CALGARY, AB, March 9, 2022 /CNW/ - Tidewater Renewables Ltd.
("Tidewater Renewables" or the "Corporation") (TSX:
LCFS) is pleased to announce a third sale agreement with a third
investment-grade company to sell British Columbia Low Carbon Fuel
Standard ("BC LCFS") credits at an average price of
$490 per credit, at values higher
than all of the previously announced carbon credit forward sales
and the Corporation's budget.
Premium Value BC LCFS Credit Sale
Tidewater Renewables has agreed to sell a total of 10,000 BC
LCFS credits at a price of $490 per
credit for delivery in March 2022,
which further reduces the value realization risk on a portion of
the BC LCFS credits that Tidewater Renewables will receive and
realizes total proceeds of $4.9
million.
With this transaction Tidewater Renewables has now agreed to
sales for over 58% of credits that it will receive through the
construction of the Renewable Diesel & Renewable Hydrogen
Complex at Prince George, BC (the
"Complex") to be received by the commissioning of the
Complex expected in the first quarter of 2023. The Corporation
continues to work on other potential multi-year agreements to
monetize further credits that it will receive from the construction
and operation of the Complex, from its Canola Co-Processing
Facility, and from other projects.
Forward-Looking Information
This news release contains forward-looking statements and
forward-looking information (collectively, "forward-looking
statements") that relate to the Corporation's current
expectations and views of future events. These forward-looking
statements relate to future events or the Corporation's future
performance. Any statements that express, or involve discussions as
to, expectations, beliefs, plans, objectives, assumption or future
events or performance (often, but not always, through the use of
words or phrases such as "will likely result", "are expected to",
"expects", "will continue", "is anticipated", "anticipates",
"believes", "estimated", "intends", "plans", "forecast",
"projection", "strategy", "objective" and "outlook") are not
historical facts and may be forward -looking statements and may
involve estimates, assumptions and uncertainties which could cause
actual results or outcomes to differ materially from those
expressed in such forward-looking statements. No assurance can be
given that these expectations will prove to be correct and such
forward-looking statements included in this new release should not
be unduly relied upon. These statements speak only as of the date
of this new release. In particular and without limitation, this
news release contains forward-looking statements pertaining to
future monetization opportunities for BC LCFS credits, growth plans
for its feed stock strategy and 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 Corporation's control, which could cause actual
results and events to differ materially from those that are
disclosed in or implied by such forward-looking information. Such
risks and uncertainties include, but are not limited to, the
factors discussed under "Risk Factors" in the Corporation's
supplemented PREP prospectus dated August
12, 2021, filed on SEDAR. Tidewater Renewables' does not
undertake any obligation to update such forward-looking
information, whether as a result of new information, future events
or otherwise, except as expressly required by applicable
laws.
ABOUT TIDEWATER RENEWABLES
Tidewater Renewables is traded on the TSX under the symbol
"LCFS". Tidewater Renewables is a multi-faceted, energy transition
company. The Corporation is focused 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 Corporation was created in response to the growing demand for
renewable fuels in North America
and to capitalize on its potential to efficiently turn a wide
variety of renewable feedstocks (such as tallow, used cooking oil,
distillers corn oil, soybean oil, canola oil and other biomasses)
into low carbon fuels. Tidewater Renewables' objective is to become
one of the leading Canadian renewable fuel producers. The
Corporation is pursuing this objective through the ownership,
development, and operation of clean fuels projects and related
infrastructure, utilizing 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,
regarding the development of the Corporation's portfolio of
greenfield and brownfield capital projects as well as the expansion
of the Corporation's product offerings. Additional information
relating to Tidewater Renewables is available on SEDAR at
www.sedar.com and at www.tidewater-renewables.com.
SOURCE Tidewater Renewables Ltd.