Kontrol Technologies Corp. (NEO:KNR) (OTCQB:KNRLF) (FSE:1K8) (“Kontrol” or the “Company”), a leader in smart buildings and cities has expanded into new projects with its previously announced Customer in the liquified natural gas (LNG) market to provide emission monitoring and analytics (see press release dated March 1, 2023). The Company has expanded to four projects in total.
“We are excited to be entering and expanding into this new market vertical which intersects with the interests of multiple stakeholders including project developers, landowners and utilities,” says Paul Ghezzi, CEO of Kontrol Technologies. “We are looking forward to establishing our presence in the initial market of New York State and growing into other regions of the USA market.”
The Company has a long history of providing continuous emissions, compliance and monitoring solutions through its operating subsidiaries. Historically the Company has provided emission technology deployment and solutions to large industrial customers in the oil, gas and cement industries across Canada and the USA. The LNG market opportunity is new revenue vertical for the Company and the majority of interest is in the USA market.
Monitoring Environmental Impacts
LNG facilities and the associated development of new facilities may be a source of harmful pollutants or emissions, such as volatile organic compounds (VOCs), nitrogen oxides (NOx), methane (CH4), sulfur dioxide (SO2) and particulate matter (PM). The ability to monitor, validate and quantify harmful pollutants or emissions is typically a regulatory requirement which may vary by region.
The Company further announced it has granted 580,000 incentive stock options (the “Options”) to certain management, directors, and employees pursuant to the Company’s Stock Option Plan and 350,000 restricted share units (RSUs) to a key employee pursuant to the Company’s Share Compensation Plan. The Options shall vest four months following the date of issuance and shall be exercisable by the holder at $0.65 per common share for a period of three years. Each RSU will allow the holder to acquire one common share of the Company and shall vest immediately.
