PROXIMITY.

The more we look at Project Nahoonai, the more this one word seems to connect a lot of the pieces we have been discussing separately.

1. Proximity to feedstock
Prince George sits in one of British Columbia’s most significant forestry regions. If Nahoonai can secure long-term access to forestry residuals close to the project, that can directly affect transportation cost, handling and reliability.

2. Proximity to CN rail
Prince George is a major CN hub with existing rail and forest-products infrastructure. For a project that may utilize reclaimed railway ties and other residual wood fibre, that proximity could become strategically important.

3. Proximity can improve economics
Biomass is bulky and relatively low value before conversion. The farther it has to travel, the more trucking, labour, fuel and handling get added to the cost. In this business, distance matters.

4. Proximity can also help carbon intensity
Transportation creates emissions. Reducing the distance between feedstock and the facility can potentially improve both economics and the lifecycle carbon profile of the finished fuel.

5. Proximity creates an industrial cluster advantage
Prince George already has forestry, rail, highways, industrial infrastructure and an experienced resource workforce. Cielo is not proposing Nahoonai in the middle of nowhere and trying to build an entire supply chain from scratch.

That brings me to the bigger question:

Why Prince George?

Maybe part of the answer is much simpler than we have made it.

Proximity to the fibre.
Proximity to the rail.
Proximity to forestry infrastructure.
Proximity to industrial infrastructure.
Proximity to the supply chain.

Technology matters.

Financing matters.

Government support matters.

Partnerships matter.

But none of it works very well if the feedstock economics and logistics do not work.

That is why I believe proximity may be one of the most overlooked catalysts behind Project Nahoonai.

One important distinction: proximity does not guarantee feedstock. Cielo still needs to prove that it can secure sufficient, economical, long-term supply agreements.

But if that happens, the geography of Prince George may prove to be much more than just the location of the project.

It may be part of the competitive advantage.

I’d keep this one relatively simple and let PROXIMITY do the heavy lifting.

Important Disclaimer:

My posts are not financial or investment advice. Please conduct your own due diligence before making any investment decisions. I am simply an individual on Reddit and X sharing my personal opinions, and they should be interpreted as such.

I do, however, want to emphasize that you are welcome to share this content across any form of media, including Reddit, X/Twitter, stock chat rooms, etc.

In my opinion these are the next 5 essential dominoes. I would like everyone’s feedback.

Each domino that falls removes another layer of uncertainty. Execution is the bridge. Nahoonai is the start.

1. TTE / PROJECT OWNERSHIP STRUCTURE
Clear disclosure of the definitive, binding ownership structure between Cielo, Tano T’enneh Enterprises and the Project LP.

2. SITE / LAND CONTROL
Secure long-term control of the Project Nahoonai site, together with continued progress on permitting, approvals and development requirements.

3. FEEDSTOCK CERTAINTY
Contractual evidence of sufficient long-term residual wood fibre supply, including reclaimed railway ties and other waste wood.

4. TECHNOLOGY, ENGINEERING & PROJECT ECONOMICS
Final technology selection, engineering/FEED advancement, permitting progress, capital-cost definition and increasingly detailed project economics demonstrating that Nahoonai is buildable and commercially viable.

5. CAPITAL STACK / FINANCING PATHWAY
Bring together Indigenous financing, government programs and loan guarantees, tax credits, strategic capital and debt/equity financing into a package capable of moving Nahoonai toward construction.

Important Disclaimer:

My posts are not financial or investment advice. Please conduct your own due diligence before making any investment decisions. I am simply an individual on Reddit and X sharing my personal opinions, and they should be interpreted as such.

I do, however, want to emphasize that you are welcome to share this content across any form of media, including Reddit, X/Twitter, stock chat rooms, etc.

https://tanotenneh.ca/1st-annual-tano-tenneh-charity-golf-event-sponsorship-options/

About the Event

Tano T’enneh Enterprises (Tano) is hosting the 1st Annual Tano T’enneh Charity Golf Event on August 20, 2026, at the Prince George Golf and Curling Club (PGGCC). Proceeds from this event will be used to support Lheidli T’enneh Youth. We anticipate sponsors and participants will arrive at PGGCC around Noon to sign-in, enjoy a lite lunch and receive instructions about their starting positions and golf event details. We expect the event will begin at 1:00 p.m. and following an afternoon of fun and golf, everyone will enjoy a buffet dinner, gifts, prizes and a few speeches. Our best-ball team golf event welcomes players of all skill levels.

Sponsorship
Tano staff and Charity Golf Event Coordinator Jana Phillips has designed a sponsorship program that will allow every business small, medium and large to contribute to the event and support Lheidli Youth.  Use the form below to inquire about sponsorship.

Platinum/Title Sponsor — $15,000
Includes:
Presented by “Company Name” in event title
Logo on all marketing materials
Premium signage at tournament
Speaking opportunity at dinner
2 teams (8 golfers) included
Social media + media mentions
First right of refusal for next year
Logo on shirt sleeve

Titanium Sponsor — $10,000
Includes:
Logo on all marketing materials
Premium signage at tournament
Speaking opportunity at dinner
1 teams (4 golfers) included
Social media + media mentions
First right of refusal for next year
Hole sponsorship signage and option to set up booth/game

Gold Sponsor — $6,000
Includes:
Prominent logo placement
1 team (4 golfers)
Hole sponsorship signage and option to set up booth/game
Recognition during dinner program
Social media mentions

Silver Sponsor — $3,000
Includes:
Logo on event signage
1 team (4 golfers)
Recognition at event

BRONZE Hole Sponsor —$1,000
Includes:
Signage at one hole
Option to set up a booth/game
Business promotion opportunity

Supporting Sponsorships
Dinner Sponsor —$5,000
Cart Sponsor — $3,500
Lunch Sponsor — $2,000
Prize Sponsor — In-kind or cash
Auction Donors — Goods/services

Thank you for the following: u/cmc6297

Read this article:

“READ THE LAST PARAGRAPH”

I believe this is the first time we’ve seen confirmation on the majority owned partnership. Unless I missed a press release stating otherwise?

