CALGARY,
AB, April 24, 2023 /CNW/ - Tidewater
Renewables Ltd. ("Tidewater Renewables" or the
"Corporation") (TSX: LCFS) is pleased to announce the
release of its inaugural ESG Report summarizing the Corporation's
performance on several key environmental, social, and governance
("ESG") topics and highlighting its commitment to
responsible energy development and the energy transformation.
"Tidewater Renewables is excited about our role in creating
clean energy solutions for a more sustainable future," said
Rob Colcleugh, Chairman and Interim
Chief Executive Officer. "Tidewater Renewables was created in
response to the increasing global demand for renewable fuels and
alternative energy solutions. We are in the business of
turning waste materials into biofuels in the form of Renewable
Diesel, Renewable Natural Gas, and Renewable Hydrogen. These
reliable and affordable energy solutions help reduce waste
pollution and decrease greenhouse gas emissions to reduce the
carbon intensity of fuels used across Canada."
The ESG Report features Tidewater Renewables' progress to date
including:
- Building Canada's
1st Renewable Diesel and Renewable Hydrogen (HDRD)
facility
- Total Recordable Injury Frequency (TRIF) of 0.31 for
construction of the HDRD facility
- Produced Renewables Diesel at the HDRD facility is expected to
reduce consumer carbon intensity by 80-90% compared to fossil
fuel-based diesel
- 25% of Tidewater Renewables' Board of Directors are women
- The Corporation's team has grown from three to 35 employees in
only 18 months
- Over $16 million in Provincial
and Federal Government funding provided through clean technology
grants
The ESG Report can be found on the Corporation's website
www.tidewater-renewables.com.
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, that utilize existing proven technologies.
Organically, Tidewater Renewables seeks to leverage the existing
infrastructure and engineering expertise of Tidewater Midstream and
Infrastructure Ltd., 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.
Advisory Regarding Forward-Looking Statements
Certain statements contained in this news release constitute
forward-looking statements and forward-looking information
(collectively referred to herein as, "forward-looking statements")
within the meaning of applicable Canadian securities laws. Such
forward-looking statements relate to future events, conditions or
future financial performance of Tidewater Renewables based on
future economic conditions and courses of action. All statements
other than statements of historical fact may be forward-looking
statements. Such forward-looking statements are often, but not
always, identified by the use of any words such as "seek",
"anticipate", "budget", "plan" and similar expressions. These
statements involve known and unknown risks, assumptions,
uncertainties and other factors that may cause actual results or
events to differ materially from those anticipated in such
forward-looking statements. The Corporation believes the
expectations reflected in those forward-looking statements are
reasonable, but no assurance can be given that these expectations
will prove to be correct and such forward-looking statements
included in this press release should not be unduly relied
upon.
In particular, this news release contains forward-looking
statements pertaining to, but not limited to, the following: the
Corporation's estimates of reductions in carbon intensity relative
to conventional diesel resulting from the HDRD facility; and the
success and timing of the HDRD facility.
Although the forward-looking statements contained in this
news release are based upon assumptions which management of the
Corporation believes to be reasonable, the Corporation cannot
assure investors that actual results will be consistent with these
forward-looking statements. With respect to forward-looking
statements contained in this news release, the Corporation has made
assumptions regarding, but not limited to: Tidewater Renewables'
ability to execute on its business plan; general economic and
industry trends; timing and cost of completion of the HDRD
facility, including that the project will remain on schedule; the
ownership and operation of Tidewater Renewables' business;
regulatory risks, including changes or delay to the BC LCFS credits
or CFR credits; the future pricing of BC LCFS credits and CFR
credits; future commodity and renewable energy prices; sustained or
growing demand for renewable fuels; the ability for the Corporation
to successfully turn a wide variety of renewable feedstocks into
low carbon fuels; changes in the credit-worthiness of
counterparties; the Corporation's future debt levels and its
ability to repay its debt when due; the Corporation's
ability to continue to satisfy the terms and conditions of its
credit facilities; the continued availability of the Corporation's
credit facilities; foreign currency, exchange, inflation and
interest rate risks; and the other assumptions set forth in the
Corporation's most recent annual information form available under
the Corporation's profile on SEDAR at www.sedar.com.
The foregoing lists are not exhaustive. Additional
information on these and other factors which could affect the
Corporation's operations or financial results are set forth in the
Corporation's most recent MD&A and annual information form and
in other documents on file with the Canadian Securities regulatory
authorities available under the Corporation's profile on SEDAR at
www.sedar.com.
The Corporation's actual results could differ materially from
those anticipated in the forward-looking statements, as a result of
numerous known and unknown risks and uncertainties and other
factors including, but not limited to: general economic, political,
market and business conditions, including fluctuations in interest
rates, foreign exchange rates, supply chain pressures, inflation,
stock market volatility and supply/demand trends; risks of health
epidemics, pandemics and similar outbreaks, which may have
sustained material adverse effects on the Corporation's business,
financial position, results of operations and/or cash flows; risks
and liabilities inherent in the operations related to renewable
energy production and storage infrastructure assets, including the
lack of operating history and risks associated with forecasting
future performance; competition for, among other things,
third-party capital, materials, equipment, labour, and skilled
personnel; risks related to the environment and changing
environmental laws in relation to the operations conducted with the
Corporation's other capital projects; risks related to and the
other risks set forth in the Corporation's most recent MD&A and
annual information form available under the Corporation's profile
on SEDAR at www.sedar.com.
The foregoing lists are not exhaustive. Additional
information on these and other factors which could affect the
Corporation's operations or financial results are included in the
Corporation's most recent Annual Information Form and in other
documents on file with the Canadian Securities regulatory
authorities at www.sedar.com.
Readers are cautioned not to place undue reliance on these
forward-looking statements, which reflect the Corporation's
expectations only as of the date of this news release. The purpose
of the financial outlooks contained in this news release are to
give the reader information about management's current expectations
and plans and readers are cautioned that such information may not
be appropriate for other purposes and is given as of the date of
this news release. Tidewater Renewables disclaims any intention or
obligation to update or revise these forward-looking statements,
whether as a result of new information, future events or otherwise,
except as required by law.
SOURCE Tidewater Renewables Ltd.