CGM
CANADIAN GOLDFIELDS DISCOVERY CORP
stock CVE

**CHAR Technologies (YES.v on TSXV) & (68K on FSE)**
**1.)ORIGIN**
CHAR Technologies (YES.v) is a Canadian clean-tech company based in Ontario. The company was founded in 2011 by Andrew White (CEO). CHAR Technologies began trading on the **TSX Venture Exchange** on January 14, 2014, under the ticker **YES**. Andrew White is widely viewed as the driving force behind the company’s transition from a university research project to a publicly traded clean-tech player.
Andrew holds a Master of Applied Science (MASc) in Chemical Engineering from the University of Toronto and a Master’s in Business, Entrepreneurship, and Technology (MBET) from the University of Waterloo.
His primary contribution was the development and patenting of **SulfaCHAR**, and later, the pivot into **High-Temperature Pyrolysis (HTP).** The first of its kind process that allows CHAR to create green hydrogen and biocarbon at 800 degrees Celsius.
While Andrew White is the visionary behind the HTP technology, CHAR has strategically fortified its board to move from R&D to global execution.
**2.)THE TECHNOLOGY**
I will start with an image from CHAR's website.
https://preview.redd.it/l32nt61ys1vg1.png?width=1011&format=png&auto=webp&s=f51bb1519668412130b6ce465898051ea372fa58
CHAR Technologies' process involves a feedstock system which takes an input (biosolids, unmerchantable wood waste & residuals, agriculture waste) and feeds it into a very large rotary kiln. The kiln operates at >850 degrees utilizing an oxygen free environment to chemically crack the bonds of organic matter. It does this without combustion, rearranging the molecules into the two distinct output streams. The process is autothermal which means the syngas produced sustains the kiln temperature. This reduces energy costs. The gases created are cleaned to create green hydrogen and renewable natural gas (RNG). The solid outputs are various biocarbon products, such as metallurgical coal, biochar, activated bio char. Depending on the application carbon credits, and/or tipping fees for contamination elimination are collected.
The HTP platform also allows for the breakdown and complete destruction of Per- and Polyfluoroalkyl Substances (PFAS) aka forever chemicals. These are commonly found in waste water bio solids. This enables municipalities and industrial operators to eliminate the PFAS while converting biosolids into valuable energy and low-carbon solid products.
**3.)THE MOAT**
An important part of DD. Are there competitors? What is the 'moat' holding them back?
*The 15* *years of R&D in this technology.* HTP is first of it's kind. Think about the massive amount of engineering required to design and build a massive rotating kiln continuously processing material in an oxygen free environment. Or the staged air cyclonic thermal oxidizer (SACTO) to clean the syngas.
\- Other companies that do pyrolysis run at lower temperatures 400-500C aka slow pyrolysis and the environment isn't completely oxygen free. They often just burn off the syngas in an upper chamber. The slow pyrolysis only creates a weak biocarbon that is suitable for the soil and doesn't reach the temperatures required to eliminate PFAS.
*Permitting.* CHAR secured a critical Air ECA (Notice 019-6077) permit for the Thorold site in February 2023. Permitting takes long time and can be a bottleneck for other companies who wish to compete. CHAR has experience and a head start here.
*Patent protection and licensing control.*
CHAR holds patents on the specific way they use sulfur-impregnated carbon 'SulfaCHAR' and the HTP process itself.
By moving into licensing, they are essentially telling the world - 'we have already done the R&D, tested and built the technology. If you want to do this, it’s cheaper to pay us a royalty than to try and invent it yourself.'
**4.)PROJECTS**
Lets look at the current capital projects that turn CHAR into a multi-regional utility company.
Thorold
Partner: BMI
Primary output: CleanFyre & RNG
Scale: 10,000 tonnes
Status: Phase 1 commissioning and revenue ramp up
Espanola
Partner: BMI
Primary output: CleanFyre & RNG/Syngas
Scale: 50,000 tonnes
Status: Engineering & design study
Lake Nipigon
Partnership: Lake Nipigon Forest Management / Four nations
Primary output: CleanFyre & RNG
Scale: 30,000 tonnes
Status: In development, stockpiling feedstock
Saint-Félicien
Partner: La Société de cogénération de Saint-Félicien
Primary output: CleanFyre & Green Hydrogen
Scale: 5000 tonnes
Status: Permitting & Design
**5.)INSIDERS AND STRATEGIC PARTNERS**
A confidence boost you only get when the smart money has skin in the game.
With strategic partnerships and project level financing CHAR will be able to complete these capital intensive projects with minimal dilution.