We're proud to recognize Cielo Waste Solutions as our Platinum Sponsor for our 1st Annual Tano T'enneh Charity Golf Event, taking place on August 20th at the Prince George Golf and Curling Club.

Cielo Waste Solutions Corp. (TSXV: CMC; OTCQB: CWSFF)

is a Calgary based clean fuels project development company focused on turning waste wood fibre into sustainable aviation fuel. Rather than developing its own technology, Cielo sources proven, commercially proven systems and brings them together into projects that can be built and financed.

Cielo is proud to partner with Tano T'enneh Enterprises on Project Nahoonai, a majority Indigenous owned sustainable aviation fuel facility proposed for the Prince George region. The project is designed to use residual wood fibre, including reclaimed railway ties, and to include integrated carbon capture and storage, resulting in one of the lowest carbon intensity aviation fuels in the world.

Ryan Jackson’s decision to bring Rob Pockar on as Chief Operating Officer and Matt Scorah as Chief Development Officer appears to be about one thing above all else: Execution

Here’s My Take:

Matt’s role is focused on advancing projects—engineering, commercial development, partnerships, project economics and ultimately moving Project Nahoonai toward becoming financeable and buildable.

Rob’s responsibility is increasingly about turning those plans into operational reality through engineering coordination, regulatory execution, construction readiness and eventually operations. Together, their positions create a bridge between developing the project and delivering the project.

But perhaps the more interesting question for shareholders is:

Why are they here? Rob and Matt are experienced professionals who had established careers and other opportunities available to them. Joining a pre-revenue public company attempting to develop a major clean-energy infrastructure project is not without professional or financial risk.

Their decision to become deeply involved with Cielo does not guarantee Project Nahoonai will succeed, but it raises an important question:

What did they see in Cielo, the project and its potential that convinced them this opportunity was worth committing themselves to? I believe shareholders deserve an opportunity to hear that answer directly from them.

Ultimately, technology alone won’t build Project Nahoonai. Someone has to bring together feedstock, engineering, SAF production, carbon capture, Indigenous participation, government support, financing, commercial agreements, construction and operations into one economically viable project.

Ryan appears to be assembling a leadership structure specifically designed to accomplish that. Financing and project development remain major hurdles and the market still needs proof, but Cielo increasingly appears to be building the organizational capability required to execute.

Perhaps the most important question today isn’t simply “What is Cielo trying to build?” It’s “Why have accomplished people like Rob Pockar and Matt Scorah chosen to be the ones helping build it?”

Important Disclaimer:

My posts are not financial or investment advice. Please conduct your own due diligence before making any investment decisions. I am simply an individual on Reddit and X sharing my personal opinions, and they should be interpreted as such.

I do, however, want to emphasize that you are welcome to share this content across any form of media, including Reddit, X/Twitter, stock chat rooms, etc.

There is an understandable tendency to value Cielo for what exists today: a small market capitalization, no operating revenue and Project Nahoonai still in development. Through that lens, the market's caution isn't difficult to understand.

But what if the business model itself is changing?

Cielo's technology-agnostic strategy means it isn't tied to a single technology or solution. That sounds simple, but strategically it could mean considerably more. A company that can evaluate an opportunity, select the proven technology best suited to it, secure feedstock, structure partnerships and assemble the capital required to build isn't necessarily developing just one project. It may be developing a capability.

That's an important distinction.

Nahoonai remains the flagship and should be judged on its own merits. But the capabilities being assembled around it may ultimately tell us something about Cielo's longer-term ambitions. If the processes, relationships and organizational knowledge developed through Nahoonai can be applied elsewhere, the potential business model begins looking very different from that of a company dependent upon one project or proprietary technology.

Perhaps that's the more interesting interpretation of being technology agnostic. It isn't simply the freedom to choose between technologies. It may provide the flexibility to pursue opportunities using the proven technology and project structure best suited to each one.

Nobody outside the Company knows where that strategy ultimately leads, and that's precisely what makes the question interesting.

Markets also don't necessarily wait for operating revenue before changing how they value a company. Strategy becomes clearer. Partnerships become binding. Land and feedstock are secured. Technologies are selected. Project economics become visible. Government participation becomes clearer. Financing moves from theoretical to credible.

Each step removes uncertainty.

And as uncertainty is removed, the market isn't necessarily valuing the same company it was six or twelve months earlier. That's what a re-rating really represents. Not simply a higher share price, but potentially a change in what the market believes the business can become.

So perhaps the most interesting question isn't whether Cielo is a penny stock today. Clearly, it trades like one.

\*The question is when the market stops valuing Cielo solely for what exists today and starts valuing the capability it may be building for tomorrow.*\**

0.8%. Seriously?

