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Progressive Planet (TSXV: PLAN,OTC:ASHXF) (OTCQB: ASHXF) ("Progressive Planet", "PLAN", or the "Company") is proud to announce that it has received a commitment from FortisBC Energy Inc ("FortisBC) for up to $1.9 million in energy efficiency rebates upon completion of several upgrade projects at its Kamloops facility.
The projects include:
- Installing a new mineral powder grinding mill with a dynamic classifier,
- Installing a new roller compactor to reduce the amount of moisture entering the legacy natural gas dryer, and,
- Installing a heat recovery loop to recycle heat from our legacy natural gas dryer exhaust and return this heat to the dryer.
Progressive Planet is eligible to receive the rebates for implementing the above three projects under FortisBC's Custom Efficiency Program.
The Custom Efficiency Program is designed to help FortisBC customers identify and implement cost-effective energy conservation measures that are tailored to their specific building or facility. Eligible natural gas and electricity customers can apply to receive incentive funding for projects that help lower energy use.
Prior to receiving the incentive commitment, Progressive Planet undertook an energy study with the assistance of a FortisBC program-approved third-party engineering firm. The firm conducted a detailed engineering analysis which identified the three opportunities listed above to lower Progressive Planet's consumption of natural gas.
Payment of the rebates will be made upon completion of the projects and Progressive Planet anticipates investing nearly $2.6 million in the upgrades.
"We are grateful to be eligible for rebates for these three capital projects which all will help lower our gas use. The entire process of completing the engineering study and working with our FortisBC key account manager was seamless and we are excited to take steps to help lower our carbon footprint by implementing these three projects. Work will commence immediately, and we expect to have all three projects completed within 18 months," stated Steve Harpur , CEO.
About Progressive Planet:
Progressive Planet, based in Kamloops, British Columbia , is redefining sustainability with our Products for a Healthy Planet ™ . By leveraging owned mineral assets and recycled materials, we develop patented and patent-pending innovations that promote a healthier planet.
Our C-Quester ™ Centre of Sustainable Solutions leads advancements in low-carbon cement technologies. Progressive Planet's products are proudly available in over 10,000 retail locations across North America . For more information, visit progressiveplanet.com .
Progressive Planet provides regular information for investors on its website: progressiveplanet.com/investors/ . This includes press releases and other information about financial performance, patents filed, and information on corporate governance.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements:
Certain statements in this release are forward-looking statements, which reflect the expectations of management regarding the matters described herein including statements regarding the development of future products. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations, or intentions regarding the future. Such statements are subject to risks and uncertainties that may cause actual results, performance, or developments to differ materially from those contained in the statements. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits the Company will obtain from them. These forward-looking statements reflect management's current views and are based on certain expectations, estimates and assumptions which may prove to be incorrect. A number of risks and uncertainties could cause our actual results to differ materially from those expressed or implied by the forward-looking statements, including factors beyond the Company's control. These forward-looking statements are made as of the date of this news release.
Disclaimer:
This news release, required by Canadian laws, does not constitute an offer of securities and is not for distribution or dissemination outside Canada .
SOURCE Progressive Planet Solutions Inc.
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