*BMI Group.*
They are the infrastructure partner. They are 10% insiders and will soon have a spot on the board of directors. They are a massive industrial real estate and infrastructure company that specializes in repurposing legacy industrial sites such as pulp and paper mills. As the owner of the Multimodal Hub in Thorold, BMI Group provides the physical land, utility connections, and logistical access to the Welland Canal and rail spurs. They are also the landlord at the Espanola project location as well and have recently contributed **$10M** towards the design and engineering study.
*ArcelorMittal Dofasco.*
They are the strategic investor. In July 2023, ArcelorMittal's XCarb innovation fund invested $6.6 million into CHAR Tech. This was their first-ever investment in a Canadian company and only their seventh global investment. As part of the deal Irina Gorbounova (Head of XCarb) joined the CHAR Board. This ensures CHAR’s engineering stays aligned with what the world’s biggest steel mills actually need. The CleanFyre product has already been tested with Dofasco's arc furnaces, and ArcelorMittal confirmed it meets their specifications as a drop in metallurgical coal replacement. If you need further proof of their conviction the **$6.6M was at** **$0.60 per unit and they recently extended their $0.70 warrants** **to July.** ArcelorMittal Dofasco is located in Hamilton, just down the highway from the Thorold facility. They have a MOU agreement with CHAR to purchase 5000 tonnes of CleanFyre met. coal. It is my understanding when it comes to the needs of a steel mill this quantity is a drop in the bucket. Steel mills require much greater amounts, and I feel sure they would purchase any amount CHAR could produce for them. In the latest news from Dofasco they announced the shutdown of their coke oven #3 on April 13th 2026. This leaves them with only 1 coke oven operational and is an example of their continued commitment to decarbonization.
*Government backing.*
CHAR has received and is receiving millions of dollars in government grants, around **$15M** in total. The most recent was **$2.25M** last December From Ontario to Accelerate Low-Carbon Biocarbon Pellet Commercialization.
**6.)PFAS VERTICAL**
While this growth vertical maybe the most forward looking, it has some serious potential to be a multiplier. It's not part of the current market cap valuation.
On January 28, 2026, CHAR completed a six-month PFAS destruction pilot project with Synagro and the city of Baltimore at the Back River WWTP. The project has continued production since. The system was fully operational as of November 6, 2025. Data is currently being analyzed with a third party to prove that CHAR's HTP process can handle **8 tonnes per day** of biosolids, destroying 31 different types PFAS while creating syngas to power the facility.
Why does Synagro ~~want~~ need CHAR technologies?
Synagro is the largest provider of sustainable solutions for biosolids and organics in North America. They manage over **6.5 million tons** of biosolids annually and have contracts with over **1,000 municipal and industrial customers**.
Here is a product description from the Synagro website.
"Synagro’s Granulite® fertilizer is a nutrient-rich, slow-release fertilizer derived from municipal biosolids. These biosolids are recycled through a specialized process in which they are heated and dried in order to create a nutrient rich, environmentally friendly fertilizer. Granulite fertilizer provides a valuable source of nutrients which are essential to plant growth. Granulite fertilizer also provides organic matter, which enhances soil health."
"BALTIMORE, Maryland, November 4, 2025 – [Synagro Technologies, Inc.](https://www.synagro.com/), North America’s leading provider of sustainable solutions for biosolids, organics and residuals, today announced the acquisition of the assets of Nutri-Blend, Inc., a trusted name in biosolids services in the Virginia and Washington, D.C., region for more than 30 years."
The problem Synagro has is municipal biosolids contain PFAS. I have done some research into this area and the regulation pressure is building. See the Maryland Senate Bill 719 (which passed the Senate 41-0 on March 20, 2026). This bill sets strict limits on the PFAS in biosolids that are applied to land.
Synagro's Nutri-blend fertilizer often contains PFAS from 25-50 ppb. They need CHAR technologies to remove the PFAS.
Here are some dates listed in the regulation:
October 1, 2028: This is the Hard Ban. A person may not apply sewage sludge (Nutri-Blend) to agricultural land if the total PFAS concentration is greater than or eq to 50 ppb. 
The "Yellow Zone" (25–50 ppb): On this same date, if the product is in the mid-tier, you must have an approved mitigation plan. 
September 30, 2029: This is the date when blending (mixing clean and dirty sludge to "cheat" the numbers) is officially outlawed.
Engineering, permitting, and building an HTP facility takes **18–24 months**, Synagro needs to be signing licensing deals with CHAR no later than Q1 2027 to hit those 2028 deadlines.
