This press release contains forward-looking statements and forward-looking information (collectively, “forward-looking statements”) that meet the Company`s current expectations and views regarding future events. These forward-looking statements relate to future events or the company`s future performance. Statements that express or involve discussions about expectations, beliefs, plans, objectives, assumptions or future events or performance (often, but not always, through the use of words or phrases such as “likely to result”, “expects”, “expects”, “expects”, “will”, “is expected”, “anticipates”, “believes”, “estimates”, “intends”, “plans”, “forecasts”, “projection”, “strategy”, “objective” and “outlook”) are not historical Facts and may be forward-looking statements and may include forward-looking statements, estimates, assumptions and uncertainties that could cause actual results to differ materially from those expressed in such forward-looking statements. There can be no assurance that these expectations will prove to be accurate, and the forward-looking statements contained in this new press release should not be misrepresented. These statements refer only to the date of this new version. In particular, and without limitation, this press release contains forward-looking statements regarding Tidewater Renewables` business, as described under the heading “About Tidewater Renewables” below. Forward-looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond the Company`s control, which could cause actual results and events to differ materially from those disclosed or implied in such forward-looking information. These risks and uncertainties include, but are not limited to, the factors discussed under the heading “Risk Factors” in the Company`s SUPPLEMENT PREP prospectus dated August 12, 2021, filed on SEDAR. Tidewater Renewables assumes no obligation to update such forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required by applicable law.
The project is located on the traditional territory of the Lheidli T`enneh First Nation, with whom Arbios worked closely on a joint project development plan to understand their interest and ensure meaningful commercial and practical participation of the nation in the project. The proponents are also working on an environmental due diligence process with the Lheidli T`enneh First Nation. CALGARY, AB, Nov. 15, 2021 /PRNewswire/ — Tidewater Renewables Ltd. (“Tidewater Renewables” or the “Company”) (TSX: LCFS) is pleased to announce today a multi-year agreement with an investment grade company to sell the British Columbia Low Carbon Fuel Standard (“BC LCFS”) credits it will receive in connection with the construction of the Renewable Diesel & Renewable Hydrogen Complex in Prince George, British Columbia (the “Complex”) at values above previously budgeted. As part of the transaction, Tidewater Renewables has agreed to sell a total of 125,000 BC LCFS credits at a price of $425 per loan, compared to the previously disclosed budgeted value of $375 per loan for loans to be obtained under the Part 3 renewable diesel project agreement with the Government of British Columbia. This multi-year agreement, which runs until January 2024, significantly reduces the risk of recognition of the value for a portion of the BC LCFS credits that Tidewater Renewables will receive and generates total proceeds of more than $53 million over the life of this agreement. The Corporation continues to work on other potential multi-year agreements to monetize additional loans it will receive from the construction and operation of the complex, its canola co-processing facility and other projects. Part 3 Fuel suppliers have three mechanisms in place to ensure compliance with the low-carbon fuel standard: (1) supply of low-carbon fuels: reduction of the overall carbon intensity of fuels supplied below the prescribed limit value for each compliance period; (2) credit negotiation: acquisition of credit from other suppliers; and/or (3) Part 3 Agreements: Enter into agreements to take action or encourage others to take action that would have a reasonable opportunity to reduce greenhouse gas emissions from the use of Part 3 fuels sooner than would be the case without the agreed action. While Canada is still working to finalize the details of a clean fuel standard that will encompass the jurisdiction of all its provinces, the BC-LCFS has taken much-needed action in the region, setting a precedent for regions that follow in its footsteps.
Tidewater Renewables trades on the TSX under the symbol “LCFS”. Tidewater Renewables is a versatile company for the energy transition. The company focuses on the production of low-carbon fuels, including renewable diesel, renewable hydrogen and renewable natural gas, as well as carbon capture through future initiatives. The company was founded in response to the growing demand for renewable fuels in North America and to tap into its potential to efficiently convert a variety of renewable feedstocks (such as tallow, used cooking oil, corn oil, soybean oil, canola oil and other biomass) into low-carbon fuels. Tidewater Renewables` goal is to become one of Canada`s leading producers of renewable fuels. The company pursues this goal by owning, developing and operating clean fuel projects and related infrastructure using existing proven technologies. Organically, Tidewater Renewables will seek to leverage the existing infrastructure and engineering expertise of Tidewater Midstream and Infrastructure Ltd., its majority shareholder, to develop the Company`s portfolio of new capital and brownfield projects and expand the Company`s product offering. For more information about Tidewater Renewables, please visit SEDAR at www.sedar.com and www.tidewater-renewables.com. The categories of projects supported under the Part 3 agreements are as follows: In recognition of the impact of these environmental programmes on cross-sectoral decarbonisation, the BC-LCFS has recently been extended until 2030 and beyond. This is a response to their commitment to CleanBC, where they agreed on a target to reduce the CI by 20% by 2030.
Find out what this means for your fleet here by contacting us today. British Columbia passed the Greenhouse Gas Reduction Act (Renewable and Low-Carbon Fuels Requirements) (the Act) and the Renewable and Low-Carbon Fuels Requirements Regulations (the Regulations) to reduce greenhouse gas emissions in the transportation sector by providing renewable and low-carbon fuels in British Columbia. The regulations establish minimum renewable energy content requirements for “Part 2” for gasoline (5%) and diesel (4%) and establish a “Part 3” standard for low-carbon fuels with mandatory carbon intensity limits that will decrease by ten per cent between 2010 and 2020. Arbios Biotech, a joint venture between Canadian Forest Products Ltd. and Licella Holdings Ltd., is pleased to announce the decision to proceed with the development of a groundbreaking biomass plant for low-carbon biofuels in Prince George, British Columbia. The plant will use innovative and unique technology to convert sawmill residues, primarily bark, into high-quality renewable biocrude that can be processed in refineries to produce low-carbon fuels for transportation. “We are excited to take this next step in our quest to provide low-carbon circular economy solutions around the world. The advancement of this project will help fuel suppliers in British Columbia and Canada meet their emissions and carbon emission reduction targets,” said Don Roberts, Chairman of Arbios` Board of Directors. “I am also pleased to announce that Alan Nicholl has been appointed President and Chief Executive Officer of Arbios. Alan`s strategic leadership and financial discipline will be decisive advantages as Arbios continues to grow and grow and his appointment has the full support of Canfor.
Alan has been a member of Arbios` Board of Directors and Management Committee since its inception. Please note that although the application deadline for the program is October 1, 2015, you should review the requirements as soon as possible. The Department will provide informal comments on concepts under discussion with proponents by August 20, 2015 and a series of comments on designs submitted by September 10, 2015. .
