From GlobeNewswire: 2024-03-28 17:00:00

Cielo Waste Solutions Corp. announced financial results for Q3 2024, highlighting the closing of an asset purchase transaction with Expander Energy to produce low-carbon fuel from wood by-products. The Company’s achievements include securing partnerships, approvals for project development, completion of a share consolidation, and raising $670,000 in private placement funding for renewable fuel projects.

During Q3 2024, Cielo achieved key milestones such as closing the Expander Energy transaction, securing biomass feedstock contracts, and receiving approvals for commercial production facilities in Alberta. The Company completed a share consolidation, raised funds through private placement, and took steps to progress projects in Carseland and Dunmore. Cielo also confirmed its final credit facility draw and announced plans for ongoing project advancement.

Financially, Cielo reported a net loss of $1.9 million for Q3 2024, with reductions in operating costs contributing to a $22 million decrease compared to the same period in 2023. The Company’s operating cash flow totaled $0.02 million for the quarter and recorded negative cash flow of $1.1 million in the nine-month period ending January 31, 2024. Cielo remains focused on advancing renewable fuel projects and positioning itself as a leader in the waste-to-fuels industry.



Read more at GlobeNewswire:: Cielo Announces Fiscal Q3 2024 Financial Results and