**It's not just Synagro, and its not just Baltimore. This is a widespread problem and regulators from just about everywhere are cracking down on PFAS pollutants. It's a 400B global cleanup liability, and already a \~$3B market expected to grow to \~$8B in 10 years.**
CHARs technology is objectively better than other PFAS destruction companies like 374water (SWCO) listed on the NASDAQ. (which requires 374deg 3200psi water pressure). This is because CHAR doesn't just destroy the PFAS it creates the valuable saleable outputs.
I see Synagro as a partner, not a customer. If they moved from this commercial pilot project to a licensing deal/ fleet deployment with Synagro we could kiss the microcap days goodbye.
**7.)LICENSING**
CHAR is becoming a high margin global Intellectual Property (IP) firm.
The **GazoTech** licensing agreement was made on **February 4, 2026**.
GazoTech is a well connected French energy developer with massive backing Bpifrance (the French state-backed investment bank) and the ZEBOX accelerator (founded by shipping giant CMA CGM). GazoTech is currently advancing the Bio-Méthane Provence (BMP) project and an industrial integration site. CHAR will collect **one-time fees per unit** plus **ongoing royalties** on production.
This is just the first of licensing deals, but the ginormous benefit of licensing is it **creates revenue with** **zero capital expenditure** from CHAR.
**8.)BALANCE SHEET**
CHAR at this very point in time is transitioning to commercial operations. However their balance sheet is currently looking healthy. Check out their filings on SEDAR+. I will outline some key points.
\-For the fiscal year ended Sept 30, 2025, CHAR reported a net loss of **$1.12M**, a massive improvement compared to the **$7.52M** loss the year prior.
\- Liabilities **Reduced by \~$11M**
\-Cash on Hand **$4M+** added via the March 2026 raise.
\-Project Funding **$10M commitment** from BMI for Espanola (January 14, 2026).
**9.)CAPEX**
Capital for these projects is being raised through mostly non dilutive funding.
Joint venture partners mentioned above are huge.
Phase 2 for Thorold including RNG is expected to cost around $28M to complete. This is why a RNG offtake agreement is so important. If they can show the bank they have an offtake agreement and revenue from phase 1 it will be a lot easier to secure non-dilutive debt funding for phase 2.
**10.)REVENUE**
Here I attempt to do my own calculations.
**Thorold Phase 1:**
Biocoal Sales: Estimated at $500 per tonne.
5000 tonnes x $500 = \~$2.5M
RNG will only be part of phase 2.
**Total Phase 1 Estimated Annual Revenue: $2M – $4.0M**
**Thorold Phase 2:**
Biocarbon: 10,000 tonnes total (\~$5.0M).
Note: Dofasco's MOU is only for 5000 tonnes. The remaining 5000 tonnes could be sold at a premium for other applications such as construction, and also bring in carbon credits.
RNG: 250,000 to 500,000 GJ per year. At current Ontario RNG premiums (\~$20/GJ), this adds \~$10.0M.
**Total Thorold Full Capacity:** **I think conservative \~$15M-20M per year. Their revenue figure in their presentation slides shows higher at 28M revenue potential which could be big if true.**
**Espanola Math:**
Espanola will start out initially at 1.5x Thorold capacity but is expected to scale out to full capacity of 50,000 tonnes or 5x Thorold so I'll simply estimate by simply multiplying.
**Total Espanola Full Capacity: \~$75M**
These calculations above are project revenue. These projects are 50/50 joint venture so we can expect probably around 8M and 37M in net corporate revenue. Overhead is also split 50/50, but CHAR collects fees for managing the project which could offset overhead entirely.
*Napkin math to verify the value of biocoal.*
*Value of regular metallurgical coal \~$350 CAD landed at Dofasco Hamilton.*
*Carbon tax $110/tonne of co2 emissions (expected to grow to $170 by 2030). One tonne of metallurgical coal creates 2.5-3 tonnes of co2 emissions. 2.5 x 110 = $275*
*CHAR can sell CleanFyre biocoal for $500/tonne and still save Dofasco money.*
(CHAR claimed they can get $1000-1500 per tonne of biocarbon in 2025. I do think its possible with carbon credits but the revenue will be a blend of different applications)
**Licensing & PFAS Wildcard:**
Lets assume a market value of $1000 a tonne because carbon credits, hazardous waste destruction, RNG etc.
If a municipality installs a 5000 tonne/year CHAR kiln at their waste treatment plant that's $5M a year in value.
If CHAR gets a 5% royalty that's $250k a year from one facility.
The question becomes how many municipalities can CHAR license this technology to. They already have a great partner with Synagro.
**11.)VALUATION**
**Right now at the current market cap only Thorold is priced in.**
Forward looking estimates.
There's different valuation multiples you can use. If I considered CHAR as top clean tech, or a mature industrial utility I could assign a 10x EV/Revenue multiple.