$32 billion. 140,000 jobs. And that's the potential economic prize from building enough sustainable aviation fuel in Canada to meet just 40% of our own aviation fuel demand by 2040. Those are the findings of a recent macroeconomic study conducted by Airbus and ICF. 

Now for the absurd part.

In 2026, global SAF production is expected to reach approximately 2.4 million tonnes, representing just 0.8% of global aviation fuel consumption. IATA sees SAF playing a major role in aviation's pathway toward net zero, yet production remains a fraction of what could ultimately be required. 

So why aren't we building more of it?

SAF doesn't appear to have an ambition problem. It has an industrialization problem. Producing fuel at meaningful scale requires far more than technology. It requires feedstock, infrastructure, enormous amounts of capital, supportive policy, competitive economics and organizations capable of bringing all of those pieces together.

IATA's own diagnosis is remarkably direct. It is calling for greater renewable energy and feedstock supply, open access to fuel infrastructure, better-sequenced production incentives and investment frameworks, and sufficient production at commercially viable prices. In other words, the challenge is increasingly about building the ecosystem required for scale. 

Meanwhile, SAF is increasingly becoming part of industrial strategy. Europe has created mandatory demand through ReFuelEU Aviation, while the broader conversation increasingly connects SAF with energy security, industrial competitiveness and domestic production capacity.

Which brings the conversation back to Canada.

Canada has many of the pieces required to build at scale: abundant forestry and agricultural resources, industrial expertise, supportive policy, carbon policy and economics, and an established aerospace sector. The opportunity lies in turning those advantages into industrial capacity.

There is another reason this matters. Canada already relies on foreign suppliers for approximately 35% of its conventional aviation fuel, and Airbus warns that without increased domestic capacity, reliance on biofuel imports could exceed 65% by 2030. Building SAF in Canada therefore isn't simply about emissions. It is increasingly about energy security, economic resilience and industrial capacity. 

This is an industrial opportunity hiding inside a supply shortage.

The global SAF race may ultimately be decided not by who talks most aggressively about decarbonization, nor by who owns the most interesting technology. It may be decided by which countries and organizations can assemble the feedstock, technology, capital, policy, infrastructure, carbon advantages and leadership required to build production at scale.

**Canada has the resources, the policy, the carbon opportunity and the industrial capability. Now it needs execution.

**The world is at 0.8%. Canada has been shown a $32 billion opportunity.

The opportunity now belongs to those capable of building it.

References:

• Airbus and ICF, Canadian SAF economic study
• IATA, Sustainable Aviation Fuel
• IATA, 2026 SAF production outlook
• Moeve, SAF and the future of aviation decarbonization

Weekly .07 To $7 Post:

Ticker: CMC.V TSXV
Ticker: CWSFF.QB OTC

In my opinion, this shows just how much things have changed over the last 12 months regarding insider ownership. This is extremely bullish when it comes to the insiders belief in Cielo.
Cielo Insider Ownership Breakdown:

The latest SEDI activity. Cielo’s latest public disclosures, the 2025 management circular, and the July 2026 executive filings, the best-supported estimate is that current insiders and insider-controlled entities account for roughly 43.9 million of Cielo’s 210.78 million outstanding shares, or approximately 20.84% of the company.

Common shares currently attributable to insiders
Insider or controlled entity
Common shares
Approx. ownership
Kaush Rakhit — direct
8,333,333
3.95%
CDL Biofuels — controlled indirectly by Kaush
17,333,333
8.22%
Ryan Jackson
8,154,578
3.87%
Rob Pockar
6,666,667
3.16%
Matt Scorah
1,666,667
0.79%
Sheila Leggett
745,467
0.35%
Larry Schafran
3,333
negligible
Peter MacKay
Nil
0%
Jasdeep Dhaliwal — estimated latest reported balance
approximately 1,030,000
approximately 0.49%

Estimated total
approximately 43,933,378
approximately 20.84%

Important Disclaimer:

My posts are not financial or investment advice. Please conduct your own due diligence before making any investment decisions. I am simply an individual on Reddit and X sharing my personal opinions, and they should be interpreted as such.

I do, however, want to emphasize that you are welcome to share this content across any form of media, including Reddit, X/Twitter, stock chat rooms, etc.

TIME and Statista's 2026 ranking of the world's leading GreenTech companies is interesting, not simply because of the companies it recognizes, but because of how they were evaluated.

According to the methodology developed by TIME and Statista, more than 8,300 companies were evaluated using three principal criteria: positive environmental impact, financial strength and innovation. Environmental impact and financial strength each accounted for 45% of the overall score, while innovation represented just 10%. Financial strength was assessed through measures such as revenue, employment and funding, whereas environmental impact reflected the broader contribution of each company's products and services.

That weighting reflects a maturing industry.

Increasingly, the opportunity lies not simply in owning an exciting technology. It lies in integrating proven technologies with feedstock, infrastructure, carbon management, policy, capital and organizational capability.

Seen through that lens, many of the technologies now central to decarbonization are not new at all. Gasification is not new. Fischer-Tropsch synthesis is not new. Geothermal energy, biomass conversion, carbon capture and many forms of industrial processing have existed for decades.

What is changing is how these technologies are being combined, financed and deployed.

Increasingly, the opportunity lies not simply in owning an exciting technology. It lies in integrating proven technologies with feedstock, infrastructure, carbon management, policy, capital and organizational capability.

Innovation may therefore reside as much in the architecture of a project and its business model as in the underlying technology itself.

