Cielo Waste Solutions Corp. develops clean energy products projects that convert waste-derived feedstocks into sustainable aviation fuel and other low-carbon energy products. The company’s recurring news centers on Project Nexus, the Nexus Platform, feedstock and technology partnerships, project evaluation and engineering work, and financing or grant-related steps tied to waste-to-energy development.
Company updates also include capital-structure actions, securities-for-debt transactions, stock option grants, exchange trading status, and shareholder communications following Cielo’s restructuring, wind-down of legacy operations, and strategic pivot toward sustainable aviation fuel projects across North America.
Cielo Waste Solutions Corp. (CWSFF) announced a commercial lease agreement for 15 acres of its Fort Saskatchewan Property, starting August 1, 2022, for $50,000 monthly rent plus occupancy costs. The lease term is five years, with an option for the tenant to extend for another five years. This agreement is aimed at generating steady income while the company develops its R&D Facility in Aldersyde, Alberta. CEO Ryan Jackson emphasized the benefits of utilizing the property to reduce carrying costs during this phase.
Cielo Waste Solutions Corp. announced the appointment of Ryan Carruthers as Executive Vice President, Operations. With over 22 years in the oil and gas sector and a history of operational excellence, Carruthers is expected to drive project execution crucial for Cielo's goals. Ryan Jackson, Interim CEO, expressed confidence in Carruthers' expertise as vital for future success. This strategic move may enhance the company's operational capabilities in waste-to-fuel technology, contributing to its mission of sustainable waste management.
Cielo Waste Solutions Corp. closed a public offering of units, raising approximately $9.775 million. The offering included 139,642,856 units sold at $0.07 each, with an over-allotment option exercised. Each unit comprises one common share and a purchase warrant priced at $0.09 for 60 months. The funds will be used for R&D facility costs, operational expenses, and general corporate purposes. Notably, directors and officers acquired 1,485,851 units, deemed a related party transaction under MI 61-101, exempting them from formal valuation and approval requirements.
Cielo Waste Solutions Corp. announced significant management changes on June 13, 2022, including the resignations of CEO Gregg Gegunde and CLO Chris Sabat. Ryan Jackson is appointed as interim CEO, while Jasdeep K. Dhaliwal becomes interim CFO. The company has engaged Echelon Wealth Partners to explore financing options for capital projects. The Aldersyde facility has seen enhancements, but operational guidance on feed production will no longer be provided due to economic unfeasibility. The company will host a conference call on June 13, 2022, for further insights.
Cielo Waste Solutions Corp. (OTCQB: CWSFF) announced a revised capital allocation plan due to increased inflationary costs affecting its Aldersyde Phase II development, estimated to rise by 50% to about $18MM-$20MM. The company will focus on a 60-litre per hour R&D facility to gather essential data for future commercial projects, with a budget of CDN $5.5 million for the facility, anticipated to be operational by Q3 2022. Cielo aims to produce fuel from various waste materials, positioning itself for a more effective large-scale facility design amidst rising material costs.
Cielo Waste Solutions Corp. has announced the resignation of CFO Stephanie Li, with Corporate Controller Anna Cheong appointed as interim CFO. Cheong has over 15 years of experience in financial leadership within the energy sector and aims to enhance Cielo's management systems. Additionally, the company reported significant process improvements at its Aldersyde Facility. Phase-I modifications have led to better distillate quality and reduced coking, with production targets aimed for 1,000 litres per hour. The R&D Facility is set for commissioning in August 2022.
Cielo Waste Solutions Corp. reported its Q3 2022 financial results, showcasing significant operational progress in its waste-to-fuel technology.
Key highlights include achieving a production target of 20,000 liters of distillate in Q4 2021 and improving working capital from a deficiency of $10.2 million to a surplus of $6.5 million.
The Aldersyde Facility completed phase I improvements ahead of schedule, with commissioning initiated on March 14, 2022. The R&D Facility is also on track, anticipating commissioning by August 2022.
Cielo Waste Solutions Corp. has extended the term of a previously announced $12 million mortgage loan from 12 months to 24 months, now maturing on September 1, 2023. The company repaid $5.5 million, with a remaining balance of $6.5 million. In exchange for the loan extension, Cielo agreed to use proceeds from any bonus warrants to reduce the loan balance. This extension improves liquidity and reduces short-term liabilities within the next year, aligning with Cielo's goal to lead in waste-to-fuel technology.
Cielo Waste Solutions Corp. (CWSFF) announced it will release its fiscal Q3 2022 financial results after market close on March 21, 2022. Following this, a conference call will take place on March 22, 2022, at 9:00 a.m. MT, featuring CEO Gregg Gegunde, CFO Stephanie Li, and Chief Legal Officer Chris Sabat. They will discuss financial results and provide operational updates. Investors can access the call via phone or webcast, with a replay available until March 29, 2022.
Cielo Waste Solutions Corp. has closed an $11 million mortgage loan to partially repay a $12 million existing mortgage and support working capital. The new loan features a 3% interest rate and a 24-month term, maturing on February 18, 2024. The amendment removes market cap requirements from the existing loan, offering more flexibility. Cielo intends to use the funds to enhance operations at its Aldersyde facility and support R&D at Fort Saskatchewan, improving cash flow and generating interest savings. The loan settlement marks a significant improvement in the company's financial structure.