8M projected net revenue from Thorold
37M projected net revenue from Espanola
22M projected net revenue from Lake Nipigon
4M projected net revenue from Saint-Félicien
If the market cap were representing all 4 projects at full revenue, the company would be valued closer to **$710M** (or \~$3.92 per share)
If I assign risk factors to each project I end up with something like this.
Thorold 85% de-risked.
Remaining 15% is commissioning (wrapping up) and phase 2 execution/capital risk.
Espanola 30% de-risked.
We have the 10M commitment and engineering study. No FID yet.
Lake Nipigon 20% de-risked.
Have license and indigenous partnership. Regulatory risk is covered. Capital risk remains.
Saint-Félicien 10% de-risked.
Still furthest out on timeline. Only have green flag from government and letter of interest from gas utility.
If I take my projected revenues and multiply the risk factors I end up with. **227M market cap or $1.25 risk adjusted share price.**
But the company is still transitioning to commercial operations so I have to factor in a liquidity visibility discount (LVD) for being a pre-revenue asset. Lets give it 35%. **I think $0.81 is a visibility adjusted fair share price without including the licensing or PFAS market.**
Because licensing is so high margin you can assign it a higher EV/Revenue multiple like 20x.
20x$250K=5M
From there the question becomes how long does it take until they reach X number of licensed kilns.
*This is where the dream lies.*
If each licensed site adds 5M to the market cap, this is why PFAS is the multiplier.
Lets pretend the company landed a deal with Synagro or growth exploded over the years and is licensing its technology to 500 municipalities across North America.
5M x 500 = 2.5B market cap.
**12.) Most Recent Updates:**
[https://www.chartechnologies.com/post/char-tech-provides-thorold-commissioning-update-core-process-equipment-installation-advancing](https://www.chartechnologies.com/post/char-tech-provides-thorold-commissioning-update-core-process-equipment-installation-advancing)
There is also an AGM meeting scheduled for May 7th.
Board just granted options at **$0.30** (April 9). It’s a loud signal of where they think the fair floor is. Leadership isn't being rewarded for current prices; they are being incentivized for the growth they expect to unlock starting at the May 7 AGM.
**13.)Coming Milestones:**
Expected dates
\- April/May Confirmation of Thorold phase 1 revenue ramp up
\-Q2 2026 Baltimore PFAS Results: A formal report or press release confirming the permanent destruction of 31 types of PFAS in municipal biosolids.
\-Spring 2026 Espanola Engineering Design Study
**Critical Path** \-2026 H2 RNG offtake agreement for Thorold phase 2
**14.)Risks:**
Upside risk: Buyout. This is the biggest risk to me. Various larger companies could feel its cheaper to buy out CHAR now before they grow into a utility and waste management giant. I want my shares reach their full potential.
Execution & Scalability risk: The transition from a demonstration scale to a 24/7 industrial operation is technically difficult. Mechanical failures could lead to revenue delays. There could be some uncertainty with feasibility of future projects.
Market & Regulatory Risk: If industrial carbon pricing in Ontario is softened by the federal or provincial governments, the financial incentive for steelmakers to buy CHAR’s biocarbon decreases. If the EPA or Canadian regulators change the "Safe Level" of PFAS faster than CHAR can verify its destruction at a municipal scale (like the Baltimore project), they could face unexpected compliance costs.
Financial & Dilution Risk:
Low but failure to fully utilize joint venture and debt financing could lead to equity financing phase 2.
**15.)Personal Speculations:**
I have some predictions on how biocarbon if pure enough could be used in the manufacturing of synthetic battery anode materials through a process called **catalytic graphitization**.
Take a look at where the BMI group is investing their money. BMI invested **1.4M** in late 2025 for a feasibility study at the former Baie-Comeau paper mill, to turn it into a BAM (Battery Anode Material) Facility.
As of just five days ago (April 8, 2026), the BMI Group went all-in on **Rock Tech Lithium (RCK.V)** for the **Red Rock Lithium Converter** with a **200M** investment.
**Siemens** is building a **150M** **Global AI Manufacturing Technologies R&D Centre for Battery Production** in Oakville. The Red Rock Lithium Converter project will utilize Siemens' Xcelerator portfolio, including software for digital twinning (COMOS, gPROMS) and process control (PCS 7) to optimize the conversion process from engineering to operation.
What does this mean for CHAR Technologies? BMI clearly has a vision. A vision that requires **biocarbon**, graphite, and lithium. My theory is CHAR could be the ones producing that high value biocarbon used in the batteries.
**16.)Disclaimer:**
I am not a financial advisor. I hold a significant position of \~190,000 shares at .27 in CHAR Technologies (YES.V). This DD is for informational purposes. Investing in micro-cap clean-tech involves high risk. Do your own due diligence.

