented, “This is another strategic step forward as we move toward recommissioning our Strathmore facility. Securing this supply agreement for OMRI-certified biochar ensures that we have the ingredient inputs we need to serve our customers.”
Mr. Driver further added, “Expanding our access to the United States through a strategic partnership is the right next step in growing our market presence.”
BiocharNow’s chief executive officer, James Gaspard, said, “Our customers have been asking us to deliver our product in a pelleted format. These agreements will allow us to sell high-percentage biochar pellets throughout the United States. This new format will also open new markets and create new customers for us.”
BiocharNow is a Colorado-based biochar production company and a pioneer in the biochar industry with strong engineering, manufacturing, sales and administrative personnel focused on making and selling quality biochar on a very large scale.
EarthRenew transforms livestock waste into a high-performance organic fertilizer to be used by organic and traditional growers in Canada and the United States. Located on a 25,000 head cattle feedlot, our flagship Strathmore plant is capable of producing up to four megawatts (MW) per hour of low-cost electricity powered by a natural gas fired turbine. The exhausted heat from the turbine is used to convert manure into certified organic fertilizer.
For additional information, please contact:
CEO of EarthRenew
Phone: (403) 860-8623
Cautionary Note regarding Forward-Looking Information
This press release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, statements with respect to our ability to acquire biochar from BiocharNow and to resell our fertilizer pellets for distribution by BiocharNow, the expansion of our market reach into the United States, the recommissioning of our Strathmore facility, our ability to execute our business plan, and our proposed business activity. Generally, forward-looking information can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved”. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including but not limited to: general business, economic, competitive, geopolitical and social uncertainties; regulatory risks; and other risks of the energy and fertilizer industries. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
Neither the Canadian Securities Exchange nor its Market Regulator (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
Source: EarthRenew Inc.
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