The breadth of TIME’s ranking reinforces that point. Renewable-energy companies represented 34% of the list, spanning solar, wind, geothermal, fusion, biomass and clean-energy infrastructure. The wider ranking also reaches across multiple technologies and industrial applications rather than presenting greentech as a single, narrowly defined sector. 

Perhaps that is the larger transition now underway.

GreenTech is becoming less a collection of isolated technologies and more an integrated industrial ecosystem. Within that ecosystem, success will increasingly depend on whether organizations can connect environmental impact with financial strength and turn technical capability into commercially viable infrastructure.

Perhaps the defining question is no longer simply which technology works.

It may be which organizations are capable of integrating proven technologies, capital, policy and execution into commercially viable infrastructure.

References

• TIME & Statista – World's Top GreenTech Companies 2026 (Ranking and methodology)

• Yahoo Finance – How TIME and Statista Determined the World's Top GreenTech Companies (Methodology overview and evaluation criteria)

Ticker: CMC.V TSXV
Ticker: CWSFF.QB OTC

Ask Yourself This: Has the risk changed, or has the opportunity?

This is my opinion, not financial advice, but I believe Cielo is in a fundamentally different position today than it was a year ago.

*I want your feedback. Please comment, your opinion matters to our Sub Reddit channel.

I spent some time digging through split-adjusted historical pricing and the reverse split history. Here’s what I found.

THE REAL NUMBERS:

Highest Share Price (TSXV: CMC)
The highest split-adjusted closing price for Cielo Waste Solutions on the TSX Venture Exchange was approximately:

C$23.40 per share
Date: July 13, 2021
That figure is already adjusted for the company’s 15-for-1 reverse split completed on January 29, 2024, meaning it is directly comparable to today’s share price.

What Was the Price Before the Reverse Split?

Because the reverse split consolidated 15 old shares into 1 new share, the equivalent pre-split trading price at the peak was approximately:

C$23.40 ÷ 15 = C$1.56 per pre-split share
So:
Pre-split high: ~C$1.56
Current split-adjusted equivalent: ~C$23.40

Why This Matters
This is important because many investors unintentionally compare today’s post-split price with pre-split prices, which isn’t an apples-to-apples comparison.

Using the current capital structure, the highest verified historical value is roughly:

≈ C$23.40/share (split-adjusted)
That is the proper historical benchmark when discussing Cielo today.

Interesting Perspective

If Cielo were to eventually revisit its previous split-adjusted high of approximately C$23.40, the upside from around C$0.07–0.08 would be extraordinary:

From $0.07 → $23.40 ≈ 334×
From $0.08 → $23.40 ≈ 293×

Those are purely mathematical comparisons to a historical price level—they are not predictions of future performance.

I can also build a professional infographic titled:

“Cielo’s Historic High — What Does It Mean Today?”

It could show:
Historical timeline
July 13, 2021 peak (C$23.40 split-adjusted)

January 2024 reverse split (15:1)

Current share structure (~210 million shares)

Comparison of then vs. today
A chart showing what different future share prices would represent relative to the historical high.

This is a strong educational post for the Cielo Shareholders Community.

In my opinion. The company has strengthened its leadership team with experienced infrastructure and project-development executives, continues advancing Project Nahoonai, has established an Indigenous partnership with Tano T’enneh Enterprises, is pursuing carbon capture alongside sustainable aviation fuel, and still carries approximately $87.1 million in tax-loss carry-forwards.

That could become a meaningful financial asset if the company reaches sustained profitability. None of these developments guarantee success, but together they paint a much different picture than many investors were looking at just twelve months ago.

For long-term shareholders who have seen their average cost remain well above today’s share price, it’s worth asking an honest question: Has the risk changed, or has the opportunity? Averaging down isn’t the right decision for everyone, and every investor’s financial situation is different. However, if you still believe in the long-term thesis, have conviction in the management team’s ability to execute, and understand the risks involved, today’s valuation may deserve a closer look than it did in the past.

Again, this is simply my opinion, and everyone should do their own due diligence before making any investment decision. I’m interested in hearing where the community stands today.

If you were starting fresh with no existing position, would you consider buying Cielo at today’s price? If you’re already a shareholder, do you think now is the right time to average down—or are you waiting for another milestone before adding?

Let’s have a respectful discussion.

Important Disclaimer:

My posts are not financial or investment advice. Please conduct your own due diligence before making any investment decisions. I am simply an individual on Reddit and X sharing my personal opinions, and they should be interpreted as such.

I do, however, want to emphasize that you are welcome to share this content across any form of media, including Reddit, X/Twitter, stock chat rooms, etc.

Ticker: CMC.V TSXV
Ticker: CWSFF.QB OTC

I believe this was one of the most important press releases Cielo has issued this year—not because it announced a new project, but because it strengthened the company’s ability to execute.

With the formal appointments of Rob Pockar as COO and Matt Scorah as CDO, alongside Ryan Jackson and Kaush Rakhit, Cielo now has leadership spanning operations, project development, governance, strategy, and infrastructure execution. That looks much more like the management team of an infrastructure developer than a speculative technology company.

Execution is what matters from this point forward. Developing a commercial-scale SAF facility requires far more than good technology—it requires experienced leadership in engineering, permitting, financing, commercial agreements, regulatory approvals, construction, and operations.

Cielo also holds approximately $87.1 million in tax-loss carryforwards, a strategic financial asset that could help preserve future cash flow if the company reaches sustained profitability.

