Xebec Receives Letter of Intent for Alberta’s First Commercial Renewable Natural Gas Project
June 03 2020 - 7:00AM
Xebec Adsorption Inc. (TSXV: XBC) (“Xebec”), a
global provider of clean energy solutions is pleased to announce
that it has signed a letter of intent (“LOI”) on May 28th, 2020,
for the sale of a multi-million dollar biogas to renewable natural
gas (RNG) installation to a large-scale utility customer in
Alberta.
Xebec expects the LOI to convert into backlog
over the coming months and system delivery to occur in 2021.
An opportunity to further Canada’s oil
and gas industry and help the country decarbonize its energy
mixCanada is the world’s fourth largest natural gas
producer. Renewable natural gas (RNG) production represents an
opportunity to reduce carbon emissions of natural gas by creating
renewable gas from organic waste sources, that can be blended with
fossil natural gas to reduce the overall carbon intensity.
There are several benefits to RNG which include:
reduction in greenhouse gas emissions, increased domestic energy
production, compatibility with existing natural gas infrastructure,
improved waste management, new revenue streams for farmers and
municipalities, advancement of the circular economy and job
creation.
Quotes:"We’re happy to see the
continued sales of our Cleantech systems as customers remain
forward-looking in this pandemic and see the long-term need to
create renewable energy from organic waste streams.
Alberta is a significant contributor to the
economic well-being of Canadians and we’re happy to see the
adoption of renewable natural gas production. This is the first
commercial RNG project in Alberta which marks a significant
milestone as the province continues to innovate and deploy
technologies to help reduce carbon emissions. We’re hopeful for the
continued production of renewable gases in Canadian Western
provinces as decarbonization and infrastructure investments remain
in focus. Renewable natural gas is the perfect bridge between
fossil and renewable energy, and Xebec is proud to be playing a
role in that transition across Canada."– Dr.
Prabhu Rao, Chief Operating Officer, Xebec Adsorption Inc.
Related
links:https://www.xebecinc.com
For more information:Xebec
Adsorption Inc. Brandon Chow, Investor Relations Manager
bchow@xebecinc.com +1 450.979.8700 ext 5762
About Xebec Adsorption
Inc.Xebec is a global provider of gas generation,
purification and filtration solutions for the industrial, energy
and renewables marketplace. Well-positioned in the energy
transition space with proprietary technologies that transform raw
gases into clean sources of renewable energy, Xebec’s 1500+
customers range from small to multi-national corporations,
governments and municipalities looking to reduce their carbon
footprints. Headquartered in Montréal, Quebec, Canada, Xebec has
several Sales and Support offices in North America and Europe, as
well as two manufacturing facilities in Montréal and Shanghai.
Xebec trades on the TSX Venture Exchange under the symbol XBC. For
more information, www.xebecinc.com.
Cautionary Statement Neither
TSX Venture Exchange nor its Regulation Services Provider (as that
term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this
release. This news release contains forward-looking statements and
forward-looking information (together, “forward-looking
statements”) within the meaning of applicable securities laws. All
statements, other than statements of historical facts, are
forward-looking statements, and subject to risks and uncertainties.
Generally, forward-looking statements can be identified by the use
of terminology such as “plans”, “seeks”, “expects”, “estimates”,
“intends”, “anticipates”, “believes”, “could”, “might”, “likely” or
variations of such words, or statements that certain actions,
events or results “may”, “will”, “could”, “would”, “might”, “will
be taken”, “occur”, “be achieved” or other similar expressions.
Forward-looking statements, including statements concerning future
capital expenditures, revenues, expenses, earnings, economic
performance, indebtedness, financial condition, losses and future
prospects as well as the expectations of management of Xebec with
respect to information regarding the business and the expansion and
growth of Xebec operations, involve risks, uncertainties and other
factors that could cause actual results, performance, prospects and
opportunities to differ materially from those expressed or implied
by such forward-looking statements. Forward-looking statements are
subject to business and economic factors and uncertainties, and
other factors that could cause actual results to differ materially
from these forward-looking statements, including the relevant
assumptions and risks factors set out in Xebec's public documents,
including in the most recent annual management discussion and
analysis and annual information form, filed on SEDAR at
www.sedar.com. Furthermore, should one or more of the risks,
uncertainties or other factors materialize, or should underlying
assumptions prove incorrect, actual results may vary materially
from those described in forward-looking statements or information.
These risks, uncertainties and other factors include, among others,
the uncertain and unpredictable condition of global economy,
notably as a consequence of the Covid-19 pandemic, Xebec’s capacity
to generate revenue growth, the availability to Xebec of financing
and credit alternatives and access to capital, Xebec’s capacity to
meet all its other commitments and business plans, Xebec’s limited
number of customers, the potential loss of key employees, changes
in the use of proceeds relating to the loan, share price
volatility, and other factors. Although Xebec believes that the
assumptions and factors used in preparing the forward-looking
statements are reasonable, undue reliance should not be placed on
these statements, which only apply as of the date of this news
release, and no assurance can be given that such events will occur
in the disclosed times frames or at all. Except where required by
applicable law, Xebec disclaims any intention or obligation to
update or revise any forward-looking statement, whether as a result
of new information, future events or otherwise.
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