The AIM-quoted company added that it has also provided a two-year convertible loan facility of up to US$4.5mln to fund the development of the project, which is seeking to build a 2MWe biomass-to-energy plant based on EQTEC technology.
The EQTEC technology has been delivered on site and construction work has progressed to where foundations are in place and steel structures have been erected, with much of the core gasification equipment installed, it said.
The project has encountered delays since late 2021 as a result of the Coronavirus pandemic and fires near the construction site.
“The plant at North Fork will receive forestry waste that could otherwise fuel fires, instead using it as fuel for electricity to the local community and biochar for other local applications, all produced in an efficient and environmentally friendly way,” said chief executive David Palumbo.
“Production of biochar and the benefits of forest and watershed protection, carbon sequestration and soil enrichment will be a first for us, yet one for which we are seeing growing demand.
“Our priority now is collaborating with our partners and the project delivery team to complete construction and commissioning of the plant at North Fork and then ensure its successful start into live operation,” he said.