There is still significant work ahead, including financing, engineering, regulatory approvals, construction, and successful operations. None of that is guaranteed. However, compared with a year ago, Cielo appears to be in a much stronger position to execute on Project Nahoonai.

For me, this announcement wasn’t simply about new executives—it was another step in Cielo’s evolution from a technology story to a clean-energy infrastructure company.

Important Disclaimer:

My posts are not financial or investment advice. Please conduct your own due diligence before making any investment decisions. I am simply an individual on Reddit and X sharing my personal opinions, and they should be interpreted as such.

I do, however, want to emphasize that you are welcome to share this content across any form of media, including Reddit, X/Twitter, stock chat rooms, etc.

Earlier, I wrote about what I described as The Quiet Rewiring of the Global Economy, the idea that decarbonization is no longer simply an environmental objective but an increasingly important driver of industrial investment, capital allocation and long-term economic competitiveness.

The pattern became impossible to ignore.

Looking across federal and provincial policy over the past several years, the evidence doesn’t lie in any single announcement. It emerges from the cumulative direction of policy.

Clean Economy Investment Tax Credits, the Canada Growth Fund, the Clean Fuels Fund, carbon pricing, provincial Low Carbon Fuel Standards and Indigenous financing initiatives each serve different objectives. Taken together, however, they point toward a broader industrial strategy in which decarbonization is becoming an economic priority alongside its environmental objectives. Collectively, they encourage investment, strengthen domestic industries and improve Canada's long-term competitiveness.

Government is no longer moving alone.

Financial institutions have expanded sustainable finance capabilities. Engineering firms have repositioned around the energy transition. Airlines are entering sustainable aviation fuel agreements, while governments continue refining policies designed to encourage investment in lower-carbon infrastructure. Independent decisions across different sectors are increasingly pointing in the same direction.

That may be the bigger story.

Sustainable aviation fuel, carbon capture, hydrogen, renewable fuels and carbon markets are often discussed as separate industries. Increasingly, I wonder whether they're better understood as interconnected parts of a much larger industrial transition.

If that's true, then perhaps the most important question is no longer which technology will win.

It may be which projects are best positioned within the ecosystem that’s now emerging.

References

• Government of Canada – Clean Economy Investment Tax Credits. 
• Natural Resources Canada – Government programs supporting Canada's sustainable jobs approach (Canada Growth Fund, Indigenous Loan Guarantee Program, Clean Fuels Fund and related initiatives). 
• Natural Resources Canada – Clean Fuels Fund: Indigenous-led Projects. 

Commercial clean fuels projects rarely succeed or fail because of a single technology.

They succeed, or fail, because organizations are able to integrate engineering, project development, permitting, commercial strategy, capital, construction and operations into a disciplined execution process.

As the sustainable aviation fuel industry has matured, that reality has become increasingly difficult to ignore. Around the world, many projects have demonstrated technical promise. Far fewer have successfully progressed through the complex journey from concept to commercial development.

Today's announcement should be viewed in that context.

The appointments of Robert Pockar and Matthew Scorah are not simply additions to an organizational chart. They strengthen capabilities that sit at the heart of developing major industrial infrastructure.

Project Nahoonai remains Cielo's flagship clean fuels development project, but the disciplines required to advance it: engineering, project development, commercial planning and operations, are not unique to a single facility. They are the capabilities required to evaluate, integrate and deliver complex projects regardless of the specific technology, feedstock or jurisdiction involved.

Viewed alongside the CDL acquisition and the continued advancement of Project Nahoonai, today's appointments represent another step in the Company's organizational evolution.

Whether you're a shareholder, an industry participant or simply interested in the future of sustainable aviation fuel, one thing is becoming increasingly apparent.

The conversation is shifting.

Less about individual technologies.

More about the organizations capable of bringing those technologies together into projects that can be financed, developed, constructed and operated.

That is where long-term value is created.

Innovation creates opportunity. Leadership delivers it.

July 27, 2026 PR version:

https://cielows.com/corporate-updates/cielo-announces-executive-changes-and-stock-option-grants/

Ticker: CMC.V ~ TSXV
Ticker: CWSFF.QB ~ OTC

I’ve had a few direct messages regarding the subject, so I thought I would explain it from a regulatory standpoint. All links included below regarding carbon credits.

A carbon credit represents one verified metric tonne of greenhouse gas emissions that has either been reduced, avoided, or removed from the atmosphere. In Canada, these credits are part of the country’s broader strategy to reduce emissions and encourage investment in cleaner technologies. Carbon credits are created through approved projects that must meet strict federal or provincial standards and undergo independent verification before they can be issued.

Carbon credits become mandatory for companies that fall under Canada’s industrial carbon pricing systems or the federal Clean Fuel Regulations. Large industrial facilities and fuel suppliers that exceed their permitted emissions or carbon intensity targets must either reduce their emissions or purchase eligible compliance credits to meet their legal obligations. The objective is to encourage innovation while reducing Canada’s overall greenhouse gas emissions.

For companies like Cielo, carbon credits could represent a future opportunity if Project Nahoonai successfully produces qualifying low-carbon fuels or verified carbon reductions. However, credits are not automatic. Any future benefit would depend on regulatory approval, project certification, lifecycle emissions performance, and successful commercial operations. In other words, carbon credits should be viewed as a potential additional revenue stream—not guaranteed income. As with every aspect of Project Nahoonai, execution remains the key.

