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CALGARY, AB, Jan. 17, 2024 /PRNewswire/ — CVW CleanTech Inc. (the “Company” or “CVW CleanTech”) (TSXV: CVW) is pleased to announce that it has won a Letter of Intent (“LOI”) from a global insurance company containing indicative non-binding terms to prospectively ensure the progress of an EcoBase Value from Waste (“CVWTM”) project. This potential Technology Performance Guarantee (“TPI”) includes policy limits of $50. 0 million for the initial repair. policy and $66. 7 million for long-term production policy, advancing a critical pillar of threat alleviation activities for the commercialization of the CVWTM generation. This non-binding indication is subject to due diligence, legal and documentary verification acceptable to all parties. Due diligence is expected to begin once CVW CleanTech enters into an agreement to implement CVWTM generation at an oil sands mine.
Akshay Dubey, CEO, CVW CleanTech, said: “Receiving non-binding indicative scenarios to ensure generation functionality is a step towards de-risking the progression of a first CVWTM project. The interest of a leading global insurer is a testimony of the strength of the engineering process used in the progression of the CVWTM generation, and the significant environmental benefits that would be achieved across the oil sands industry through the implementation of the CVWTM EcoBase project.
The potential TPI would provide a customized, long-term, non-cancellable threat control solution for a potential first deployment of CVWTM EcoBase at an oil sands mining site. Term Policy (Operational):
Initial Repair Coverage: The initial repair policy would provide up to $50. 0 million in additional investment for an EcoBase project, after its commissioning period, to reach rated capacity and begin advertising operations.
Long-term (operational) production coverage: The long-term production policy would provide up to $66. 7 million over five years if bitumen and wastewater solvent recovery, as well as GHG relief credits, fell below an agreed-upon threshold. This hedging can simply finance debt service and other critical prices, while corrective measures are implemented for potential poor production performance.
Mr. Dubey continued, “The initial repair policy is in addition to the $47. 0 million contingency already included in the expected $390. 0 million general capital charge of a potential EcoBase allocation. We would like to express our sincere appreciation to our underwriting partners that the Technology Performance Guarantee can simply provide greater comfort to the Company and its partners if the overall capital prices of an EcoBase allocation exceed the $390. 0 million expected as a result of an insurable occasion. Forward production coverage provides monetary security in the event that a benchmark of bitumen credits, solvents, and/or GHG relief is not recovered. A potential IPT policy would only respond within the bounds of the policy.
The CVW CleanTech enforcement team will continue to work with the insurance markets and our broker partners to secure additional insurance policies and advertising commitments. While the letter of intent is not a binding insurance offer, it lays the foundation for additional discussions and potentially provides an insurance solution with long-term benefits for CVW CleanTech and its assignment partners.
About CVW CleanTech Inc.
CVW CleanTech Inc. es a cleantech innovator working to expand sustainable generation solutions. The company has developed a suite of proprietary technologies called Value Creation from Waste™ that recovers bitumen, solvents, critical minerals, and water from tar sands foam treatment tailings while specifically cutting tailings. pond emissions and improve tailings management.
On an annual basis, the implementation of CVWTM’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);
Reduce between 380 and 850 thousand tons of CO2 equivalent, basically methane;
Eliminate up to 5,000 tonnes of volatile organic compounds (VOCs);
Potentially eliminate tailings pond growth due to froth treatment operations, and
Generate annual revenues of $248 million within the province of Alberta.
Diversion of foam treatment tailings flow to a CVWTM EcoBase operation could recover up to 90% of bitumen and solvents recently lost in tailings ponds and prevent related fugitive methane emissions. This proprietary, ready-to-implement procedure would produce “ready-to-rescue” tailings to meet the standards of the Alberta Energy Regulator’s Directive 85, creating a step-change in tailings control and allowing for gradual restoration.
CVW CleanTech has invested more than $100 million and more than 15 years to advance the CVWTM generation until it is ready for deployment. This generation was supported through a large-scale incorporated pilot assignment and progressive advertising engineering studies resulting in 20 active patents. Generation progress has been supported by the Government of Alberta and the federal government, as well as oil sands industry partners. Additional data on CVW CleanTech and its proprietary generation can be discovered in the company’s Process and Technology Overview, which can be accessed at the following link. :
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 often, but not always, referred to by words such as “expects,” “anticipates,” “believes,” “intends,” “estimates,” “prospective,” “possible” and similar expressions, or statements that events, conditions or effects “may”, “possibly”, “may also” or “deserve” to happen or be achieved. Forward-looking statements would likely include statements regarding the effects of the deployment of CVWTM technologies and its business plan, prospective diversification and other long-term opportunities, statements regarding the benefits and implications of the deployment of our technologies or other statements other than statements. in fact. Array’s forward-looking statements are forward-looking statements and are inherently uncertain, and the Company’s actual achievements could differ materially from those reflected in the forward-looking statements as a result of various hazards, uncertainties and other issues. . For the reasons set forth above, investors should not place undue reliance on forward-looking statements. Important points that may also cause actual effects to differ materially from the Company’s expectations are: uncertainties related to the timing and receipt of regulatory and inventory exchange approvals; uncertainties similar to litigation and disputes; fluctuations in interest rates, commodity values, exchange rates and other monetary conditions, and the resulting effect on the viability of investments; adjustments in the availability and load of technical work required for our business; increases in value and/or inflationary pressures that affect the cost of devices and fabrics necessary to market our projects; uncertainty of capital and operating expense estimates; the desire to download additional financing and uncertainty regarding the availability and terms of long-term financing; the effect on the Company of rising inflation; and other dangers and uncertainties disclosed in other data published through the Company from time to time and filed with the appropriate regulatory authorities.
All forward-looking statements are based on the Company’s ideals and assumptions, which are based on data available at the time such assumptions are made. The Company has made the following assumptions with respect to the forward-looking statements contained in this press release: the expected environmental and economic benefits of CVW™ technologies; the Company’s ability to effectively access government financing systems; main points of government investment systems and whether such systems will be implemented (and not replaced) as planned; that the Company will continue to be able to protect its intellectual property; assumptions related to market opportunities and advertising for the Company and its technologies; and the Company’s ability to continue to expand and publicize its technologies. Forward-looking statements contained herein are made as of the date set forth above and are subject to replacement after such date, and the Company assumes no legal responsibility to publicly update or revise any statement to reflect new occasions or circumstances, unless possible. required under applicable laws.
Although Control believes that the expectations represented by such forward-looking data or statements are reasonable, there is a significant threat that the forward-looking data or statements will not be known and that the assumptions underlying such data or statements may not prove to be true. correct. Actual effects or occasions may also differ materially from the plans, intentions and expectations expressed or implied through any forward-looking information or statements, adding underlying assumptions, as a result of threats, uncertainties and factors, adding: failure to discharge regulatory approvals; the option that opportunities may possibly arise that will require more liquidity than the Company has or can offload; dependency on key personnel; dependency on collaborations with companies; possible delays; uncertainties similar to the early stages of product generation and development; uncertainties about stock market fluctuations; uncertainties about long-term expenditure levels and the possibility of unforeseen costs or expenses or cost overruns; and other threats and uncertainties that cannot be described here.
For information, please contact:
Akshay Dubey
Joshua Grant
CEO
403. 460. 8135
CFO
403.460.8135
Akshay. Dubey@CVWCleanTech. com
Joshua. Grant@CVWCleanTech. com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE CVW CleanTech Inc
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