Report Highlights:
- Over a 24 year period, the implementation of a single CVWTM project could generate up to 5,000 direct person-years of employment in
Alberta , with an additional 19,000 person-years of combined indirect and induced employment created inAlberta andCanada . A single CVWTM project could contribute up to$6.9 billion and$7.9 billion toAlberta's andCanada's GDPs respectively. - Over a 24 year period, industry wide implementation of the CVWTM technology could lead to the creation of up to 30,000 direct person-years of employment in
Alberta , with an additional 114,000 person-years of combined indirect and induced employment created inAlberta andCanada . - The Government of
Alberta could generate additional revenues of up to$340 million annually and$8.2 billion over a 24 year period, primarily through royalties and corporate taxes. - The
Government of Canada could generate additional revenues of up to$371 million annually and$8.9 billion over a 24 year period, primarily through personal and corporate taxes.
All values are expressed in 2023 Canadian dollars, except employment which is expressed in person-years. The economic impact analysis was prepared by
https://cvwcleantech.com/technology/economic-impact/
The economic impact assessment outlines the potential economic benefits, in
Summary Estimated Economic Contributions – per Schlenker Consulting Limited Economic Impact Report
The values below are presented in millions of 2023 Canadian dollars except employment figures which are presented in person-years. The potential economic impacts are presented for
- The EcoBase development option allows the recovery of bitumen and solvent, the abatement of approximately 90% of the methane from froth treatment tailings, and significant reduction to the volume of volatile organic compounds and secondary organic aerosols currently emitted from oil sands tailings ponds;
- The EcoMax development option includes all the positive efforts of the EcoBase project plus the recovery of critical minerals in titanium and zircon concentrates.
CVWTM EcoMax Development Option - Construction Phase
Single Site | Industry Wide | |||
GDP | 1,040 | 1,283 | 6,242 | 7,696 |
Labour Income | 732 | 867 | 4,393 | 5,199 |
Provincial Government Revenue | 74 | 100 | 446 | 601 |
Federal Government Revenue | 210 | 252 | 1,257 | 1,511 |
Employment | 6,680 | 8,745 | 40,081 | 52,468 |
CVWTM EcoMax Development Option - 20 Year Operating Phase
Single Site | Industry Wide | |||
GDP | 5,903 | 6,613 | 35,417 | 39,678 |
Labour Income | 1,070 | 1,435 | 6,420 | 8,611 |
Provincial Government Revenue | 1,288 | 1,360 | 7,725 | 8,159 |
Federal Government Revenue | 1,109 | 1,233 | 6,654 | 7,398 |
Employment | 9,841 | 15,299 | 59,048 | 91,794 |
CVWTM EcoBase Development Option - Construction Phase
Single Site | Industry Wide | |||
GDP | 366 | 452 | 2,193 | 2,711 |
Labour Income | 260 | 308 | 1,563 | 1,850 |
Provincial Government Revenue | 26 | 36 | 158 | 213 |
Federal Government Revenue | 74 | 89 | 445 | 536 |
Employment | 2,351 | 3,083 | 14,108 | 18,498 |
CVWTM EcoBase Development Option - 20 Year Operating Phase
Single Site | Industry Wide | |||
GDP | 2,898 | 2,989 | 17,387 | 17,934 |
Labour Income | 344 | 393 | 2,062 | 2,357 |
Provincial Government Revenue | 688 | 698 | 4,128 | 4,186 |
Federal Government Revenue | 667 | 683 | 4,001 | 4,099 |
Employment | 3,144 | 3,922 | 18,861 | 23,533 |
The Company also announces that it has granted 1,099,692 stock options and 886,457 restricted share units (RSUs) to certain employees as part of the 2023 year end performance incentive program. The stock options include both time and performance based vesting conditions, are exercisable at a price of
The stock options and RSUs have been granted to officers and employees of the Company under the terms of the Company's equity incentive plan (EIP). The EIP was approved by Shareholders of the Company at the annual and special meeting of the Shareholders on
On an annual basis, an industry wide implementation of CVWTM's EcoMax development option could be expected to:
- Recover 13.2 million barrels of hydrocarbons (11.4 million barrels of bitumen and 1.8 million barrels of solvent);
- Produce 1.5 million tonnes per year of critical mineral concentrates in the form of titanium and zircon;
- Abate up to 5,000,000 tonnes of CO2 equivalents, primarily methane;
- Eliminate up to 30,000 tonnes of volatile organic compounds (VOCs - considered toxic substances by
Environment and Climate Change Canada ); - Potentially eliminate tailings pond growth due to froth treatment operations, and
- Generate annual revenues of
$2.7 billion within the province ofAlberta .