**CHAR Technologies (YES.v on TSXV) & (68K on FSE)**
**1.)ORIGIN**
CHAR Technologies (YES.v) is a Canadian clean-tech company based in Ontario. The company was founded in 2011 by Andrew White (CEO). CHAR Technologies began trading on the **TSX Venture Exchange** on January 14, 2014, under the ticker **YES**. Andrew White is widely viewed as the driving force behind the company’s transition from a university research project to a publicly traded clean-tech player.
Andrew holds a Master of Applied Science (MASc) in Chemical Engineering from the University of Toronto and a Master’s in Business, Entrepreneurship, and Technology (MBET) from the University of Waterloo.
His primary contribution was the development and patenting of **SulfaCHAR**, and later, the pivot into **High-Temperature Pyrolysis (HTP).** The first of its kind process that allows CHAR to create green hydrogen and biocarbon at 800 degrees Celsius.
While Andrew White is the visionary behind the HTP technology, CHAR has strategically fortified its board to move from R&D to global execution.
**2.)THE TECHNOLOGY**
I will start with an image from CHAR's website.
https://preview.redd.it/l32nt61ys1vg1.png?width=1011&format=png&auto=webp&s=f51bb1519668412130b6ce465898051ea372fa58
CHAR Technologies' process involves a feedstock system which takes an input (biosolids, unmerchantable wood waste & residuals, agriculture waste) and feeds it into a very large rotary kiln. The kiln operates at >850 degrees utilizing an oxygen free environment to chemically crack the bonds of organic matter. It does this without combustion, rearranging the molecules into the two distinct output streams. The process is autothermal which means the syngas produced sustains the kiln temperature. This reduces energy costs. The gases created are cleaned to create green hydrogen and renewable natural gas (RNG). The solid outputs are various biocarbon products, such as metallurgical coal, biochar, activated bio char. Depending on the application carbon credits, and/or tipping fees for contamination elimination are collected.
The HTP platform also allows for the breakdown and complete destruction of Per- and Polyfluoroalkyl Substances (PFAS) aka forever chemicals. These are commonly found in waste water bio solids. This enables municipalities and industrial operators to eliminate the PFAS while converting biosolids into valuable energy and low-carbon solid products.
**3.)THE MOAT**
An important part of DD. Are there competitors? What is the 'moat' holding them back?
*The 15* *years of R&D in this technology.* HTP is first of it's kind. Think about the massive amount of engineering required to design and build a massive rotating kiln continuously processing material in an oxygen free environment. Or the staged air cyclonic thermal oxidizer (SACTO) to clean the syngas.
\- Other companies that do pyrolysis run at lower temperatures 400-500C aka slow pyrolysis and the environment isn't completely oxygen free. They often just burn off the syngas in an upper chamber. The slow pyrolysis only creates a weak biocarbon that is suitable for the soil and doesn't reach the temperatures required to eliminate PFAS.
*Permitting.* CHAR secured a critical Air ECA (Notice 019-6077) permit for the Thorold site in February 2023. Permitting takes long time and can be a bottleneck for other companies who wish to compete. CHAR has experience and a head start here.
*Patent protection and licensing control.*
CHAR holds patents on the specific way they use sulfur-impregnated carbon 'SulfaCHAR' and the HTP process itself.
By moving into licensing, they are essentially telling the world - 'we have already done the R&D, tested and built the technology. If you want to do this, it’s cheaper to pay us a royalty than to try and invent it yourself.'
**4.)PROJECTS**
Lets look at the current capital projects that turn CHAR into a multi-regional utility company.
Thorold
Partner: BMI
Primary output: CleanFyre & RNG
Scale: 10,000 tonnes
Status: Phase 1 commissioning and revenue ramp up
Espanola
Partner: BMI
Primary output: CleanFyre & RNG/Syngas
Scale: 50,000 tonnes
Status: Engineering & design study
Lake Nipigon
Partnership: Lake Nipigon Forest Management / Four nations
Primary output: CleanFyre & RNG
Scale: 30,000 tonnes
Status: In development, stockpiling feedstock
Saint-Félicien
Partner: La Société de cogénération de Saint-Félicien
Primary output: CleanFyre & Green Hydrogen
Scale: 5000 tonnes
Status: Permitting & Design
**5.)INSIDERS AND STRATEGIC PARTNERS**
A confidence boost you only get when the smart money has skin in the game.
With strategic partnerships and project level financing CHAR will be able to complete these capital intensive projects with minimal dilution.
