News

AGD Newsrelease

CVW CleanTech Announces a Groundbreaking Framework Agreement with First Nations and Métis Communities for the Commercialization of its Oil Sands Tailings Technology

Today, CVW CleanTech Inc. (TSX-V: CVW, OTCQX: CVWFF) (“CVW CleanTech”) announces the signing of a non-binding framework agreement with four First Nation and Métis communities from the Regional Municipality of Wood Buffalo. This landmark framework presents a step towards reconciliation by fostering meaningful partnerships and empowering Indigenous communities in the implementation and management of CVW CleanTech’s tailings reprocessing technology.

The agreement was signed with Athabasca Chipewyan First Nation, Fort Chipewyan Métis Nation, Fort McMurray 468 First Nation Economic Development Corporation, and McMurray Métis, and sets out the framework for those communities’ economic participation and governance rights as part of the implementation of CVW CleanTech’s technology, known as Creating Value from Waste™ (CVW™). This important process was supported by Justin Bourque, President and Founder at Âsokan Generational Developments.

With reclamation being a key focus, CVW CleanTech has developed and patented its innovative technology that recovers valuable commodities, including bitumen, solvent, critical minerals, and water, from the froth treatment tailings facilities in the Athabascan oil sands.

Diverting froth treatment tailings from oil sands tailings ponds to CVW CleanTech’s own dedicated reprocessing facilities will have positive environmental and economic impacts for the industry. Through the industry wide implementation of its proprietary technology, CVW CleanTech can recover up to 13.2 million barrels of hydrocarbons and produce 1.5 million tonnes of critical mineral concentrates per year.

The technology has the potential to eliminate up to 5 million tonnes of CO2e, primarily in the form of fugitive methane emissions, alongside significant reductions in Volatile Organic Compound (VOC) emissions and naphthenic acid generated in tailings ponds. The implementation of the CVW™ technology and ability to remediate reprocessed tailings consistent with Alberta Energy Regulator’s directive 85 will provide industry with a credible pathway away from the use of tailings ponds and to reduce the liabilities borne by future generations.

This process will also improve oil sands water management making the land and water more habitable for the intertwined neighbouring Indigenous communities while helping restore the region to its natural environment.

Through the framework agreement, the CVW™ technology can bring substantial economic benefits to Indigenous communities. The agreement sets the framework for Indigenous communities to purchase at their option a minimum 20 per cent interest in the joint venture to deploy hydrocarbon recovery and methane abatement technologies. Similarly, the framework provides Indigenous communities with the opportunity to purchase a minimum of a 40 per cent interest to deploy CVW™ mineral recovery technologies.

In addition, the framework agreement provides the basis for the partner Indigenous communities to be provided an opportunity to participate in equity financings undertaken by CVW CleanTech to finance the potential joint venture as well as to participate in the governance of CVW CleanTech.

The matters contemplated by the framework agreement are non-binding and remain subject to execution of definitive agreements and receipt of applicable regulatory approvals, including that of the TSX Venture Exchange.

These investments aim to generate sustainable long-term cash flows for the Indigenous communities with the goal of providing the opportunity for true ownership and generational wealth creation. CVW CleanTech also welcomes the participation of other Indigenous groups in the advancement of its proprietary technology and is currently engaged with other communities in the region.

This landmark agreement enables Indigenous communities to play a significant role in the deployment of an innovative technology driving positive environmental outcomes related to oil sands waste streams that directly affect their communities. The CVW™ technology will also provide long-term cash flows creating generational wealth and environmental benefits for the Treaty 8 region while paving the path forward to move away from standard industry practice and use of tailings ponds.

Skip to content