Diverting the froth treatment tailings stream to a CVWTM EcoMax operation could recover up to 90% of bitumen and solvent that are currently lost into tailings ponds, avoid the associated fugitive methane emissions, as well as capture valuable zircon and titanium mineral concentrates. This patented and ready-to-deploy process would produce "Ready-to-Reclaim" tailings to meet the
https://cvwcleantech.com/technology/process-and-technology-overview/
This news release contains forward-looking statements and information within the meaning of applicable Canadian securities laws (collectively, "forward-looking information") that reflect the current expectations of management about the future results, performance, achievements, prospects, or opportunities for
Forward-looking statements are frequently, but not always, identified by words such as "expects", "anticipates", "believes", "intends", "estimates", "potential", "possible" and similar expressions, or statements that events, conditions or results "will", "may", "could" or "should" occur or be achieved. The forward-looking statements may include statements regarding expected timelines and results of deployment of CVWTM technologies and its business plan, the anticipated adoption of CVWTM technologies by industry participants and the timing for the same, estimated financial results from the implementation and adoption of CVWTM technologies, expected macroeconomic conditions for the deployment of CVWTM technologies, potential diversification opportunities and other future opportunities, statements regarding the benefits and implications of the implementation of our technologies or other statements that are not statements of fact. Forward-looking statements are statements about the future and are inherently uncertain, and actual achievements of the Company may differ materially from those reflected in forward-looking statements due to a variety of risks, uncertainties and other factors. For the reasons set forth above, investors should not place undue reliance on forward-looking statements. Important factors that could cause actual results to differ materially from the Company's expectations include: the ability to advance the technologies of the Company on a timely basis or at all; reliance on estimates prepared by third parties; current estimates and predictions being based on certain assumptions about the industry in which the Company operates and macroeconomic conditions generally; uncertainties in the timing and receipt of regulatory and exchange approvals; uncertainties involved in disputes and litigation; fluctuations in interest rates, commodity prices, currency exchange rates, and other financial conditions, and the resultant effect on viability of investments; changes in the availability, and cost, of technical labour required for our business; price escalation and/ or inflationary pressures affecting the cost of equipment and material required to commercialize our projects; the uncertainty of estimates of capital and operating costs; the need to obtain additional financing and uncertainty as to the availability and terms of future financing; the impact on the Company of increasing inflation; and other risks and uncertainties disclosed in other information released by the Company from time to time and filed with the appropriate regulatory agencies.
All forward looking statements are based on the Company's beliefs and assumptions which are based on information available at the time these assumptions are made, and is necessarily based upon a number of assumptions that, while considered reasonable by the Company, are inherently subject to significant operational, business, economic and regulatory uncertainties and contingencies. The Company has made the following assumptions in relation to the forward-looking statements in this press release: the expected environmental and economic benefits to be achieved from CVW™ technologies; the ability of the Company to successfully access various government funding programs; reliance on economic estimations prepared and assumptions made by third parties; the details of government funding programs and that such programs will be implemented (and not change) as expected; that the Company will continue to be able to protect its intellectual property and proprietary technologies; assumptions as to various market and commercial opportunities for the Company and its technologies; and the ability of the Company to continue to develop and commercialize its technologies. The forward-looking statements contained herein are as of the date set out above and are subject to change after this date, and the Company assumes no obligation to publicly update or revise the statements to reflect new events or circumstances, except as may be required pursuant to applicable laws.
Although management believes that the expectations represented by such forward-looking information or statements are reasonable, there is significant risk that the forward-looking information or statements may not be achieved, and the underlying assumptions thereto will not prove to be accurate. Actual results or events could differ materially from the plans, intentions and expectations expressed or implied in any forward-looking information or statements, including the underlying assumptions thereto, as a result of numerous risks, uncertainties and factors including: failure to obtain regulatory approvals; the possibility that opportunities will arise that require more cash than the Company has or can reasonably obtain; dependence on key personnel; dependence on corporate collaborations; potential delays; uncertainties related to early stage of technology and product development; uncertainties as to fluctuation of the stock market; uncertainties as to future expense levels and the possibility of unanticipated costs or expenses or cost overruns; and other risks and uncertainties which may not be described herein.
For further information, please contact:
CEO 403.460.8135 | CFO 403.460.8135 |
Akshay.Dubey@CVWCleanTech.com | Joshua.Grant@CVWCleanTech.com |
Neither the
SOURCE
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