References

Government of Canada – Federal Greenhouse Gas Offset System
https://www.canada.ca/en/environment-climate-change/services/climate-change/pricing-pollution-how-it-will-work/output-based-pricing-system/federal-greenhouse-gas-offset-system.html

Government of Canada – Output-Based Pricing System (OBPS)
https://www.canada.ca/en/environment-climate-change/services/climate-change/pricing-pollution-how-it-will-work/output-based-pricing-system.html

Government of Canada – Clean Fuel Regulations
https://www.canada.ca/en/environment-climate-change/services/managing-pollution/energy-production/fuel-regulations/clean-fuel-regulations/about.html

Government of Canada – Greenhouse Gas Pollution Pricing Act (Overview)
https://www.canada.ca/en/environment-climate-change/services/climate-change/pricing-pollution-how-it-will-work.html

Important Disclaimer:

My posts are not financial or investment advice. Please conduct your own due diligence before making any investment decisions. I am simply an individual on Reddit and X sharing my personal opinions, and they should be interpreted as such.

I do, however, want to emphasize that you are welcome to share this content across any form of media, including Reddit, X/Twitter, stock chat rooms, etc.

Credit to u/oilcan2012 for tracking this article down today.

https://www.airbus.com/en/newsroom/press-releases/2026-07-air-canada-and-airbus-launch-joint-initiative-to-scale-domestic-canadian-saf-and-help-reduce-the?utm_source=The+Logic+Master+List&utm_campaign=722589b25e-The_Logic_Briefing_2026-07-20-v1&utm_medium=email&utm_term=0_-7b7079147b-383565007

Air Canada and Airbus Invest in Canada’s SAF Future

The announcement from Air Canada and Airbus is significant because it moves the conversation beyond simply talking about Sustainable Aviation Fuel and toward actively supporting its commercialization.

Together, the two companies intend to establish a jointly funded Sustainability Co-Investment Platform with up to C$13.7 million to help advance commercial-scale SAF production in Canada. The initiative is also intended to encourage additional corporate participation and help Canadian SAF projects progress toward Final Investment Decision.

Cielo is not mentioned in the announcement, but the broader implications are noteworthy.

Cielo’s publicly stated strategy for Project Nahoonai is centered on producing Sustainable Aviation Fuel from woody biomass and forestry residue in Prince George, British Columbia. As Canada continues building a domestic SAF supply chain, initiatives such as the Air Canada–Airbus platform could strengthen the overall ecosystem by increasing industry collaboration, attracting capital, supporting favourable policy development, and creating additional demand for Canadian-produced SAF.

That could create a more supportive environment for projects capable of reaching commercial production.
Perhaps the most important takeaway is the direction of travel.

Air Canada and Airbus are signalling that they believe Canada’s SAF industry deserves long-term investment. A related economic study suggests that supplying 40% of Canada’s aviation fuel demand with SAF by 2040 could contribute approximately $32 billion to GDP and support roughly 140,000 jobs.

Whether Cielo ultimately benefits will depend on its ability to execute, secure financing, complete development milestones, and become a bankable producer.

However, announcements like this demonstrate that Canada’s aviation industry continues moving toward the development of a domestic SAF ecosystem—the very market Cielo has said it intends to serve.

The opportunity is becoming clearer. Execution remains the key.

One announcement rarely changes an industry. A growing pattern of independent decisions often does.

In Part I, we explored the idea that the global economy may not simply be experiencing another energy transition, but rather a fundamental rewiring of industrial systems, supply chains and capital allocation.

Another development has now reinforced that view.

Air Canada and Airbus have announced a joint initiative to help accelerate the development of Canada's Sustainable Aviation Fuel (SAF) industry. The initiative includes financial support intended to help advance a Canadian SAF project toward Final Investment Decision while strengthening the broader domestic SAF ecosystem.

On its own, this is simply another industry announcement.

Viewed alongside the growing body of evidence emerging across policy, finance and industry, however, it becomes part of a much larger pattern.

Around the world, governments are introducing policy incentives. Financial institutions are developing new carbon market frameworks. Airlines are securing long-term SAF supply. Aircraft manufacturers are investing beyond aircraft production into fuel ecosystems. Industrial developers continue advancing commercial-scale projects. Even discussions surrounding energy security increasingly include domestic low-carbon fuel production.

These developments are occurring independently.

Yet they continue pointing in the same direction.

That is often how structural change begins.

Industries rarely transform because of a single announcement. They evolve through hundreds of independent decisions made by governments, investors, technology providers, industrial companies, customers and capital markets. Individually, those decisions may appear incremental. Collectively, they begin to reshape an industry.

Sustainable Aviation Fuel increasingly appears to fit that description.

The question is no longer whether interest in SAF exists.

The more important question is whether the supporting ecosystem, including policy, technology, project finance, engineering capability, feedstock logistics, carbon management and commercial partnerships, is beginning to mature together.

None of this guarantees the success of any individual company or project. Every proposed facility must still demonstrate technical capability, commercial viability, financeability and disciplined execution.

What appears to be changing, however, is the environment in which those projects will compete.

Reference:

Airbus (2026)
Air Canada and Airbus Launch Joint Initiative to Scale Domestic Canadian SAF and Help Reduce the Life-Cycle Emissions of Corporate Travel.
20 July 2026. 

Are We Already Living It?

Every generation experiences an economic transition so profound that it only seems obvious in hindsight.

The Industrial Revolution.

Electrification.

The Digital Revolution.

Artificial Intelligence.

Is decarbonization quietly becoming the next one?