*BMI Group.*
They are the infrastructure partner. They are 10% insiders and will soon have a spot on the board of directors. They are a massive industrial real estate and infrastructure company that specializes in repurposing legacy industrial sites such as pulp and paper mills. As the owner of the Multimodal Hub in Thorold, BMI Group provides the physical land, utility connections, and logistical access to the Welland Canal and rail spurs. They are also the landlord at the Espanola project location as well and have recently contributed **$10M** towards the design and engineering study.
*ArcelorMittal Dofasco.*
They are the strategic investor. In July 2023, ArcelorMittal's XCarb innovation fund invested $6.6 million into CHAR Tech. This was their first-ever investment in a Canadian company and only their seventh global investment. As part of the deal Irina Gorbounova (Head of XCarb) joined the CHAR Board. This ensures CHAR’s engineering stays aligned with what the world’s biggest steel mills actually need. The CleanFyre product has already been tested with Dofasco's arc furnaces, and ArcelorMittal confirmed it meets their specifications as a drop in metallurgical coal replacement. If you need further proof of their conviction the **$6.6M was at** **$0.60 per unit and they recently extended their $0.70 warrants** **to July.** ArcelorMittal Dofasco is located in Hamilton, just down the highway from the Thorold facility. They have a MOU agreement with CHAR to purchase 5000 tonnes of CleanFyre met. coal. It is my understanding when it comes to the needs of a steel mill this quantity is a drop in the bucket. Steel mills require much greater amounts, and I feel sure they would purchase any amount CHAR could produce for them. In the latest news from Dofasco they announced the shutdown of their coke oven #3 on April 13th 2026. This leaves them with only 1 coke oven operational and is an example of their continued commitment to decarbonization.
*Government backing.*
CHAR has received and is receiving millions of dollars in government grants, around **$15M** in total. The most recent was **$2.25M** last December From Ontario to Accelerate Low-Carbon Biocarbon Pellet Commercialization.
**6.)PFAS VERTICAL**
While this growth vertical maybe the most forward looking, it has some serious potential to be a multiplier. It's not part of the current market cap valuation.
On January 28, 2026, CHAR completed a six-month PFAS destruction pilot project with Synagro and the city of Baltimore at the Back River WWTP. The project has continued production since. The system was fully operational as of November 6, 2025. Data is currently being analyzed with a third party to prove that CHAR's HTP process can handle **8 tonnes per day** of biosolids, destroying 31 different types PFAS while creating syngas to power the facility.
Why does Synagro ~~want~~ need CHAR technologies?
Synagro is the largest provider of sustainable solutions for biosolids and organics in North America. They manage over **6.5 million tons** of biosolids annually and have contracts with over **1,000 municipal and industrial customers**.
Here is a product description from the Synagro website.
"Synagro’s Granulite® fertilizer is a nutrient-rich, slow-release fertilizer derived from municipal biosolids. These biosolids are recycled through a specialized process in which they are heated and dried in order to create a nutrient rich, environmentally friendly fertilizer. Granulite fertilizer provides a valuable source of nutrients which are essential to plant growth. Granulite fertilizer also provides organic matter, which enhances soil health."
"BALTIMORE, Maryland, November 4, 2025 – [Synagro Technologies, Inc.](https://www.synagro.com/), North America’s leading provider of sustainable solutions for biosolids, organics and residuals, today announced the acquisition of the assets of Nutri-Blend, Inc., a trusted name in biosolids services in the Virginia and Washington, D.C., region for more than 30 years."
The problem Synagro has is municipal biosolids contain PFAS. I have done some research into this area and the regulation pressure is building. See the Maryland Senate Bill 719 (which passed the Senate 41-0 on March 20, 2026). This bill sets strict limits on the PFAS in biosolids that are applied to land.
Synagro's Nutri-blend fertilizer often contains PFAS from 25-50 ppb. They need CHAR technologies to remove the PFAS.
Here are some dates listed in the regulation:
October 1, 2028: This is the Hard Ban. A person may not apply sewage sludge (Nutri-Blend) to agricultural land if the total PFAS concentration is greater than or eq to 50 ppb. 
The "Yellow Zone" (25–50 ppb): On this same date, if the product is in the mid-tier, you must have an approved mitigation plan. 
September 30, 2029: This is the date when blending (mixing clean and dirty sludge to "cheat" the numbers) is officially outlawed.
Engineering, permitting, and building an HTP facility takes **18–24 months**, Synagro needs to be signing licensing deals with CHAR no later than Q1 2027 to hit those 2028 deadlines.
**It's not just Synagro, and its not just Baltimore. This is a widespread problem and regulators from just about everywhere are cracking down on PFAS pollutants. It's a 400B global cleanup liability, and already a \~$3B market expected to grow to \~$8B in 10 years.**
CHARs technology is objectively better than other PFAS destruction companies like 374water (SWCO) listed on the NASDAQ. (which requires 374deg 3200psi water pressure). This is because CHAR doesn't just destroy the PFAS it creates the valuable saleable outputs.
