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– The Québec company is well positioned to provide local solutions for renewable natural gas and hydrogen projects in Québec –
MONTRAL, Nov. 18, 2020 (GLOBE NEWSWIRE) — Xebec Adsorption Inc. (TSXV: XBC) (âXebecâ), a global provider of clean energy solutions, is pleased with the importance given to the development of renewable natural gas and hydrogen in QuÃ©bec, following the unveiling of the QuÃ©bec government’s plan on November 16, 2020 for a green economy, and the major investments announced in these sectors.
QuÃ©becâs renewable natural gas target has doubled to 10% by 2030
Within the plan, a minimum of 10% renewable natural gas (RNG) content in the pipeline is targeted by 2030, a doubling of the previous target which was set at 5% by 2025. This was combined with the announcement of a $213 million investment in the financing of renewable natural gas production and distribution projects, which are important indications of the scale of the QuÃ©bec RNG market over the next few years.
This builds on the governmentâs previously announced support on July 3, 2020, through its organic material management plan to recycle or recover 70% of organic waste in the province by 2030. At that time, the province had earmarked $1.2 billion in funding to build out organic matter collection services and processing facilities. Concurrently, the funding for the PTMOBC (Programme de traitement des matiÃ¨res organiques par biomÃ©thanisation et compostage) program also increased by $308 million, and focuses on the treatment of organic materials by biomethanization (renewable natural gas production) and composting.
Xebec, whose head office and main manufacturing facility are located on the North Shore of MontrÃ©al, is expected to take advantage of these growing opportunities within QuÃ©bec.
Globally proven technology that is ready to serve QuÃ©bec projects
Xebec has worldwide experience in deploying over 315 renewable natural gas and hydrogen purification installations. By leveraging over two decades worth of know-how and proprietary technology, Xebec has differentiated itself from the competition by providing high reliability and productivity, resulting in significant savings in capital and operating expenses.
In addition, Xebec has recently launched BGX Biostreamâ¢, an innovative, small-scale, scalable, containerized and automated solution for RNG. Targeted towards dairy farmers, the BGX Biostreamâ¢ is an ideal solution for smaller farm based RNG projects as it consumes less energy than the competition, leading to greater project profitability.
Green hydrogen has a promising future in QuÃ©bec
Thanks to the availability of major sources of renewable energy, QuÃ©bec has the potential to be a leading player in the world for the production of green hydrogen. The clear indicators established in the governmentâs plan will promote the continuation of our research and development work in order to finalize local solutions in this sector.
Furthermore, in order to promote innovation, the province has also allocated $47.9 million in funding for hydrogen and bioenergy (biodiesel, ethanol, RNG) research and development.
“Thanks to our local talent, Xebec has developed world leading renewable natural gas and hydrogen technologies that are sold around the world. We are very pleased to see the government’s confidence in the potential of both RNG and green hydrogen in QuÃ©bec. Our strong presence in the province will allow us to offer a local, reliable and economical solutions to organizations that will develop projects in these sectors. We are ready to take up the challenge and contribute to job creation and enrich our local economy, while transitioning the world to a clean energy future,” said Kurt Sorschak, Chairman, CEO and President of Xebec Adsorption Inc.
Public StratÃ©gies et Conseils for Xebec
Victor Henriquez, Senior Partner
Xebec Adsorption Inc.
Brandon Chow, Investor Relations Manager
+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, Xebecâs 1500+ customers range from small to multi-national corporations, governments and municipalities looking to reduce their carbon footprints. Headquartered in Montreal, Quebec, Canada, Xebec has several Sales and Support offices in North America and Europe, as well as two manufacturing facilities in MontrÃ©al and Shanghai. Xebec trades on the TSX Venture Exchange under the symbol XBC. For more information, www.xebecinc.com.
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, âforward-looking statementsâ) 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 âplansâ, âseeksâ, âexpectsâ, âestimatesâ, âintendsâ, âanticipatesâ, âbelievesâ, âcouldâ, âmightâ, âlikelyâ or variations of such words, or statements that certain actions, events or results âmayâ, âwillâ, âcouldâ, âwouldâ, âmightâ, âwill be takenâ, âoccurâ, âbe achievedâ 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, Xebecâs capacity to generate revenue growth, the availability to Xebec of financing and credit alternatives and access to capital, Xebecâs capacity to meet all its other commitments and business plans, Xebecâs 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.