CALGARY, April 15, 2019 /CNW/ - Pond Technologies Holdings Inc. ("Pond") (TSX.V: POND) is pleased to announce that it has received a binding funding commitment from its project funding partner, New York-based, boutique investment company, Inventiv Capital Management (ICM) to provide up to CDN $7 Million for Phase 1 of the Stelco Project and up to CDN $13.5 Million for Phase 2 of the Stelco Project. The balance of the project financing has been secured from the Ontario Centres of Excellence (OCE) and Pond.
The Stelco Inc. Lake Erie Works facility is located in Ontario, Canada. When completed, the Stelco Project is expected to produce 3,500 Metric tonnes of algae and sequester approximately 6,300 Metric tonnes of CO2 per year. Algae biomass from this facility can be used for high-protein feed for fish and livestock, or as a renewable feedstock for pigments, or bio-plastics. Pond has already completed process engineering and is currently commissioning the first algae bioreactor for this project.
Steve Martin, Pond CEO, commented, "This funding commitment by Inventiv demonstrates that our investors are just as eager as we are to complete the world's first commercial-scale, algae-based carbon capture plant. The Stelco project will show that emissions from industrial facilities can serve as an abundant, revenue-generating resource for high-value biomaterials."
Paulus Ingram, Inventiv CEO remarked, "We are excited to be partnering with Pond on the funding of Stelco and future projects. Pond is highly aligned with our financial and sustainability goals and Inventiv anticipates deploying $US 100 Million into projects utilizing Pond technology over the next 1 to 2 years."
About Inventiv Capital Management:
Inventiv, https://inventivcapital.com/ manages fiduciary investments targeting outperformance which are designed to drive institutional scale capital into solutions that support the United Nations Sustainable Development goals..
About Pond Technologies:
Located in Markham Ontario, Pond is a technology company that provides profitable solutions to the global health and wellness challenges of climate change and nutrition. Pond's proprietary growth platform, including patented advanced photonics, optimizes key growth inputs in order to provide a controlled environment that maximizes the growth of algae and other organisms. This enables industrial emitters to generate new revenue streams from the transformation of underutilized CO2 to valuable algae-based products, such as protein for animal feed and nutraceutical products like Chlorella, Spirulina, and Astaxanthin for human consumption. For more information visit https://www.pondtech.com/.
Forward Looking Statements
This press release contains forward-looking statements within the meaning of applicable securities laws, including statements regarding expected production from the Stelco project and, anticipated funding from Inventiv. Such forward-looking statements are based on certain key expectations and assumptions made by Pond, including expectations and assumptions concerning Inventiv's ability to source opportunities for deployment of Pond's technology that are timely and economically accretive to Pond, and the satisfaction of the due diligence in respect of such opportunities. Although Pond believe that the expectations and assumptions on which such forward-looking statements are based are reasonable, undue reliance should not be placed on thereon and Pond can give no assurance that they will prove to be correct. By its nature, such forward-looking statements are subject to various risks and uncertainties, which could cause the actual results and expectations to differ materially from the anticipated results or expectations expressed. Readers are cautioned not to place undue reliance on this forward-looking information, which is given as of the date hereof, and to not use such forward-looking information for anything other than its intended purpose. Pond does not undertake any obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. No stock exchange, securities commission or other regulatory authority has approved or disapproved of the information contained herein.
SOURCE Pond Technologies Holdings Inc.