I see Synagro as a partner, not a customer. If they moved from this commercial pilot project to a licensing deal/ fleet deployment with Synagro we could kiss the microcap days goodbye.
**7.)LICENSING**
CHAR is becoming a high margin global Intellectual Property (IP) firm.
The **GazoTech** licensing agreement was made on **February 4, 2026**.
GazoTech is a well connected French energy developer with massive backing Bpifrance (the French state-backed investment bank) and the ZEBOX accelerator (founded by shipping giant CMA CGM). GazoTech is currently advancing the Bio-Méthane Provence (BMP) project and an industrial integration site. CHAR will collect **one-time fees per unit** plus **ongoing royalties** on production.
This is just the first of licensing deals, but the ginormous benefit of licensing is it **creates revenue with** **zero capital expenditure** from CHAR.
**8.)BALANCE SHEET**
CHAR at this very point in time is transitioning to commercial operations. However their balance sheet is currently looking healthy. Check out their filings on SEDAR+. I will outline some key points.
\-For the fiscal year ended Sept 30, 2025, CHAR reported a net loss of **$1.12M**, a massive improvement compared to the **$7.52M** loss the year prior.
\- Liabilities **Reduced by \~$11M**
\-Cash on Hand **$4M+** added via the March 2026 raise.
\-Project Funding **$10M commitment** from BMI for Espanola (January 14, 2026).
**9.)CAPEX**
Capital for these projects is being raised through mostly non dilutive funding.
Joint venture partners mentioned above are huge.
Phase 2 for Thorold including RNG is expected to cost around $28M to complete. This is why a RNG offtake agreement is so important. If they can show the bank they have an offtake agreement and revenue from phase 1 it will be a lot easier to secure non-dilutive debt funding for phase 2.
**10.)REVENUE**
Here I attempt to do my own calculations.
**Thorold Phase 1:**
Biocoal Sales: Estimated at $500 per tonne.
5000 tonnes x $500 = \~$2.5M
RNG will only be part of phase 2.
**Total Phase 1 Estimated Annual Revenue: $2M – $4.0M**
**Thorold Phase 2:**
Biocarbon: 10,000 tonnes total (\~$5.0M).
Note: Dofasco's MOU is only for 5000 tonnes. The remaining 5000 tonnes could be sold at a premium for other applications such as construction, and also bring in carbon credits.
RNG: 250,000 to 500,000 GJ per year. At current Ontario RNG premiums (\~$20/GJ), this adds \~$10.0M.
**Total Thorold Full Capacity:** **I think conservative \~$15M-20M per year. Their revenue figure in their presentation slides shows higher at 28M revenue potential which could be big if true.**
**Espanola Math:**
Espanola will start out initially at 1.5x Thorold capacity but is expected to scale out to full capacity of 50,000 tonnes or 5x Thorold so I'll simply estimate by simply multiplying.
**Total Espanola Full Capacity: \~$75M**
These calculations above are project revenue. These projects are 50/50 joint venture so we can expect probably around 8M and 37M in net corporate revenue. Overhead is also split 50/50, but CHAR collects fees for managing the project which could offset overhead entirely.
*Napkin math to verify the value of biocoal.*
*Value of regular metallurgical coal \~$350 CAD landed at Dofasco Hamilton.*
*Carbon tax $110/tonne of co2 emissions (expected to grow to $170 by 2030). One tonne of metallurgical coal creates 2.5-3 tonnes of co2 emissions. 2.5 x 110 = $275*
*CHAR can sell CleanFyre biocoal for $500/tonne and still save Dofasco money.*
(CHAR claimed they can get $1000-1500 per tonne of biocarbon in 2025. I do think its possible with carbon credits but the revenue will be a blend of different applications)
**Licensing & PFAS Wildcard:**
Lets assume a market value of $1000 a tonne because carbon credits, hazardous waste destruction, RNG etc.
If a municipality installs a 5000 tonne/year CHAR kiln at their waste treatment plant that's $5M a year in value.
If CHAR gets a 5% royalty that's $250k a year from one facility.
The question becomes how many municipalities can CHAR license this technology to. They already have a great partner with Synagro.
**11.)VALUATION**
**Right now at the current market cap only Thorold is priced in.**
Forward looking estimates.
There's different valuation multiples you can use. If I considered CHAR as top clean tech, or a mature industrial utility I could assign a 10x EV/Revenue multiple.
