Cielo provides update on asset purchase transaction with Expander Energy

Cielo Waste Solutions Corp., a Canada-based waste-to-fuel environmental technology company, has provided an update regarding the closing of its asset purchase transaction with Expander Energy Inc., also based in Canada, which was announced on Sept. 20.

Cielo has been working with Expander and the TSX Venture Exchange to satisfy the conditions of the transaction and anticipates that the transaction will close in the coming days, Cielo states in a news release.

Once the transaction has closed, the Exchange will lift the trading halt that is currently in place as a result of the transaction, which is considered a “fundamental acquisition” under the policies of the Exchange. Details on the lifting of the trading halt will be included in the news release announcing the closing, Cielo says.

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The asset purchase grants Cielo an exclusive license in Canada to use Expander’s patented EBTL and BGTL technologies and related intellectual property, as well as an exclusive license in the U.S. for creosote and treated wood waste. The technologies will be used to build facilities that process biomass into fuels.

Cielo and Expander will remain separate entities. A key component of the transaction includes the engagement of Expander and/or its affiliates to provide services for both the engineering, procurement and construction phases of three projects in Alberta, Canada, as well as the operation/project management phase of the projects.

“We believe this is a monumental achievement for Cielo and one that will accelerate our path to commercialization and revenues,” Cielo CEO Ryan Jackson says in a news release announcing the asset purchase. “We expect that the partnering of Expander’s technology, technical expertise and extensive engineering and operations experience with Cielo’s board and executive management team, access to capital markets and business relationships will position Cielo to be a leader in the renewable fuels industry.”