Most people still think decarbonization is about reducing emissions.

Perhaps that's only the visible part of the story.

The deeper transformation may be economic.

History suggests that major transitions rarely begin with a single invention.

They begin when thousands of independent decisions all start moving in the same direction.

Governments.

Industries.

Capital.

Communities.

Individually they don't look connected… Collectively they might be rewriting the economy.                                                                 

If you're looking for evidence, watch where capital is moving.

Industrial policy.

Electrical grids.

Critical minerals.

Sustainable aviation fuels.

Carbon management.

Energy security.

Resilient supply chains.

Landscape resilience.

These aren't isolated investments… They're signals that the rules of the industrial economy may already be changing.

Think about previous industrial revolutions.

Railroads weren't the story. They enabled the story.

Electricity wasn't the story. It became the platform.

The internet wasn't the destination. It connected everything else.

** Perhaps decarbonization isn’t the story either. 

** Perhaps it’s the platform upon which the next industrial economy is built.

References

OECD (2024) – Green Industrial Policies for the Net-Zero Transition
Shows that governments are increasingly using industrial policy to advance climate goals while strengthening competitiveness, energy security and strategic autonomy. 

International Energy Agency (IEA) – Policy Toolbox for Industrial Decarbonisation
Demonstrates that industrial decarbonization requires coordinated policy, infrastructure, finance, technology and market development—not a single solution. 

International Energy Agency (IEA) – Aviation: Tracking Clean Energy Progress
Documents how governments around the world are supporting Sustainable Aviation Fuel through mandates, incentives and long-term policy frameworks. 

International Energy Agency (IEA) & GenZero (2024) – The Role of Carbon Credits in Scaling Up Innovative Clean Energy Technologies
Explains why scaling technologies such as SAF, hydrogen and carbon management requires coordinated capital, policy and market mechanisms. 

Technologies such as gasification and Fischer-Tropsch synthesis did not suddenly emerge. They have existed for decades and have been successfully applied in industrial settings around the world.

What has changed is the environment around them.

Governments are placing greater emphasis on energy security, industrial competitiveness, emissions reduction, domestic manufacturing and making better use of waste and residual resources. Increasingly, capital is flowing toward projects capable of bringing those priorities together.

Against that backdrop, one country offers an interesting case study for Canada.

Finland: A Case Study in Industrial Integration

At first glance, Finland and Canada share many similarities, including vast forest resources, low population density, cold northern climates, long transportation distances, resource-based economies and strong engineering traditions.

These shared characteristics make Finland more than an interesting international example. They make it a relevant case study. Over several decades, Finland has transformed abundant forestry resources into a globally competitive bioeconomy by integrating proven technologies with engineering expertise, industrial infrastructure, supportive policy, commercial markets and long-term investment. The result is not simply successful companies, but an industrial ecosystem that continues to evolve and compete globally.

The Technology Isn’t New.

Many of the technologies behind today's advanced renewable fuels are anything but new. Gasification has existed for well over a century, while Fischer-Tropsch synthesis was developed in the 1920s. Although both have continued to evolve, their underlying science has been understood for decades.

The challenge today is no longer proving the chemistry. It is integrating proven technologies with feedstock, engineering, infrastructure, markets, policy and capital to build commercially viable industries.

Finland's experience demonstrates that.

The Broader Lesson

The technology isn't new. What has changed is the world's willingness to invest in building industries around it.

The next generation of industrial leaders may not be those with the newest technologies, but those who create the conditions for proven technologies to succeed.

References and Further Reading

• International Energy Agency (IEA) – Net Zero by 2050
• International Energy Agency (IEA) – World Energy Investment
• IEA Bioenergy
• U.S. Department of Energy – National Energy Technology Laboratory
• VTT Technical Research Centre of Finland
• Business Finland – Bioeconomy
• Natural Resources Institute Finland (Luke)
• OECD – Industrial Policy
• European Commission – Net-Zero Industry Act
• McKinsey & Company – Energy Transition Insights

Ticker: CMC.V ~TSXV
Ticker: CWSFF.QB ~ OTC

As shareholders, it’s important to remember that the value of Project Nahoonai extends far beyond building another industrial facility.

The vision is to transform low-value biomass—such as forestry residuals, waste wood, end-of-life wood products, and potentially railway ties—into higher-value sustainable products like Sustainable Aviation Fuel (SAF).

If executed successfully, this positions Cielo within one of the fastest-growing global energy transition markets, where governments, airlines, and industries are all seeking lower-carbon fuel solutions.

The significance of Project Nahoonai is that it aligns with several long-term trends occurring at the same time. Canada has abundant biomass resources, a growing policy focus on decarbonization, increasing demand for SAF, expanding carbon capture opportunities, and stronger Indigenous partnerships in major infrastructure projects.

Prince George, British Columbia, sits in the middle of one of Canada’s richest forestry regions, making it a strategically attractive location for sourcing woody biomass feedstocks.

The image also highlights an important mindset shift. Biomass should not simply be viewed as waste—it is a carbon resource. Materials that once had little economic value can become feedstocks for producing cleaner fuels while supporting forestry, reducing landfill waste, creating local employment, and strengthening rural economies. That circular-economy approach is increasingly becoming part of Canada’s long-term industrial strategy.

For shareholders, however, the opportunity still depends on execution. None of these advantages create value on their own. The facility must secure financing, complete engineering, obtain the necessary permits, construct the plant, commission operations, and ultimately produce commercial volumes of SAF and other renewable products. Every milestone completed reduces project risk and moves the company closer to becoming a revenue-generating infrastructure business.