8M projected net revenue from Thorold
37M projected net revenue from Espanola
22M projected net revenue from Lake Nipigon
4M projected net revenue from Saint-Félicien
If the market cap were representing all 4 projects at full revenue, the company would be valued closer to **$710M** (or \~$3.92 per share)
If I assign risk factors to each project I end up with something like this.
Thorold 85% de-risked.
Remaining 15% is commissioning (wrapping up) and phase 2 execution/capital risk.
Espanola 30% de-risked.
We have the 10M commitment and engineering study. No FID yet.
Lake Nipigon 20% de-risked.
Have license and indigenous partnership. Regulatory risk is covered. Capital risk remains.
Saint-Félicien 10% de-risked.
Still furthest out on timeline. Only have green flag from government and letter of interest from gas utility.
If I take my projected revenues and multiply the risk factors I end up with. **227M market cap or $1.25 risk adjusted share price.**
But the company is still transitioning to commercial operations so I have to factor in a liquidity visibility discount (LVD) for being a pre-revenue asset. Lets give it 35%. **I think $0.81 is a visibility adjusted fair share price without including the licensing or PFAS market.**
Because licensing is so high margin you can assign it a higher EV/Revenue multiple like 20x.
20x$250K=5M
From there the question becomes how long does it take until they reach X number of licensed kilns.
*This is where the dream lies.*
If each licensed site adds 5M to the market cap, this is why PFAS is the multiplier.
Lets pretend the company landed a deal with Synagro or growth exploded over the years and is licensing its technology to 500 municipalities across North America.
5M x 500 = 2.5B market cap.
**12.) Most Recent Updates:**
[https://www.chartechnologies.com/post/char-tech-provides-thorold-commissioning-update-core-process-equipment-installation-advancing](https://www.chartechnologies.com/post/char-tech-provides-thorold-commissioning-update-core-process-equipment-installation-advancing)
There is also an AGM meeting scheduled for May 7th.
Board just granted options at **$0.30** (April 9). It’s a loud signal of where they think the fair floor is. Leadership isn't being rewarded for current prices; they are being incentivized for the growth they expect to unlock starting at the May 7 AGM.
**13.)Coming Milestones:**
Expected dates
\- April/May Confirmation of Thorold phase 1 revenue ramp up
\-Q2 2026 Baltimore PFAS Results: A formal report or press release confirming the permanent destruction of 31 types of PFAS in municipal biosolids.
\-Spring 2026 Espanola Engineering Design Study
**Critical Path** \-2026 H2 RNG offtake agreement for Thorold phase 2
**14.)Risks:**
Upside risk: Buyout. This is the biggest risk to me. Various larger companies could feel its cheaper to buy out CHAR now before they grow into a utility and waste management giant. I want my shares reach their full potential.
Execution & Scalability risk: The transition from a demonstration scale to a 24/7 industrial operation is technically difficult. Mechanical failures could lead to revenue delays. There could be some uncertainty with feasibility of future projects.
Market & Regulatory Risk: If industrial carbon pricing in Ontario is softened by the federal or provincial governments, the financial incentive for steelmakers to buy CHAR’s biocarbon decreases. If the EPA or Canadian regulators change the "Safe Level" of PFAS faster than CHAR can verify its destruction at a municipal scale (like the Baltimore project), they could face unexpected compliance costs.
Financial & Dilution Risk:
Low but failure to fully utilize joint venture and debt financing could lead to equity financing phase 2.
**15.)Personal Speculations:**
I have some predictions on how biocarbon if pure enough could be used in the manufacturing of synthetic battery anode materials through a process called **catalytic graphitization**.
Take a look at where the BMI group is investing their money. BMI invested **1.4M** in late 2025 for a feasibility study at the former Baie-Comeau paper mill, to turn it into a BAM (Battery Anode Material) Facility.
As of just five days ago (April 8, 2026), the BMI Group went all-in on **Rock Tech Lithium (RCK.V)** for the **Red Rock Lithium Converter** with a **200M** investment.
**Siemens** is building a **150M** **Global AI Manufacturing Technologies R&D Centre for Battery Production** in Oakville. The Red Rock Lithium Converter project will utilize Siemens' Xcelerator portfolio, including software for digital twinning (COMOS, gPROMS) and process control (PCS 7) to optimize the conversion process from engineering to operation.
What does this mean for CHAR Technologies? BMI clearly has a vision. A vision that requires **biocarbon**, graphite, and lithium. My theory is CHAR could be the ones producing that high value biocarbon used in the batteries.
**16.)Disclaimer:**
I am not a financial advisor. I hold a significant position of \~190,000 shares at .27 in CHAR Technologies (YES.V). This DD is for informational purposes. Investing in micro-cap clean-tech involves high risk. Do your own due diligence.