Xebec Announces Letter of Intent for Canadian Landfill Gas to Renewable Natural Gas Project
MONTREAL, June 10, 2020 (GLOBE NEWSWIRE) — 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 June 5th, 2020, for the sale of a multi-million dollar landfill gas to renewable natural gas (RNG) installation, to a large-scale waste management customer in North America.
Xebec expects the LOI to convert into backlog over the coming months and system delivery to occur in 2021.In addition, Xebec has received multiple hydrogen purification orders for the production of cost-effective, high purity hydrogen for use in fuel cells and industrial applications. The aggregate order amount of the landfill and hydrogen projects announced today, and the Alberta RNG Project LOI announced on June 3rd, 2020, is $11.9 million.Xebec’s market presence in Canada continues to expand as RNG adoption acceleratesOn June 1st, 2020, Xebec announced the creation of the GNR Québec Capital L.P. investment fund. This new investment vehicle aims to increase renewable natural gas (RNG) production in Québec and Canada, and when fully capitalized and appropriately leveraged, could fund 12 to 15 renewable natural gas projects in Canada.While this landfill project will not be invested into through the fund, the LOI showcases the increasing number of projects that are coming online for RNG, and how Xebec is becoming a valuable technology provider and financial partner in the waste-to-RNG space in Canada.Quotes:
“We’re excited to be working on another landfill project with a new customer in the waste management industry. This LOI marks a step in the right direction as we provide a complete “flange to flange” solution. Our offering is compelling to waste management customers because we have the capabilities to do all the engineering inhouse, have the best in class technology to upgrade landfill gas to pipeline specification, and have a solid track record with previous landfill projects.Canada is starting to develop as a significant market for us as the country continues its fight against climate change. This LOI and the recent partnership we announced with the Fonds de solidarité FTQ to invest in renewable natural gas projects, are important developments within the industry as we start to see RNG infrastructure roll out. Xebec is proud to see the traction we are getting, and we look forward to playing a leadership role in our home country. Lastly, we continue to see demand for our hydrogen PSA solutions for integrated on-site hydrogen generators. Our compact, reliable and cost-effective hydrogen purification solutions are enablers for the distributed hydrogen infrastructure”
– Dr. Prabhu Rao, Chief Operating Officer, Xebec Adsorption Inc.Related links:
https://investors.xebecinc.com/press/2020-06-01-xebec-and-fonds-de-solidarite-ftq-launch-an-investment-fund-to-increase-renewable-natural-gas-production-in-quebec/For more information:
Xebec Adsorption Inc.
Brandon Chow, Investor Relations Manager
+1 450.979.8700 ext 5762About 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.