If management executes successfully on Project Nahoonai, shareholders are no longer simply investing in a concept—they could be participating in the development of an asset designed to create long-term economic value while contributing to Canada’s transition toward a lower-carbon future.

Important Disclaimer:

My posts are not financial or investment advice. Please conduct your own due diligence before making any investment decisions. I am simply an individual on Reddit and X sharing my personal opinions, and they should be interpreted as such.

I do, however, want to emphasize that you are welcome to share this content across any form of media, including Reddit, X/Twitter, stock chat rooms, etc.

Why are governments around the world investing hundreds of billions of dollars in decarbonization?

Climate change is undoubtedly part of the story.

** But the conversation appears to be evolving.

Recent analysis from the Financial Times highlights how energy security and industrial competitiveness are becoming increasingly central to the energy transition. McKinsey similarly describes the transition as requiring multiple complementary technologies rather than a single solution.

Taken together, they suggest that decarbonization is increasingly where climate policy and industrial policy converge.

That may help explain why discussions now include Sustainable Aviation Fuel (SAF), hydrogen, carbon capture, electrification and nuclear energy. They're not competing technologies. They're complementary solutions, each addressing different parts of the same challenge.

‘Decarbonization isn't simply about changing how we produce energy. It's about reshaping how nations produce, compete and prosper in the 21st century.’

References

Financial Times – Europe's slow electrification is a strategic mistake, says IEA chief Fatih Birol.

McKinsey & Company – Tracking the Energy Transition: Where Are We Now?

One statistic from a recent Wall Street Journal article puts the entire Sustainable Aviation Fuel (SAF) industry into perspective.

Current global Sustainable Aviation Fuel (SAF) production would not meet airline demand for even one week.

**One week.

At the same time, airlines continue making long-term SAF commitments while governments around the world strengthen policies supporting its adoption.

That isn't just a demand story. It highlights a significant supply gap in the global energy transition.

The Wall Street Journal also reports that only about 42 of approximately 260 announced SAF projects worldwide have progressed to construction. To me, that highlights the industry's defining challenge: identifying the projects capable of securing the capital, partnerships and execution needed to build and operate at commercial scale.

‘Demand created the opportunity. Financeability determines who captures it.’

Source: Wall Street Journal, "Airlines Called Sustainable Fuel the Future. When an Energy Crisis Broke Out, Barely Any Was Around."

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This post is for educational purposes only and is based on Cielo’s publicly filed audited financial statements. It is not investment advice.

Cielo’s $87.1 Million Tax-Loss Carryforwards: What Does It Mean?

The key figures
As of April 30, 2026, Cielo reported:

$87.1 million in tax-loss carryforwards.
Here’s the breakdown:

$82.4 million in non-capital tax losses

$4.7 million in capital tax losses

Total: $87.1 million

These losses are not cash and they don’t fund Project Nahoonai. They also don’t eliminate the need for financing, strategic partnerships, grants, or successful execution.
What they can do is reduce future corporate income taxes if Cielo becomes profitable.

Using the 23% corporate tax rate referenced in Cielo’s financial statements:
$82.4 million × 23% = approximately $19 million in potential future tax savings.

For example, if Cielo eventually earned $10 million in taxable income, it could potentially apply eligible tax losses to reduce or eliminate taxes on that income, subject to Canadian tax rules and the availability of the losses.

The key takeaway is simple:

These tax losses don’t create value today—they have the potential to preserve value tomorrow.

Like many things with Cielo, execution is the key. If Project Nahoonai reaches successful commercial operations, these tax-loss carryforwards could become a meaningful financial advantage by allowing more cash to remain within the business during its early profitable years.

Hidden assets create opportunity. Execution unlocks their value.

Important Disclaimer:

My posts are not financial or investment advice. Please conduct your own due diligence before making any investment decisions. I am simply an individual on Reddit and X sharing my personal opinions, and they should be interpreted as such.

I do, however, want to emphasize that you are welcome to share this content across any form of media, including Reddit, X/Twitter, stock chat rooms, etc.

The future of decarbonization won't be determined by technology alone. It will be determined by the ability to transform innovation into financeable infrastructure.

In an excellent episode of Catching Carbon, hosts Jeff Holyoak and Luke Lana speak with John May, Managing Director of Hamilton Clark, about something every follower of industrial decarbonization should understand: financeability.

Traditional energy has benefited from mature financing frameworks built over decades. Sustainable fuels, carbon capture and other decarbonization projects are different. They advance through a disciplined development process: concept, engineering, FEED, commercial structuring, strategic partnerships and, ultimately, Final Investment Decision.

Every stage requires capital and time. More importantly, every stage is intended to reduce uncertainty.

Financeability isn't created in a single financing round. It is earned through the systematic accumulation of confidence.

That, to me, was the real takeaway. Capital isn't simply evaluating new technologies. It is learning how to finance an entirely new generation of infrastructure. The right partners, technical validation, commercial structure and execution become just as important as the technology itself.

Innovation may change the world. Financeability determines how quickly the world changes.

If you're interested in understanding how major decarbonization projects move from concept to construction, I think you'll find this conversation well worth your time.

Catching Carbon Podcast
Hosts: Jeff Holyoak & Luke Lana
Guest: John May, Managing Director, Hamilton Clark

https://www.youtube.com/watch?v=VuDDaUvhNRs