April 2, 2020
TORONTO, April 02, 2020 (GLOBE NEWSWIRE) -- EarthRenew Inc. (CSE:ERTH) (“EarthRenew” or the “Company”) is pleased to announce that recent product formulation testing with CCm Technologies Limited (“CCm”), a United Kingdom-based company, has resulted in several potential innovations and processes for converting waste organic streams into high quality organic fertilizer products. We anticipate that the outcomes of these tests will help create a higher value organic fertilizer product for EarthRenew.
EarthRenew sent samples to CCm at the beginning of January 2020 to investigate how CCm’s award-winning carbon capture and utilization technology could improve the nutrient profile of EarthRenew’s existing product formulation. Using EarthRenew’s feedstock as a base, CCm was able to produce a 7-1.7-2.2 NPK ratio organic fertilizer product. This exciting result gives us reason to believe that implementing CCm’s technology into our own processes could lead to the development of a wide range of specialist formulations in the future.
CEO Keith Driver commented, “As we finalize our redevelopment plans at the Strathmore Plant, we have the opportunity to implement new technologies and processes to create additional higher value products for organic gardeners and farmers who will use EarthRenew’s fertilizers. Using CCm’s technology, we hope to develop specific formulations to meet the needs of different plants and growing conditions that are competitive with the nutrient inputs of conventional fertilizer. Our plan is to develop an integrated, sustainable system that maximizes the efficacy of the waste that is being transformed into organic fertilizer. In addition to our collaboration with CCm, we have various other initiatives under development to accomplish these goals.”
The three numbers generally published on fertilizer product packages represent the value of the three macro-nutrients used by plants. These macro-nutrients are nitrogen (N), phosphorus (P) and potassium (K), or NPK for short. The higher the number, the more concentrated the nutrient is in the fertilizer. Nitrogen is largely responsible for the growth of leaves on the plant, phosphorus is largely responsible for root growth and flower and fruit development and potassium is a nutrient that helps the overall functions of the plant perform correctly. EarthRenew in its original product formulation has a 1.8-1-1.6 NPK ratio pelleted fertilizer product. In addition to delivering NPK nutrients, EarthRenew fertilizer also helps with water retention, builds organic carbon content and provides soil aeration to help grow healthy plants.
Organic fertilizer products sell in the wholesale market for between C$250-$2,000 per tonne, depending on formulation – with particular emphasis on nitrogen content. With the addition of CCm’s technology, we anticipate that EarthRenew will be able to increase the organic nitrogen content of its pelleted fertilizer, creating a higher value product. By increasing the nitrogen content of our fertilizer from 1.8% to 7%, EarthRenew expects be able to sell this product at a correspondingly higher price, thereby capturing at least some portion of the 4 times multiple increase in nitrogen content. We expect that by utilizing CCm’s technology in producing our fertilizer products, we will differentiate ourselves from our competitors. We recognize that there are currently only a limited number of other products available in EarthRenew’s target markets that provide this nutrient profile in an air-seedable pellet.
CCm’s processing technology is designed such that it can “bolt on” to our redesigned facility and seamlessly integrate into our commercial production redevelopment plan. We therefore believe that incorporating CCm’s technology into our processes will allow us to produce and wholesale an organic fertilizer for broad applications.
EarthRenew also advises that it has launched a new website which can be found at www.earthrenew.ca.
CEO Keith Driver commented, “We encourage shareholders to visit our newly launched website to learn more about EarthRenew’s production process, redevelopment plans and future product offerings. We will continue to expand on the information on the website to keep shareholders, production partners and future consumers fully informed about our progress and the sustainable environmental benefits of the EarthRenew production process and resulting organic fertilizer.”
EarthRenew Grants Stock Options
EarthRenew also announced it has granted a total of 1,000,000 stock options to a consultant of the Company pursuant to the Company’s stock option plan. 250,000 of such options vest on the date of the grant and the remaining 750,000 stock options vest in equal increments of 250,000 every three months thereafter. Each option may be exercised to acquire one common share of the Company at an exercise price of $0.10 per option for a period of five years from the date of grant. This grant of options is subject to the approval of the Canadian Securities Exchange.
About CCm Technologies Ltd.
CCm Technologies Ltd., previously CCm Research Ltd., is an award winning cleantech company, focused on resource optimisation, including Carbon Capture and Utilisation (CCU). CCm's technology converts captured carbon dioxide and other waste streams (such as ammonia and phosphate) into stable value-added materials with multiple uses across global priority sectors of food/agriculture, advanced materials & energy storage. CCm is based in Oxford and Swindon, UK, and was established in 2011. CCm is a founding member of the recently formed Sustainable Markets Council, an initiative of HRH the Prince of Wales with the support of the World Economic Forum. The company has also received the coveted Solar Impulse Foundation Efficient Solutions Label. www.ccmtechnologies.co.uk.
EarthRenew transforms livestock waste into a high-performance organic fertilizer to be used by organic and traditional growers in North America. 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 the 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 EarthRenew’s ability to sell electricity to the electrical grid or to cryptocurrency miners, EarthRenew’s ability to execute its business plan, our commercial production facility redevelopment plan, implementing CCm’s technology into our processes, the evaluation and implementation of various technologies to increase and maximize the efficacy of our fertilizers, our ability to increase the organic nitrogen content of our pelleted fertilizer, our ability to develop specialist formulations in the future, anticipated future electricity prices in Alberta, the granting of stock options, the information available on our website and EarthRenew’s 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, fertilizer and cryptocurrency 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.