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Cielo Waste Solutions Corp.

Cielo Waste Solutions Corp.

Cielo Waste Solutions Corp.

CALGARY, Alberta, March 28, 2024 (GLOBE NEWSWIRE) — Cielo Waste Solutions Corp. (TSXV:CMC; OTC:CWSFF)

Cielo Waste Solutions Corp. (ÔÇ£CieloÔÇØ or the ÔÇ£CompanyÔÇØ), a renewable fuel company leveraging market ready licensed technology to produce low-carbon fuel from wood by-products, today announced its financial results for the three and nine months ended January 31, 2024, along with an update on the CompanyÔÇÖs progress as Cielo fuels renewable change. Copies of the unaudited interim financial statements and related managementÔÇÖs discussion and analysis can be found on the Financial Reports section of the CompanyÔÇÖs website at and under CieloÔÇÖs issuer profile at All financial information in this news release is reported in Canadian dollars, unless otherwise indicated.

“We believe the closing of the asset purchase transaction with Expander Energy during Q3 2024 represents a pivotal moment on our journey, positioning Cielo with an economically sustainable and market-ready solution. Cielo has a clear line of sight to produce our net-zero carbon intensity Bio-SynDiesel┬«,ÔÇØ said Ryan Jackson, CEO of Cielo. ÔÇ£As a result of the CompanyÔÇÖs achievements in Q3 2024, we are able to focus on accelerating construction of our first commercial facility at Carseland, Alberta, as well as a full-scale facility in Dunmore, Alberta, both of which will transform wood by-products, including railway ties, to low-carbon liquid fuels that are critical for the worldÔÇÖs energy transition.ÔÇØ

Jasdeep K. Dhaliwal, CFO of the Company, added, ÔÇ£I am proud of our teamÔÇÖs success both through the third quarter and to date in Q4 2024, as we have made great progress against key milestones. Over and above finalizing the Expander transaction, our five-year plan is to construct six facilities across North America. We are committed to generating a compelling return on investment for all stakeholders and having a positive impact on the planet.ÔÇØ

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During the quarter ended January 31, 2024, Cielo achieved the following milestones:

  • Closed the asset purchase transaction with Expander Energy Inc. (ÔÇ£ExpanderÔÇØ) on November 9, 2023, gaining an exclusive license in Canada for all feedstock and in the U.S. for treated wood waste to deploy ExpanderÔÇÖs innovative Enhanced Biomass to Liquids (EBTLÔäó) and Biomass Gas to Liquids (BGTLÔäó) technologies (the ÔÇ£Licensed TechnologiesÔÇØ), which management believes will allow Cielo to accelerate its timeline to revenue.

  • As a result of the transaction with Expander, secured several key agreements and approvals designed to accelerate the CompanyÔÇÖs path to commercialization of Bio-SynDiesel┬« at the Carseland facility (the ÔÇ£Carseland ProjectÔÇØ):

    • Secured a long-term contract that provides Cielo with a cost-effective and continuous supply of the requisite biomass feedstock for the Carseland Project from an established local biomass supply company, ECCO Recycling & Energy Corporation;

    • Signed a long-term syngas processing agreement with Rocky Mountain Clean Fuels Inc. (ÔÇ£RMCFIÔÇØ) that will see Bio-Syngas produced at the Carseland Project converted into 8.2 million litres per year of renewable Bio-SynDiesel┬« fuel at the existing, operational and adjacent synthetic fuel facility; and

    • Received approval for a long-term lease on a parcel of land totaling 25 acres, situated immediately adjacent to the existing and operational RMCFI facility at Carseland, which enables Cielo to leverage existing infrastructure and operational capabilities to accelerate commercial production of Bio-SynDiesel┬« fuel.

  • Completed a share consolidation on the basis of 15:1, reducing outstanding shares to 113,302,703 from 1,699,540,548 effective January 29, 2024;

  • Raised $670,000 through a non-brokered private placement of flow-through shares in December 2023, with proceeds directed to advance the Carseland Project;

  • Took critical steps to further progress the Carseland Project and the proposed project in Dunmore, Alberta (the ÔÇ£Dunmore ProjectÔÇØ, together with the Carseland Project, collectively the ÔÇ£ProjectsÔÇØ) by allocating approximately $762,000 in capital expenditures to the Projects; and

  • Repaid a $60,000 Canadian Emergency Business Account (CEBA) loan.

Subsequent to the end of the quarter, Cielo continued to build on the momentum realized in Q3 2024 with the following achievements:

  • Announced a private placement of convertible debenture units intending to raise up to $5.0 million over several tranches for the ongoing advancement of CieloÔÇÖs renewable fuel projects, closing the first tranche for gross proceeds of $560,000, primarily to be used for the advancement of the Carseland Project; and

  • Confirmed its final credit facility draw, signaling an important shift in CieloÔÇÖs go-forward financing strategy to use convertible instruments versus traditional debt to better align with its current stage of development.


Through the final quarter of CieloÔÇÖs fiscal 2024 and into fiscal 2025, the Company is targeting the following milestones:

  • Confirm final investment decisions for both the Carseland Project and the Dunmore Project, and continue to work towards financing the completion of construction for these two commercial facilities;

  • Ongoing and proactive capital markets engagement activities, including participating in various industry and investment conferences, undertaking profile-building activities with both investors and media, as well as continuing to actively position Cielo as an upcoming leader in the waste-to-fuels industry; and

  • Utilization of the CompanyÔÇÖs R&D facility located in Aldersyde, Alberta, subject to receipt of approval from Alberta Environment and Projected Areas, to generate the data required to design and define the economics of a commercial facility using CieloÔÇÖs existing TCD technology and exploration of the possibility of integrating CieloÔÇÖs existing TCD technology with the Licensed Technologies.

Financial Highlights

As at


(000ÔÇÖs of dollars)

January 31, 2024

April 30, 2023

Total assets



Total liabilities



Total non-current liabilities



Working capital deficiency



Periods ended January 31

Three months

Nine months

(000ÔÇÖs of dollars, except per share amounts)





Financing costs





General and administrative





Research and development





Share based compensation



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